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Asia Global Holdings Corporation Subsidiary to Restructure TV Entertainment Business; 'Millionaire' Gets High Ratings in China; Company Dissatisfied With Sales and Distribution
Friday February 15, 9:00 am ET
LOS ANGELES, Feb. 15 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (OTC Bulletin Board: AAGH - News) subsidiary China Media Power (CMP) Board of Directors in a meeting today decided to stop producing new episodes of the highly rated Chinese version of "Who Wants To Be A Millionaire" due to the poor performance of the sales and distribution team.
The high quality production of "Who Wants To Be A Millionaire" in China has delivered excellent ratings in Guizhou province and shows strong distribution potential. For the period September 29th to November 24th the show ranked 2nd in Guizhou province where its market share reached a peak of 10.3% according to CSM, a major market research company in China, topping all major broadcasters including CCTV, Phoenix TV and Hunan Satellite TV.
"The show and its ratings are excellent however the sales and distribution team has performed very poorly. We have 29 shows in inventory but we will not produce any new episodes unless the sales and distribution problems can be solved" stated a company spokesperson.
According to CEO Michael Mak, AAGH and its subsidiary Idea Asia will continue to seek TV entertainment opportunities in China. "We continue to believe there is a strong and growing market for high quality TV entertainment in China. We also know that we must improve our sales and distribution performance to capitalize on the opportunities. We will take the necessary actions to meet this objective".
Asia Global Holdings Corporation Website:
http://www.asiaglobalholdings.com
nunja.. hat meine vermutung bestätigt, viel spass noch mit dem investment :)
es heisst ja nur dass im moment keine neuen serien mehr produziert werden, die bestehende sendung läuft ja weiter ;-)~~
25.02.2008 15:07
Asia Global Holdings Corporation Continues Restructuring of TV Entertainment Business; Appoints Industry Veteran to Spearhead Development
LOS ANGELES, Feb. 25 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (News) (BULLETIN BOARD: AAGH) subsidiary China Media Power Limited (CMP), a 60% owned subsidiary of AAGH, has decided that CMP will discontinue the "Who Wants To Be a Millionaire" project. Further, Mr. Michael Mak has been appointed by the board to be fully responsible for the sale of all assets to be used to pay and satisfy any outstanding liabilities. The decisions were made by the CMP board of directors. The board sites poor performance by the sales and distribution team resulting in the project running at a continuous loss as the reason for the decisions.
Idea Asia Limited, a wholly owned subsidiary of AAGH and the holding company of CMP, has issued a Demand Note to CMP for a repayment of loans in the amount of US$875,338.18. In the event that CMP fails to repay the loan on or before Feb 29, 2008, Idea Asia Limited will consider initiating liquidation of CMP to recover corresponding assets, possibly including intellectual properties rights.
"The purpose of this Demand Note is to recoup valuable assets from CMP, which is a joint venture 60% owned by AAGH. As the capital investor in CMP, we believe that this action is fully justified and the fair and proper thing to do for AAGH and its shareholders. Further, a positive outcome from this action would have a beneficial impact on the Company's continuing efforts in the TV entertainment business," said a company's spokesperson.
Further to the restructuring of the AAGH TV entertainment business, Idea Asia Limited announced the appointment of Mr. Dominique Ullmann as an Executive Director. Mr. Ullmann will spearhead the development of the TV entertainment business in China. He has over twenty years experience in the media and advertising business in Europe and Asia. Over the last fifteen years Mr. Ullmann has held executive positions in Asia with highly reputable media companies such as ATV of Hong Kong, STAR TV (Hong Kong and Singapore) and MindShare (a subsidiary of Group WPP).
"We are delighted to announce that we are making progress on the restructuring of our TV entertainment business, and even more delighted in the successful recruitment of a high caliber industry expert in Mr. Dominique Ullmann. Our TV Entertainment business will continue to build upon what has been established to date. Dominique's vast experience with TV stations and the media buying industry will contribute greatly toward achieving our goal of delivering quality TV programs in China and bringing in sales revenue along the way," according to AAGH CEO Michael Mak.
About Asia Global Holdings Corporation
Asia Global Holdings Corporation (BULLETIN BOARD: AAGH) has a strong focus on building business in China and other emerging regions and markets in Asia and Worldwide. The Company's present subsidiaries participate in media&advertising, marketing services and TV entertainment. The Company has offices in the US, Hong Kong and China.
Asia Global Holdings Corporation Website:
Forward-looking statements in this document are not historical fact as 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform of 1995. Forward-Looking statements are not guarantees of future performance. Our Forward-Looking statements are based on trends we anticipate in our industry and our good faith estimate on the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause actual business and results of operations, to differ materially from those reflected in our forward looking statements. You may find all other information about Asia Global Holdings Corporation on the Securities Exchange Commission website, http://www.sec.gov/
Asia Global Holdings Corporation Management Announces Projected Annual Financials
Tuesday February 26, 9:00 am ET
LOS ANGELES, Feb 26 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (OTC Bulletin Board: AAGH - News) has announced that management account results for the year 2007 show the annual revenue from its media & advertising business segment at approximately $10,664,613, a 106.79% increase over the 2006 revenue of $5,157,174. Gross profit for year 2007 is approximately $7,169,485, a 120.22% increase over the 2006 figure of $3,255,561. Gross profit percentage has also accordingly risen, from 63.1% in 2006 to 67.2% in 2007, as a result of greater economies of scale. The abovementioned results validate the Company's sizable and sustainable growth in the media & advertising segment.
"We are delighted with the persistent growth in the media and advertising business and we remain very optimistic that this segment will continue to hold tremendous opportunity for growth. This provides us with strong leverage to continue exploring additional opportunities. As a matter of fact, the company is well positioned to absorb the cost of opportunity related to our restructuring of TV entertainment so that we can continue to capitalize on the emergence of the China economy," according to a company spokesperson.
Due to the robust performance of the media and advertising segment, the Company's liquidity and capital resources stay solid. At the end of year 2007, management account showed a cash and cash equivalent of $841,632.36 and pledged bank deposit of $558,103.68.
Asia Global Holdings Corporation Announces Upcoming Plan for TV Entertainment Segment; Idea Asia to Take Charge in Future Development
Thursday February 28, 10:27 am ET
LOS ANGELES, Feb. 28 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (OTC Bulletin Board: AAGH - News) announces that Idea Asia Limited (Idea Asia), a wholly own subsidiary of AAGH, will take charge of the development of the Company's TV Entertainment business segment. Mr. Dominique Ullmann, executive director of Idea Asia, leveraging his strong experience in the industry and well established business network in the region, will be in charge of the overall strategy and execution to ensure the greatest success.
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"I am delighted to be on board as the executive director of Idea Asia and am excited about the opportunities ahead of us. The TV entertainment market in China is certainly dazzling. On the viewer side, research indicates that the demand for quality programs is as strong as ever. The audience will no longer settle for just the usual drama series, they now hunger for a greater variety of innovative and enjoyable entertainment programs. On the other hand, the advertising landscape in China remains fragmented, marketers are vying for suitable channels to reach the proper target segment cost effectively," stated Mr. Ullmann.
When asked about the goals and milestones of Idea Asia in 2008, Mr. Ullmann said, "Having established ourselves as a professional, international standard execution team among the industry, our first step would be to go out and acquire successful international TV formats to be broadcasted in China. In fact, this has already been underway and we expect to make meaningful progress in the near future. Secondly, we will continue to strengthen our existing relationships with major TV broadcasters to ensure effective distribution for our programs. Furthermore, we will set up a professional sales task force to actively seek advertising dollars from marketers and media buyers in order to maximize the group's revenue and shareholders' interests.
"The upcoming Olympics in Beijing is perhaps the largest media event in the history of China bringing the country to the center of the world stage, adding fuel to the already flourishing TV entertainment market. We will certainly explore various avenues to capitalize on the opportunities. With our unique role as an international team with proven industry experience in China, I am very confident that we are well positioned for success," added Mr. Ullmann.
About Asia Global Holdings Corporation
Asia Global Holdings Corporation (OTC Bulletin Board: AAGH - News) has a strong focus on building business in China and other emerging regions and markets in Asia and Worldwide. The Company's present subsidiaries participate in media & advertising, marketing services and TV entertainment. The Company has offices in the US, Hong Kong and China.
Asia Global Holdings Corporation Website:
http://www.asiaglobalholdings.com.
Forward-looking statements in this document are not historical fact as 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform of 1995. Forward-Looking statements are not guarantees of future performance. Our Forward-Looking statements are based on trends we anticipate in our industry and our good faith estimate on the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause actual business and results of operations, to differ materially from those reflected in our forward looking statements. You may find all other information about Asia Global Holdings Corporation on the Securities Exchange Commission website, http://www.sec.gov.
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Source: Asia Global Holdings Corporation