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Friday, April 16, 2010

CCME News - This Stock Will Eventually Make a Big Run

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China MediaExpress Holdings, Inc. Announces Addition of 527 Express Buses in Its Existing Network

Press Release Source: China MediaExpress Holdings, Inc. On Friday April 16, 2010, 8:45 am
FUJIAN, China--(BUSINESS WIRE)--China MediaExpress Holdings, Inc. (NYSE Amex: CCME) (“CME” or “Company”), China’s largest television advertising operator on inter-city express buses, today announced that it has signed a framework agreement with a media company to purchase the exclusive right to operate television screens on 527 express buses originating from the city of Huizhou in the Guangdong province. This agreement grants the Company the exclusive right to provide television programming and advertisements on 527 express buses managed by one bus operator, for a period of five years which commenced on April 1, 2010. According to the framework agreement, CME paid a one-time fee of RMB 50,000 per bus for the acquisition of the operating right to the media company and will pay a monthly concession fee to the bus operator over the term of the contract.

Guangdong is one of the richest provinces of China, with the highest GDP among all the provinces, contributes approximately 12% of China's national economic output, and is home to the production facilities and offices of many multi-national and Chinese corporations. In addition, Guangdong’s provincial capital, Guangzhou which is China’s third largest city, after Beijing and Shanghai and its economic hub Shenzhen, are amongst the most populous and fast growing cities in China. Furthermore, Guangdong has one of the most developed highway system in China. Each of the 21 administrative divisions of the Guangdong province is well connected through an extensive network of highways, which by the end of 2010 is expected to be more than 3,000 miles long.

Zheng Cheng, CME’s Founder and CEO, noted, “This framework agreement comes on the heels of our contract with the organizers of the Asian Games in the city of Guangzhou to display a 30 second advertisement promoting the games on our network of buses and, the agreement to purchase the exclusive right to operate television screens on 124 express buses originating from the city of Shenzhen, both of which we announced last month.”

“As advertisers are accelerating their efforts to grow their sales beyond the first- and second-tier cities into less developed markets, we are confident that they will continue to view our large network of buses and wide geographic coverage, which covers many of the third-tier cities, as a great advertising platform to promote their products and services to a large number of travelers at a very competitive cost. We will continue to look for additional opportunities to expand our current network both organically and through similar acquisitions of the operating rights from other local media companies.”

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