NEW YORK, May 19, 2017 /PRNewswire/ -- Wecast Network,
Inc. (NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"),
announced today a strategic partnership and joint venture ("JV")
with Berlin-based PANTAFLIX GmbH
("PANTAFLIX") for a global and cloud-based video-on-demand ("VOD")
platform. This German-Chinese-US VOD JV will have ownership
partners including PANTAFLIX (50%), WCST (40%), and Redrock Capital
Group Limited (10%), which is majority owned and controlled by
Bruno Wu.
The joint venture, headquartered in Germany and with locations in both
China and the US, will combine the
global resources, expertise and content of WCST with the innovative
VOD technology of PANTAFLIX (a wholly-owned subsidiary of PANTALEON
Entertainment AG (XETRA: PAL)), to offer a business-to-business VOD
solution to operators globally. PANTAFLIX's technological
infrastructure allows for direct global marketing and distribution
of films and other content as well as personalization and
optimization capabilities for end-consumers. Within 36 months
of launch, the platform is aiming to have 300,000 movie titles
available.
"With Bruno Wu and Wecast Network, we have found the best
possible partners for taking on a leading position in the global
VOD business," said PANTALEON CEO Dan
Maag. "This first German-Chinese-US JV in the VOD space will
have the capacity to further disrupt the entertainment and content
market model with a global launch planned for 2017."
Wecast CEO Bing Yang stated, "The JV with PANTAFLIX is another
step in building out Wecast's Brand, Content and IP Cloud.
With 300,000 contractually secured movie titles to be
available globally without territorial restriction, AI-enabled
consumer personalization and strong B2B distribution, we expect
quick market penetration and footprint expansion."
About PANTAFLIX
(https://www.pantaflix.com/en/)
PANTAFLIX is an innovative and cloud-based VOD platform,
which for the first time enables filmmakers and rights owners to
directly market their productions to a worldwide audience in over
240 territories. By eliminating the middlemen, pantaflix.com offers
immediate market access to consumers. 75 percent of sales go
straight to the producer, which enables creators to receive up to
7.5 times as much revenue as from traditional platforms.
About PANTALEON Entertainment AG:
PANTALEON Entertainment AG is one of the fastest growing
media companies in Europe. The
group, as a leading producer of feature films with world-class
distribution partners such as Warner Bros. and Amazon Prime,
develops high growth dynamics from the start of each production.
The financial success of the content division paid for the
formation of the disruptive video-on-demand (VOD) platform,
pantaflix.com, a 100% subsidiary of PANTALEON that just recently
initiated its global roll-out.
About Wecast Network, Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network (NASDAQ: WCST) is aiming to be the leading
provider of total B2B business solutions for today's constantly
evolving business landscape. With a focus on "BASE" or
Blockchain, Artificial Intelligence, Supply Chain & Exchanges,
Wecast is organized into three cloud-based categories and business
units: Brand, Content & Intellectual Property Cloud,
Product Sales Cloud and the Transactional Finance Cloud. With
the three clouds functioning both independently and
interdependently, Wecast is creating a vertical, transactional and
flexible platform for today's global enterprises.
The Company's mission and vision is to be the world's leading
cloud-based, total B2B enterprise solution & platform provider
that empowers businesses to grow with Big Data technology.
Safe Harbor Statement
This press release contains certain statements that may
include "forward looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
Jason Finkelstein
VP, Strategy & Investor
Relations
Wecast Network,
Inc.
212-206-1216
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SOURCE Wecast Network, Inc.