Idea Asia Limited and Global Media & Entertainment Group Enter Acquisition Agreement
April 23 2009 - 2:37PM
PR Newswire (US)
LOS ANGELES, April 23 /PRNewswire-FirstCall/ -- Asia Global
Holdings Corporation (OTC:AAGH) (BULLETIN BOARD: AAGH) subsidiary
Idea Asia Limited (Idea Asia) and Global Media & Entertainment
Group (GMEG) have entered into an agreement whereby GMEG agrees to
acquire Idea Asia from AAGH subsidiary Sino Trade Intelligent
Development Corp (Sino Trade) in return for 7.5% of GMEG's common
stock and other considerations. The deal is pending exchange of
consideration on or before May 15. AAGH Management believes this
transaction provides the company and its shareholders the
opportunity to benefit from the company's investment in TV
entertainment and the future potential value of Idea Asia while
easing the company's expense burden related to overhead,
production, marketing and distribution. "This is an exciting time
in China, the acquisition will present us with the opportunity to
continue to penetrate the largest population in the world with more
the 1.3 billion people and over 350 million urban consumers. Our
prospects for growth are abundant and the industry partners we have
made today will facilitate our expansion in China," said Vincent
James DeFilippo, Chief Executive Officer for Global Media and
Entertainment Group. "Idea Asia has put down a very solid
foundation in China as a provider of top quality content. We're
excited to have GMEG help grow Idea Asia further by providing the
resources needed to take the company to the next level," said John
Leper, Chief Executive Officer for AAGH. IDEA ASIA Limited based in
Hong Kong and Shanghai, acquires, creates, funds, and produces
internationally & locally created content for distribution
throughout various media channels in China. The company provides
value-added services to marketers, advertisers, and media outlets
by bringing state-of-the-art internationally acclaimed TV and
entertainment content and branded content formatted to be delivered
throughout China. Global Media and Entertainment Group is a global
distributor of award-winning high quality content and video
productions, through exclusive licensing agreements and rights, to
distribution channels such as television, cable, satellite systems,
Internet, mobile devices, and outdoor digital advertising
billboards. GMEG plans to build a library of acquired and exclusive
content or formats such as game shows, dramas, animations, movies,
documentaries, films, concerts and special programming. This media
will be distributed throughout the world in various formats. About
Asia Global Holdings Corporation Asia Global Holdings Corporation
(OTC:AAGH) (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: 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/.
DATASOURCE: Asia Global Holdings Corporation CONTACT: Investor
Relations of Asia Global Holdings Corporation, +1-213-243-1503, Web
Site: http://www.asiaglobalholdings.com/
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