NEW YORK, June 6, 2016 /PRNewswire/ -- YOU On Demand
Holdings, Inc. (NASDAQ: YOD) ("YOU On Demand" or "YOD" or the
"Company"), a premium content Video On Demand service provider in
China evolving into a global,
mobile-driven, consumer management platform for both enterprises
and consumers, announced today that the Company and Megtron Hong
Kong Investment Group ("Megtron"), an investment company whose
affiliate companies have rich resources and distribution channels
in the Asian mobile terminal ODM (original design manufacturer) and
telecom market, have agreed to form a Joint Venture ("JVC"), dated
May 30, 2016 (the "JV Agreement)"
with the intent of operating and marketing mobile apps ("Apps")
from YOU On Demand, on smartphones and other mobile devices.
Under the terms of the JV Agreement, Megtron, who through its
affiliates has already delivered over 50 million smartphones
worldwide, will leverage its industry relationships with global
telecom operators and smartphone manufacturers to support the JVC,
by targeting app placement and installation on between 50-100
million smartphones and other mobile devices globally, through
pre-installation, online & offline promotion installation and
several app distribution channels.
The apps provided by YOU On Demand shall include video content
from film and television as well as music, games, shopping, news,
and social media capabilities.
Under the terms of the JV Agreement, the JVC will have
registered capital of $10 million
USD, which YOD and Megtron will contribute $5 million USD each, to be paid in
installments. The first installment of 5 million RMB (approximately $760,000 USD) will be paid within one month of
the date of incorporation of the JVC. Both YOU On Demand and
Megtron, through the JVC, will jointly share App operating
expenses, including server, CDN and bandwidth costs.
About YOU On Demand Holdings, Inc.
(http://corporate.yod.com)
YOU On Demand (NASDAQ: YOD) is leveraging and optimizing
its current operations as a premium content Video On Demand service
provider in China by evolving into
a global, B2B2C, mobile-driven, consumer management platform for
both enterprises and consumers. By aiming to establish the
world's premier multimedia, social networking and
e-commerce-enabled network with the largest global effective
connected user base, YOU On Demand, through this expanded,
cloud-based, ecosystem of connected screens combined with strong
partnerships with leading global providers, will be capable of
delivering a vast array of YOD–branded products and services to
enterprise customers and end-use consumers - anytime and anywhere,
across multiple platforms and devices.
YOU On Demand has content distribution agreements in place with
many of Hollywood's top studios including Disney Media
Distribution, Paramount Pictures, NBC Universal and Twentieth
Century Fox Television Distribution, Miramax, as well as a broad
selection of the best content from Chinese filmmakers. In
addition, the Company has governmental partnerships and licenses as
well as numerous JV partnerships and strategic cooperation
agreements with an array of distribution and content partners in
the global new media space. YOU On Demand is headquartered in both
New York, NY and Beijing, China.
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. Particular
forward-looking statements in this release include statements
regarding the effects of the business partnership with Megtron.
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
YOU On
Demand
212-206-1216
jason.finkelstein@yod.com
@youondemand
corporate.yod.com
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SOURCE YOU On Demand Holdings, Inc.