Engage Mobility Signs Joint Venture Agreement With Chinese Partners
October 03 2013 - 7:00AM
Marketwired
Engage Mobility, Inc. (OTCQB: ENGA) a leader in mobile marketing
technology and big data delivery has reached an agreement with
Chinese government backed Xinhua Ruide Technology Co., Ltd.
(Xinhua) and Shenzhen Zhichengxin Equity Investment Fund
Management, Ltd. for the establishment of a joint venture to roll
out a Chinese version of the Engage Mobile Engagement System by the
end of 2013.
On Tuesday the parties concluded two days of meetings and
negotiation in San Diego, California, emerging from the meetings
with a deal in hand to launch a first of its kind mobile augmented
reality, cloud based video and big data platform throughout China.
A formal Memorandum of Understanding was executed by the parties on
October 1, providing for a roll out of the Chinese platform within
90 days, subject to execution of final agreements, which is to take
place in Beijing on November 6.
Xinhua is a subsidiary of Datang Telecom Technology Co., Ltd.,
which is a government owned company traded on the Shanghai Stock
Exchange. Xinhua will provide the full sponsorship and backing of
the Chinese government for the Engage China joint venture.
Jim Byrd, Engage CEO, stated: "This is obviously a huge day for
Engage, as we have been able to strike a deal with both Xinhua and
with our partner Shenzhen for the development and launch of our
Mobile Engagement System in China. China is by far the largest and
most prolific mobile market in the world, and we are thrilled that
we will now have the opportunity to bring our amazing technology
and platform to the People's Republic. To be able to do so with the
sponsorship and support of the Chinese government is a huge
advantage for us, and we are so happy for our shareholders that we
have been able to reach an agreement with our new Chinese
partners."
Engage recently released the U.S. version of its Mobile
Engagement System which combines disruptive augmented reality
technology with a proprietary video delivery platform, a mobile CRM
and Dynamic Data delivery and management system. The Engage
Mobility app is now available as a free download in both the iTunes
and Google Play stores. The Company began selling the Mobile
Engagement System in the U.S. in August and is now planning a roll
out of the system in other countries, beginning with China.
To view a video press release of this announcement, click
here:
http://cdn.engagemobility.com/Videos/press/pr_en_ch_1032013.php
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