TAIPEI, Taiwan, Oct. 17, 2016 /PRNewswire/ -- NowNews Digital Media Technology Co., Ltd. ("NDMT" or "the Company") (OTCQB: NDMT), a media company that provides news and multimedia platform services, is pleased to announce that the Company has entered into a share exchange agreement with MySong Industrial Co., Ltd. ("MySong"), a limited liability company formed under the laws of Taiwan and both shareholders of MySong. According to the share exchange agreement, the Company will acquire all the issued and outstanding shares of common stock of MySong in exchange for 200,000 restricted shares of common stock, par value $0.001 of the Company. The signing ceremony was held at Shangri-La's Far Eastern Plaza Hotel in Taipei today.
Founded in 1979, MySong is the industry leader of Taiwan karaoke tape industry and the first to introduce Japanese karaoke products into Taiwan. Owning copyrights to more than 3000 hit pop songs, MySong can make the copyrighted songs into different formats for various software and even the unknown future high-tech software products. Through partnering with China Audio-Video Copyright Association, MySong collects music license fees from KTVs in mainland China.
Wenxiao Ma, general manager of MySong points out: "As the copyright department of NDMT, MySong will enhance the cooperation with China Audio-Video Copyright Association to generate more income from copyright fees and assist the agency marketing business of various types of audio and video works."
"New media is the current trend of the mainstream media. The mainland Chinese market is growing at extremely high speed. Protection of copyright has gained public attention, and mandatory fee-charging has been gradually implemented. Under such circumstances, NDMT obtained control of production, distribution and marketing in the audio and video media industry and continued expanding its media landscape in Asia by successively incorporating audio and video production, copyright fees and marketing agent business into the company", says Shuo-Wei Shih, CEO of NDMT. "NDMT welcomes Taiwan and international companies in the audio and video media industry to cooperate on this established platform and share the huge market."
The completion of signing this share exchange agreement marks another milestone the Company has achieved in 2016 towards its goal of becoming the most influential media company in the global Chinese market. Earlier this year, the Company has also signed a share exchange agreement with Beijing New Tong Ying Culture Media Co., Ltd. in April, and a non-binding letter of intent with Lao Development Holding Limited and Lao Construction Bank and a non-binding letter of intent with Earl International Development Sdn Bhd in June.
- Jun 6, 2016 - NDMT Strategizes to Tap into Southeast Asia Market:
- Apr 19, 2016 - NDMT Signs Share Exchange Agreement with Beijing New Tong Ying Culture Media Co., Ltd:
About NowNews Digital Media Technology Co., Ltd.
NowNews Digital Media Technology Co. Ltd. is a U.S.-listed media holding company focusing on the global Chinese market. The Company's holdings in the media space include digital media, movie production and distribution, and music copyright. The digital media business engages in creating, collecting and distributing news and information through its website and applications on mobile phones or tablets. The Company's subsidiary NOWnews is the largest online self-produced news content provider of Taiwan and the only Taiwanese online news website fully accessible in Mainland China. The movie production and distribution business engages in Internet movie, Internet drama and Internet show production, foreign movie import and production, movie marketing and advertising, and Internet personality business. The Company's music copyright business owns copyright to more than 3000 hit pop songs and provides a full range of Karaoke products. In addition, the Company has investments in the banking industry in Southeast Asia.
This news release contains "forward-looking statements", which may include, but is not limited to, statements that express the company's intentions, beliefs, expectations, strategies, predictions or any other statements relating to its future activities or other future events or conditions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of NowNews Digital Media Technology Co. Ltd. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and NowNews Digital Media Technology Co. Ltd. disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
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SOURCE Nownews Digital Media Technology Co., Ltd.