TAIPEI, Taiwan, Feb. 25, 2016 /PRNewswire/ -- Nownews Digital Media Technology Co. Ltd. ("NDMT" or "the Company") (OTCQB: NDMT), a media company that provides news, e-commence and multimedia platform service, today announced the Company has entered into a binding letter of intent to acquire My Song Karaoke Industrial Co., Ltd to diversify its business.
"Founded in 1979 in Taipei, My Song, which owns copyright to about 900 classic pop songs and provides multimedia services for the karaoke industry, is an ideal acquisition target," said Alan Chen, Chairman of NDMT. "This acquisition will be a significant contribution to NDMT's existing media business and propel NDMT to become a larger, stronger and more competitive company with solid opportunities for growth."
"Karaoke with an existing broad market in Asian has great development potential," said David Shi, CEO of NDMT. "NDMT will obtain the copyright of songs and establish a department of intellectual property after the acquisition of My Song. Wenxiao Ma, the former concenter of China KTV League, will be the department manager."
Pursuant to letter of intent, NDMT is going to acquire My Song Karaoke Co., Ltd. through a share exchange. Upon consummation of the share exchange, My Song Karaoke will become a wholly owned subsidiary of NDMT. Management believes this acquisition is a key aspect of the Company's diversified growth strategy and will have a significant positive impact to the Company's future development.
About Nownews Digital Media Technology Co. Ltd.
Nownews Digital Media Technology Co. Ltd. (OTCQB: NDMT), through its subsidiaries, currently engages in creating, collecting and distributing of news and information through its website and mobile apps. Nownews is also the largest online self-produced news content provider of Taiwan and the only Taiwanese news website fully accessible in Mainland China. After launched Professional Category news brands, we launched Nownews Mobile Web and Apps in Apple Store. In July 2013, Nownews launched a new concept newspaper "NOWnews", which is the first O2O media in Taiwan. Nownews owns a large amount of brands in the news industry, such as the "NOWnews", the biggest Citizen Journalist platform "WEnews", online video shopping website "NOWshopping", etc. Its partners include CCTV, Yahoo, MSN, Hinet, Yam, Sina and some media and telecommunication companies.
SOURCE Nownews Digital Media Technology Co. Ltd.