TAIPEI, Oct. 13, 2015 /PRNewswire/ -- NowNews Digital Media Technology Co. Ltd. ("NowNews" or the "Company") (OTCQB: NDMT), a new media company that provides news, information, e-commerce and multimedia platform service, held a press conference for signing a cooperation letter of intent at Renaissance Beijing Capital Hotel -- Marriott.
At the press conference, NowNews announced its plan to acquire Beijing Xintongying Culture and Communications Co. Ltd ("XTY") through a share exchange. Upon consummation of the share exchange, Beijing Xintongying will become a wholly owned subsidiary of NowNews. This acquisition is a major milestone for the new media industry in Taiwan and mainland China, and it is a huge progress towards building the Chinese media global markets. Wanshou Li, chairman of the Board of Directors of Wuhan Chutian Chuangtou Fund Management Co., Ltd. ("CT"), Hui He, general manager of CT, Ming Gao, Chairman of XTY, Heer Hsiao, chairman of Global Intelligence Alliance Group, Tsung-Chien Chiang, CFO of NowNews and Shang-Hong Lin, chairman of NOWnews Network Co., Ltd. attended the conference.
"Pursuant to the LOI, a total of 30 million dollars from CT will be invested in XTY for the development of new media business. Under the joint efforts of all parties, NowNews is expected to increase its competitiveness in the global media market. We believe that under the development framework, this cooperation between Taiwan and Mainland China will become the most successful partnership and one of the first initiatives in building a stronger economic tie in the Chinese media market between the two regions,"said Alan Chen, Chairman of NowNews.
About Beijing Xintongying Culture and Communications Co. Ltd.
Beijing Xintongying Culture and Communications Co. Ltd. (BXCCC), is a leading radio advertising agency providing services including radio media planning, regular advertisement media planning, product placement planning, audio production, media buying service and advertising monitoring. Beijing Xintongying Culture and Communications Co. Ltd. establishes relationship with more than 300 national broadcast media.The majority of the clients are from auto industry, financial industry and consumer products industry.
About Wuhan Chutian Chuangtou Fund Management Co., Ltd.
Chuangtou Fund Management Co., Ltd., cofounded with China Industry-University Research Institute Collaboration Association (CIUR), is a professional investment fund management company, led by famous Chinese investor Dr. Wanshou Li. Chuangtou Fund Management Co., Ltd., provides a wide range of customized services for enterprises, including: strategic planning, investment analysis, trading structuring and capital market operations.
About Nownews Digital Media Technology Co. Ltd.
Nownews Digital Media Technology Co. Ltd. (OTCQB: NDMT) is a U.S.-listed holding company, through its subsidiaries, engaging in creating, collecting and distributing news and information through its website and applications on mobile phones or tablets. Nownews is also the largest online self-produced news content provider of Taiwan and the only Taiwanese online news website fully accessible in Mainland China. After launched Professional Category news brands, we launched Nownews Mobile Web and Apps. In July 2013, Nownews launched a new concept newspaper "NOWnews", which is the first O2O case in Taiwan. Nownews owns a great amount of brands, such as the largest online self-produced news content provider「NOWnews」, the biggest Citizen Journalist platform「WEnews」, online video shopping website「NOWshopping」, etc. Its partners include CCTV, Yahoo, MSN, Hinet, Yam, Sina and some telecoms.
SOURCE Nownews Digital Media Technology Co. Ltd