Wong's International (Holdings) Limited Purchases 22% of Focus Media Network Limited
HONG KONG, March 22 /PRNewswire-Asia/ -- Wong's International (Holdings) Limited (HKEx: 0099, hereinafter referred as "WIH" or the "Company"), a leading Hong Kong based electronics manufacturing company, today announced that it has acquired 22% of the issued shared capital of Focus Media Network Limited (hereinafter referred as "FMN"), the leading digital Out-of-Home media company in Hong Kong and Singapore.
Under the transaction, WIH will utilize FMN's extensive Out-of-Home digital screen network to launch its newly developed Interactive Digital Signage ("IDS") services.
WIH's IDS system, which integrates the RFID interactive technology with digital signage, opens a world of opportunities to the advertising industry. The interactive solution enables users to interact with the digital signage displays to obtain product information or promotional coupons on-the-go. Users can simply present their RFID card or NFC enable mobile device onto the reader embedded in FMN's digital screens to receive information on the product and services being advertised via SMS/MMS or e-coupon while watching the commercials on FMN's digital screens. The system is intuitive, user friendly, and significantly increases the effectiveness of the advertising, which will result in generating higher advertising revenue for FMN.
Established in 2004, FMN has achieved rapid growth in terms of network penetration and advertising revenue notwithstanding the financial tsunami in 2008, and has become the leading digital Out-of-Home media company in Hong Kong and Singapore. FMN markets advertising services via a robust network of digital screens deployed at the elevator lobbies of over 700 premium offices buildings and shopping malls in the prime business districts of Hong Kong and Singapore, with access to an aggregate 6 million traffic on a daily basis. In addition to the Office & Commercial network, FMN also partners with Mannings and Midland Realty in Hong Kong, and Singapore Post and the Housing Development Board in Singapore to create a retail and community digital network.
Mr. Wong Chung Mat, Ben, Chairman & CEO of WIH said, "Globally, Out-of- Home is one of the fastest growing advertising sectors after the Internet, and Asia Pacific is the fastest growing region amongst the world in these sectors. The extensive network of Focus Media Network offers an excellent platform to launch the interactive digital signage services developed by our Company. Its strategic regional network will further facilitate the promotion of our technology and other business streams in the Asian region, including markets like China, Taiwan, Vietnam and India. We are confident that our partnership with Focus Media Network will solidify the long term growth of our Company."
Mr. PJ Wong, Co-founder, Chairman and CEO of FMN said, "We welcome Wong's International onboard as a strategic investor and partner. With the Asia Pacific region leading the world out of the recession, we aim to quickly deploy the new funds to expand our human capital and strengthen our infrastructure capabilities to capitalize on the recovery of the advertising sector in the region to further accelerate our growth, both organically and through acquisitions. We are confident that this partnership with Wong's International will create enormous amount of synergies for both our businesses."
About Wong's International (Holdings) Limited
Wong's International (Holdings) Limited, listed in Hong Kong in 1983, is a leading Hong Kong-based electronics company. The company's principal activities are manufacturing of electronics products including consumer electronics, computing and peripherals, industrial, automotive, telecommunication equipment and other electronic products by providing complete engineering and manufacturing services to global Original Equipment Manufacturers (OEM) and Original Design Manufacturers (ODM). With more than 5,000 employees, the company's operations are carried out in Hong Kong, the PRC, Canada, Singapore, Japan, America and Britain. For more information, please visit Company website: http://www.wongswih.com .
About Focus Media Network Limited
Launched in April 2004, Focus Media Network Limited is a pioneer in the next-generation digital Out-of-Home (OOH) media sector and the largest OOH media company in Hong Kong and Singapore in terms of locations and venues. The Focus Media brand is also available in Hong Kong, the PRC, Singapore, Taiwan, Vietnam, Philippines, Indonesia, Malaysia, Australia, India, the Gulf States, Russia and Latin America. In 2007, the China operations became the first Chinese media company to be admitted to the NASDAQ-100 Index. For more information, please visit Company website: http://www.focusmedia.tv .
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SOURCE Wong's International (Holdings) Limited
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