Ciina YouTV Corporation Announces Agreement With HuaJu NetMedia for Joint Venture
BEIJING, CHINA -- China YouTV Corp. (OTCBB: CYTV), a publicly traded company that recently entered into the growing video sharing web site business in China announced that it has signed a Definitive Agreement with HuaJu NetMedia to set up a Joint Venture in China and set foot in the Chinese Internet video sharing field.
Two years ago, few consumers thought about the Net as a source for video. Today, on line video viewing has become one of the major ways to distribute videos. One of the successful examples is YouTube. YouTube (www.youtube.com) is the leader in online video. Within a year of its launch, YouTube was purchased by Google Inc. for $1.76 billion In November 2006. Now according to Hitwise, which monitors Internet traffic, YouTube hits 100 million videos per day. Its doubtful if any TV channel gets that many viewers, perhaps only on a Super Bowl Sunday.
“The rapid growth of online video sites in the recent years demonstrates a major shift in online behaviour,” said Mr. Gao, President of the Company. “The Internet is quickly moving from static web pages to an environment rich with interaction and user generated multimedia content. We want to position ourselves as a leading video viewing and social networking site company in China, just like YouTube in the world.”
HuaJu NetMedia’s video sharing web was established in May 2005 as one of the earliest video sharing sites in China, and since then, it has maintained its position as an industry leader. The web site allows users to create their own profiles, post videos, and comment on each other’s posts. In 2006, it was named one of the top 100 Internet companies with the most investment value in China. At present, it has over 1.2 million members and over 1 million pieces of original digital video (DV) shorts.
About China YouTV Corporation:
The Company has signed a Letter of Intent with HuaJu NetMedia to set up a Joint Venture in China on March 14, 2007. The Company has changed its name to China YouTV to reflect its new business operations: the fast growing video sharing web site market in China, and at the same time, to continue its exploration of mineral properties in British Columbia, Canada.
This report contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this report are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese and North American markets and changes in regulatory matters; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion.
The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.
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