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The company announced today that it had changed
its name from ¡§Hairmax International, Inc.¡¨ to ¡§China Digital Media
Corporation¡¨, and that the NASDAQ Stock Market has awarded the company
the trading symbol of ¡§CDGT¡¨ effective on the open of business on
March 31, 2005. The change of name reflects a pending merger with
Arcotect Digital Technology Ltd., a corporation headquartered in
Hong Kong SAR of the Peoples¡¦ Republic of China (¡§Arcotect¡¨). Arcotect
is engaged in the business of Cable TV operations, digital television
(¡§DTV¡¨) technology development and trading of TV contents in China.
Arcotect is the sole contractor and operator of
digital television services in Nanhai, a city in the Guangdong province
of China. The company migrated more than 100,000 subscribers from
analog television to digital television service in 2004. The service
requires a subscriber to install a digital set-top-box which enable
the operator to provide multiple tiers of pay-TV services contain
up to 800 TV channels of varies type of content. The company projects
to record a positive profit and loss in the year 2004.
¡§We are excited on the change of name. It more
accurately reflects the nature of the soon to be acquired operations
in the media industry¡¨ said Daniel Chi Shing Ng, Chairman and CEO
of China Digital Media Corporation. ¡§We plan to duplicate the successful
model achieved in Nanhai into other cities in China and plan to
expand and diversify into the media industry including advertising
service and event organizing in near future through selective acquisitions
and alliances.¡¨
The media industry in China is gradually open up
to foreign investment and participation ¡V in print, TV, radio, film,
the Internet, publishing and many other areas.
According to the information provided by the SAIC contained in the
2003-2004 China Media Yearbook and Directory, and Modern Advertising,
a publication of the China Advertising Association, the total advertising
turnover in China for the year 2003 reached RMB107.8 billion ¡V an
increase of more than 19% over the total advertising turnover in
2002 and it will break RMB 200 billions by 2008. However, the proportion
of advertising in the overall GDP remains low in China, 0.6-0.7%
compared to 1.5% in the U.S. The New York Times¡¦ one-year revenue
is equal to all the advertising income of all China¡¦s newspapers
combined. As outside industry capital can not invest in the media
industry in the past, 82% of Chinese media firms are capital hungry.
The huge growth of media industry lead to tremendous investment
opportunities under covered.
About China Digital Media Corporation
China Digital Media Corporation, a Nevada corporation,
is formerly known as Hairmax Intenational, Inc. On December 28,
2004, the company entered into a Plan of Exchange with shareholders
of Arcotect Digital Technology Limited. At the closing of the Plan
of Exchange, Arcotect will become a wholly-owned subsidiary of the
company. The company will focus preliminary in the media sector
in China.
SOURCE: China Digital Media Corporation
CONTACT: Daniel Ng of China Digital Media Corporation,
+852 2390 8686, or pr@arcotect.com
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