LOS ANGELES, Feb. 25 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (BULLETIN BOARD: AAGH) subsidiary China Media Power Limited (CMP), a 60% owned subsidiary of AAGH, has decided that CMP will discontinue the "Who Wants To Be a Millionaire" project. Further, Mr. Michael Mak has been appointed by the board to be fully responsible for the sale of all assets to be used to pay and satisfy any outstanding liabilities. The decisions were made by the CMP board of directors. The board sites poor performance by the sales and distribution team resulting in the project running at a continuous loss as the reason for the decisions.
Idea Asia Limited, a wholly owned subsidiary of AAGH and the holding company of CMP, has issued a Demand Note to CMP for a repayment of loans in the amount of US$875,338.18. In the event that CMP fails to repay the loan on or before Feb 29, 2008, Idea Asia Limited will consider initiating liquidation of CMP to recover corresponding assets, possibly including intellectual properties rights.
"The purpose of this Demand Note is to recoup valuable assets from CMP, which is a joint venture 60% owned by AAGH. As the capital investor in CMP, we believe that this action is fully justified and the fair and proper thing to do for AAGH and its shareholders. Further, a positive outcome from this action would have a beneficial impact on the Company's continuing efforts in the TV entertainment business," said a company's spokesperson.
Further to the restructuring of the AAGH TV entertainment business, Idea Asia Limited announced the appointment of Mr. Dominique Ullmann as an Executive Director. Mr. Ullmann will spearhead the development of the TV entertainment business in China. He has over twenty years experience in the media and advertising business in Europe and Asia. Over the last fifteen years Mr. Ullmann has held executive positions in Asia with highly reputable media companies such as ATV of Hong Kong, STAR TV (Hong Kong and Singapore) and MindShare (a subsidiary of Group WPP).
"We are delighted to announce that we are making progress on the restructuring of our TV entertainment business, and even more delighted in the successful recruitment of a high caliber industry expert in Mr. Dominique Ullmann. Our TV Entertainment business will continue to build upon what has been established to date. Dominique's vast experience with TV stations and the media buying industry will contribute greatly toward achieving our goal of delivering quality TV programs in China and bringing in sales revenue along the way," according to AAGH CEO Michael Mak.
About Asia Global Holdings Corporation
Asia Global Holdings Corporation (BULLETIN BOARD: AAGH) has a strong focus on building business in China and other emerging regions and markets in Asia and Worldwide. The Company's present subsidiaries participate in media & advertising, marketing services and TV entertainment. The Company has offices in the US, Hong Kong and China.
Asia Global Holdings Corporation Website: http://www.asiaglobalholdings.com/
Forward-looking statements in this document are not historical fact as 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform of 1995. Forward-Looking statements are not guarantees of future performance. Our Forward-Looking statements are based on trends we anticipate in our industry and our good faith estimate on the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause actual business and results of operations, to differ materially from those reflected in our forward looking statements. You may find all other information about Asia Global Holdings Corporation on the Securities Exchange Commission website, http://www.sec.gov/
