Attached files
| file | filename |
|---|---|
| 8-K - Qornerstone Inc. | v192148_8-k.htm |
| EX-10.1 - Qornerstone Inc. | v192148_ex10-1.htm |
| EX-99.2 - Qornerstone Inc. | v192148_ex99-2.htm |
TECHMEDIA
ADVERTISING, INC.
c/o
62 Upper Cross Street, #04-01
Singapore 058353
Ticker
Symbol - (OTCBB:TECM.OB)
NEWS
RELEASE
TechMedia Advertising, Inc.
Enhances Relationship with Business Partner
to Facilitate Digital Media
Advertising Platform
Press
Release Source: TechMedia Advertising, Inc. on Thursday July 8,
2010
SINGAPORE,
July 8, 2010 - TechMedia Advertising, Inc. (OTCBB:TECM.OB), the leading provider
of new outdoor media advertising technology in India, today announced the
Company has modified its arrangement with long standing business partner Peacock
Media Ltd. (“PML”), a provider of Out-Of-Home media products and
services. Under the amended agreement, both parties will be better
able to work together and proceed more easily with expediting the execution of
their business plans, benefiting from the combined synergies they bring to
dominating the fast growing digital outdoor advertising market in
India.
TechMedia
Advertising and PML are working together with respect to displaying mobile
digital advertising platforms in available public transportation buses (the
“Business”) and have decided to terminate their former joint venture (JV)
Agreement in favor of an Amendment and Termination Agreement, including a
Consulting Services Agreement.
Under the
new terms, PML has assigned its 15% ownership of the intended JV to TechMedia,
including assigning to TechMedia the license for the advertising rights on
10,392 buses that were granted to PML by the Government of the State of Tamil
Nadu. TechMedia will purchase the license and the equipment, hardware
and software technology installed on the buses from PML.
In
return, PML will be engaged as a consultant to provide certain services as set
forth under the Consulting Services Agreement and receive compensation of 15% of
the net profits of the Business of the Operating Company, comprised of TechMedia
Advertising Mauritius (“TMM”) – a subsidiary of TechMedia Advertising, Inc. -
and such other company that is operating the Business, which is intended to be
TechMedia Advertising (India) Private Limited, a wholly owned subsidiary of
TMM. Accordingly, TMM shall own 100% ownership of the Operating
Company. Additionally, PML will function as the preferred marketing
agency for the Business and receive an agency commission of 15% of the gross of
sales for all the advertising business it generates.
“This is
a significant milestone for both TechMedia and Peacock Media as it allows both
parties to overcome the enormous amount of red tape in India encountered in the
last few months in order to set up a new JV company,” said Johnny Lian, Chairman
and CEO of TechMedia.
“Now,
TechMedia and Peacock can move full steam ahead under this new
structure. In essence, because we have such a strong business model
and a strong relationship with Peacock, we have been able to react to this small
obstacle with relatively few changes and proceed toward achieving our bigger
business goals. During the past few months, TechMedia has continued
to implement its new digital advertising platform and we have seen that the
market is ready for us,” added Mr. Lian.
1
Please
refer to the Company’s Form 8-K filed with the SEC on EDGAR, available at
www.sec.gov, for a more detailed description of the Consulting Services
Agreement.
About
TechMedia Advertising, Inc.
TechMedia
Advertising, Inc. is the leading provider of new outdoor media advertising
technology designed to increase the market presence and brand name awareness of
its consumer-oriented corporate clientele in India. The Company’s
proprietary advertising solution is highly scalable and targets the digital
out-of-home (DOOH) media market, which is now one of the world’s fastest growing
advertising segments, to go beyond the borders of traditional advertising
outlets.
Specifically,
the Company’s digital-content network management system goes beyond the borders
of traditional media to deliver video advertisements, amongst other
miscellaneous audio-visual programming including news, sports and movies, to
LCD, LED or plasma display screens placed in high-traffic, high-visibility
outdoor public spaces. TechMedia Advertising, Inc. sells its prime
advertising space in well populated, as well as previously unexplored, areas
including trans-provincial long-distance buses and other targeted locations to
reach consumers anytime, anywhere. For more information, please visit
www.techmediaadvertising.com.
For more
information, please refer to the Company’s filings with the SEC on EDGAR,
available at www.sec.gov.
FORWARD
LOOKING STATEMENTS
This news
release may include 'forward-looking statements' regarding TechMedia
Advertising, Inc., and its subsidiaries, business and project
plans. Such forward looking statements are within the meaning of
Section 27A of the Securities Act of 1933, as amended, and section 21E of the
United States Securities and Exchange Act of 1934, as amended, and are intended
to be covered by the safe harbor created by such
sections. Forward-looking statements are identified by words such as
"anticipates," "projects," "expects," "plans," "intends," "believes,"
"estimates," "targets," and other similar expressions that indicate trends and
future events. Where TechMedia Advertising, Inc. expresses or implies
an expectation or belief as to future events or results, such expectation or
belief is believed to have a reasonable basis. However,
forward-looking statements are subject to risks, uncertainties and other
factors, which could cause actual results to differ materially from future
results expressed, projected or implied by such forward-looking
statements. TechMedia Advertising, Inc. does not undertake any
obligation to update any forward-looking statement, except as required under
applicable law.
Contact:
TechMedia
Advertising, Inc.
Investor
Relations
Carrie
Snyder
Tel:
(917) 862-0705
2