HONG KONG, Sept. 2, 2014 (GLOBE NEWSWIRE) -- Great China Mania Holdings, Inc. (OTCBB:GMEC) (the "Company" or "GMEC") today announced it has signed an definitive acquisition agreement (the "Agreement") with Concept X Limited ("Concept X"), a well-established Hong Kong entertainment production company. The Agreement defines the terms and conditions pursuant to the letter of intent signed on May 21, 2014. The closing of the Agreement is subject to the due diligence and audit report of Concept X.
Concept X had generated approximately $1.2 million and $1.3 million revenue for the year ended December 31, 2012 and 2013 respectively. Management expects Concept X's revenue to grow by 10% in 2014 and increase by another 15% in 2015.
In 2014, Concept X had produced concerts in Hong Kong and Malaysia for a famous and reputable Hong Kong singer. (www.youtube.com/watch?v=8okZL0K-exQ&feature=youtu.be). Concept X will be responsible for the productions of variety shows, which will be held at the Hong Kong Harbin Ice Festival on October (www.uepl.com.hk/HK-HarbinIceFestival). In 2015, Concept X will be even more aggressive in obtaining more Macau's and China's event production projects.
The proposed acquisition of Concept X complements and expands the Company's existing businesses, explores extra business opportunities relating to media production and generates new revenue sources. As GMEC is adopting the new operating tactic and revenue strategy, which is to focus its resources on reputable artists who usually have more entertainment and promotional events to participate. Concept X can co-operate these events' productions for GMEC's artists and hence increase its revenues.
Safe Harbor Statement
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission as may be required by law.
CONTACT: Great China Mania Holdings, Inc. Tel: +852 2882 7026 Fax: +852 2882 7020 General Enquires: Email Contact: email@example.com Investor Relations: Email Contact: firstname.lastname@example.orgSource:Great China Mania Holding Inc