BEIJING, Sept. 14, 2015 (GLOBE NEWSWIRE) -- ChinaNet Online Holdings, Inc. (Nasdaq:CNET) ("ChinaNet" or the "Company"), a leading B2B (business to business) Internet technology company providing online-to-offline (O2O) sales channel expansion services for small and medium-sized enterprises (SMEs) and entrepreneurial management and networking services for entrepreneurs in the People's Republic of China, announced today that it has signed a strategic partnership agreement with Korean based Genesis BBQ Global Co., Ltd. to help expand its "BBQ Chicken" restaurant chain in China.
BBQ Chicken, founded in 1995, is a well-known franchise restaurant chain in Korea for fried chicken, and "Best of the Best Quality (BBQ)". Today, the company has locations in 59 countries with more than 7,000 outlets in the regions of Asia Pacific, the Middle East, Africa, North America, South America and Europe. BBQ Chicken plans to open over 500 of its restaurants in China in 2015.
Genesis BBQ Chicken and ChinaNet have signed a partnership agreement to expand the Chinese market, create a one-stop purchasing service platform and plan an active online to offline marketing program that includes traditional and online digital advertising, trade shows and referrals. In the next six years, ChinaNet plans to help Genesis BBQ Chicken open 10,000 franchisees in a mix of restaurants and stall shops in 3rd to 5th tier cities across China. Upon the success of opening 10,000 franchisees, franchise fees and revenues will be shared. These franchisees will all be equipped with Business Direct 3.0 solutions for further big data analysis and operation optimization.
The fried chicken market in China has evolved significantly, with an increasing sophistication of Chinese diners looking for new, popular brands, and the need for new healthier options for patrons. BBQ Chicken uses 100% olive oil for frying, giving the brand an extra edge over other competing names by providing customers a tasty yet healthy variety of food. As well, Korean pop culture is a top export to China, accounting for 23.9% of total exports, or about 123 billion RMB. Last year a Korean movie drama, "My Love from the Star", showcased fried chicken and beer culture with its unique glamour, winning a large audience in China.
"This is the second major Korean brand which ChinaNet will now be introducing to China," said George Chu, Chief Operating Officer of ChinaNet Online Holdings. "We are rapidly expanding on our plan to bring unique overseas businesses into China in the form of franchises or chains. We will also help guide and nurture these new businesses to profitability using our brand management and Business Direct 3.0 solutions. Through the future success of these brands, we will demonstrate our capability as a major big data player in China and around the world."
About Genesis BBQ Global Co., Ltd.
Genesis BBQ Global Co., Ltd owns BBQ Chicken, the Korea's No. 1 Chicken Restaurant. It's not barbeque, but it's BBQ (Best of the Best Quality). Founded in 1995, BBQ Chicken has grown to become the No. 1 franchise brand in Korea. Within four years after its existence, it opened its 1,000th outlet in Korea, followed by the world's first and only Chicken University in 2000. BBQ Chicken is also the 1st F&B Franchise Brand to be selected as the Korea's TOP 100 Brands. In 2003, BBQ Chicken began to expand its business globally. Today, it is present in 59 countries with more than 7,000 outlets in the region of Asia Pacific, Middle East, Africa, North America, South America and Europe. BBQ Chicken is the first brand that uses 100% Olive Oil for frying, thus giving the brand an extra edge over other competing names by providing customers a tasty yet healthy variety of food. Its Chicken University in Korea is a professional education institution that trains its business associates the business know-how from the understanding of franchise business to the business mind and cooking. The R&D Centre in the Chicken University, which houses more than 30 professional food researchers, is at the cutting edge of BBQ Chicken's continuous product improvement, while developing an appropriate localized menu to maximize customers' satisfaction worldwide. For more information, visit www.bbqchicken.com.my.
About ChinaNet Online Holdings, Inc.
The Company, a parent company of ChinaNet Online Media Group Ltd., incorporated in the BVI ("ChinaNet"), is a leading digital B2B (business to business) Internet technology company focusing on providing O2O sales channel expansion service for small and medium-sized enterprises (SMEs) and entrepreneurial management and networking service for entrepreneurs in China. The Company, through certain contractual arrangements with operating companies in the PRC, provides Internet advertising and other services for Chinese SMEs via its portal websites, 28.com, Liansuo.com and Chuangye.com, TV commercials and program production via China-Net TV, and in-house LCD advertising on banking kiosks targeting Chinese banking patrons. Website: http://www.chinanet-online.com.
This release contains certain "forward-looking statements" relating to the business of ChinaNet Online Holdings, Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ChinaNet's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ChinaNet will be those anticipated by ChinaNet. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ChinaNet undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.