Chinese Media Group Corp. to Acquire Majority Stake in TOPTV USA
LOS ANGELES-(Business Wire)-December 30, 2008 - All Line, Inc., (Pink Sheets:ALIN), a company engaged in telecommunications, multimedia, and IT development, today announced that Chinese Media Group Corporation (www.cmgc.tv) has signed a letter of intent to acquire a 51% equity stake in TOPTV USA (www.toptvusa.com), the first ever 24/7 free-to-air digital Chinese TV channel in the U.S. providing digital TV programs to overseas Chinese in Los Angeles and Orange Counties, CA.
Terms of the transaction are not disclosed but a definitive agreement is expected to be consummated in the very near future.
All Line had signed an agreement to acquire 10% of Chinese Media Group Corp., with an option to purchase another 41% to have majority control of CMGC in the future on terms and conditions mutually acceptable to both parties.
On Thursday, January 1, 2009 at 8 a.m. (PST), millions of spectators from around the world will celebrate the New Year with the 120th Rose Parade themed “Hats Off To Entertainment”. TOP TV – LA18.6, will broadcast live this majestic event in Chinese narration for the first time in history to serve over 1 million Chinese TV viewers in Los Angeles.
Allen Wu, Chairman of CMGC, reiterated: “With Chinese Americans representing the largest Asian-American group in the U.S., one and half billion Chinese-speaking population in Greater China and throughout ASEAN and beyond, we expect to witness exciting developments going forward and the potential to reach an enterprise value of $300 million or more for CMGC in the next three to five years."
About All Line
All Line, Inc. (OTC Pink Sheets: ALIN) is a Nevada corporation engaged in telecommunication, multimedia, IT development, and environmentally friendly energy and resources. The Company has established strong business ties in these areas with Korea and other Asian countries. For more information, visit the Company’s web site www.allline.com.
About Chinese Media Group
Chinese Media Group Corporation (CMGC) was established by a group of seasoned media veterans and is a majority owned subsidiary of East Media Holdings Inc. (EMHI) (www.emhi.net). CMGC aims to own and operate Chinese multimedia, including print, online, on air and convergence, across the Americas and Asia-Pacific. Web site: www.cmgc.tv
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
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