Sun New Media Announces Letter of Intent with U.S. Technology Firm Broadcast International30 November 2005
Sun New Media, Inc. (OTCBB:SNMD) ("SNMI") announced today that it has signed a Letter of Intent with Broadcast International (OTCBB:BCST) ("BI"), a leading provider of video-powered business solutions. The agreement calls for SNMI to implement CodecSys across its various distribution networks in China through its affiliates and customers. Broadcast International has also agreed to provide infrastructure for SNMI's American media opportunities and utilize SNMI's GoGoSun technology for delivery of interactive messaging and e-publishing products in providing services for BI's enterprise customers in the U.S.
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"The CodecSys compression technology will enable GoGoSun to deliver the video components of its multimedia publishing platform with less bandwidth and higher clarity, helping to position the entire GoGoSun solution as a market leader," said Mr. Chen Xiaotao, President and COO of SNMI.
"We are excited to help Sun New Media expand their services to the U.S. and to bring the GoGoSun technology to American businesses. SNMI, and its parent company Sun Media Investment Holdings, China's largest private media company, are the perfect partners with which to introduce CodecSys to the burgeoning Chinese market," said Rod Tiede, President & CEO of Broadcast International.
About Broadcast International
Broadcast International is a leading provider of video-powered business solutions, including IP and digital satellite, Internet streaming, and other types of wired/wireless network distribution. In addition, BI assists clients with video production, rich media development and a full range of network support services. BI also possesses a patent-pending technology, CodecSys, which provides enhanced video at current bandwidths and reduces the cost of bandwidth while maintaining quality.
Broadcast International was founded in 1984 and is a public company (OTCBB:BCST) headquartered in Salt Lake City, UT. For more information and to learn more about Broadcast International and CodecSys on the Web go to www.brin.com and www.codecsys.com.
About Sun New Media, Inc.
Sun New Media, Inc. is one of China's first integrated, interactive marketing, sales services, and channel management companies. SNMI plans to create a core group of businesses that includes advanced interactive marketing content development and distribution units, sales and marketing services, and channel management software solutions, SNMI has strategic plans to capture China's multi-billion dollar business marketing services market.
For more information about Sun New Media, Inc., visit the company's website at: www.sunnewmedia.net
Forward-Looking Statements
Management's projection of revenue resulting from the (new) contract constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. To comply with the terms of the safe harbor, we caution readers that a variety of factors, including various risks and uncertainties, could cause our actual sales results from the contract to differ materially from the projected result expressed in the forward-looking statement. These risks and uncertainties, many of which are beyond our control, include (i) the non-exclusive nature of our rights under the contract; (ii) the customer's right to terminate the contract at any time pursuant to 60 days' written notice; (iii) our ability to satisfy customer expectations and to meet our obligations under the contract; (iv) the sufficiency of existing capital resources to fund our operations required to support the contract; (v) uncertainties involved in the rate of growth of our business and acceptance of the CodecSys product offering; and (vi) other factors identified under the heading "Risk Factors" in Item 1 of our Annual Report on Form 10-KSB for the year ended December 31, 2004. Accordingly, readers should not place undue importance on such forward-looking statement which may prove to be inaccurate. Forward-looking statements speak only as of the date on which such statements are made. We disclaim any obligation to update any risk factor or to announce publicly the results of any revision to a forward-looking statement contained herein to reflect future events or developments.
The Sun New Media Inc. logo can be found at: www.primezone.com/newsroom/prs/?pkgid=2084
CONTACT: Sun New Media, Inc.
Investor Relations
Mr. James Neil
1-888-865-0901 Ext.322 -- N. America Toll Free
Email:info@cag-global.com
Source: Prime Zone
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