Total Film Group Acquires Stake in MeetChina.com
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Total Film Group Inc. is acquiring a 25 percent interest in MeetChina.com, the operator of China's only e-commerce portal that is officially sponsored and sanctioned by the Chinese government.
Financial terms were not disclosed.
Total Film Group said its advertising subsidiary, Total Creative Inc., will provide MeetChina.com's client subscribers, which presently number 30,000 companies, with a range of traditional and electronic advertising and marketing services.
With offices in Beijing, Shanghai and other major Chinese cities, MeetChina makes it possible for China's manufacturing companies to gain direct access to international markets and distribution services. The company also offers companies throughout the world access to Chinese consumers.
MeetChina has a revenue sharing arrangement with five Chinese federal ministries. The company has also been granted the status of Wholly Owned Foreign Enterprise, (WOFE), a designation conferred by the Chinese government on a single, pioneering company allowing it to act as a promotion center and electronic gateway that provides merchandisers throughout the world access Chinese products. US Business Network Inc. has a controlling interest in MeetChina.
"This relationship provides our company with a significant stake in the emerging and potentially explosive Chinese market," said Gerald Green, chairman and CEO of Total Film Group Inc." Furthermore, this transaction acts as a catalyst for repositioning our company as a future force in digital film technology and production, as well as digital advertising and Web development."
Total Film Group is an independent entertainment organization primarily involved in the financing, production and distribution of motion pictures. The company's recent acquisitions of Dyer Communications Inc., Michel/Russo Inc. and Skyrocket Interactive Inc. (merged to form Total Creative Inc.), is part of Total Film Group's plan to position itself as a leader in the field of traditional and digital advertising and marketing, as well.