China New Media Corp. (CMDI.OB) Announces Acquisition of Outdoor Billboards
Yesterday, China New Media Corp. announced that one of their consolidated affiliates, Shanghai Vastitude Advertising & Media Co., Ltd., entered into a purchase agreement. This agreement is to acquire five outdoor billboards in the city of Shanghai from Haosheng Advertising Co., Ltd. The agreement will allow China New Media Corp. to penetrate the largest and most developed cities in Southern China. Mr. James Wang, Chairman and CEO of China New Media Corp., said, "We are very pleased to announce this acquisition and the expansion of our media platforms in the city of Shanghai. This acquisition marks our entry into one…