China YouTV Corp.
OTC Bulletin Board : CYTV

March 05, 2007 13:42 ET

Admax Resources, Inc. Changes Name to China YouTV Corp.

Trading symbol Changed from AMXU to CYTV

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 5, 2007) - Admax Resources, Inc. (OTCBB:AMXU), a publicly traded company, has changed its name to China YouTV Corporation (OTCBB:CYTV) and has been assigned a new symbol to better reflect its business. The new symbol: CYTV will become effective on March 5, 2007, according to NASDAQ.

"The Company intends to participate in the fast growing video sharing web site market in China and, at the same time, continue its exploration of mineral properties in British Columbia, Canada," said Mr. Gao.

The free video sharing website will let users upload, view, and share video clips. Videos can be rated; the average rating and the number of times a video has been watched are both published. The most popular example of free video sharing websites is YouTube, founded in February 2005, which has rapidly became one of the most popular website and was acquired by Google for US$1.65 billion last year.

According to the 19th report by CNNIC (China Internet Network Information Center), by the end of 2006, there were 137 million netizens in China accounting for 10.5% of the total population in China, ranked No.2 only after the UnitedStates, and the client base continues to increase.

"The Company sees the video sharing website market in China as facing a period of rapid growth and expansion and that it's the ideal time for a foreign company to enter the market, " said Mr. Gao.

About China YouTV Corporation:

The Company acquired a mineral property located in the Province of British Columbia, Canada in 2005 and has not yet determined whether this property contains reserves that are economically recoverable. The Company has started exploration.

We hired a geologist to issue a progress report covering the property. Further, we conducted a reconnaissance exploration program. The field work consisted of prospecting, geological mapping, and sampling. Rock exposures samples were taken and had been sent for plasma and geochemical analysis.

Additional reconnaissance geological work has been completed. Samples were taken and sent for testing. The samples showed no significant mineralization.

If we find mineralized material and it is economically feasible to remove the mineralized material, we will attempt to raise additional money through a subsequent private placement, public offering or through loans. If we need additional cash and can't raise it, we will either have to suspend activities until we do raise the cash, or cease activities entirely. If we can't find any mineralized material or it is not economically feasible to remove the mineralized material, we will have to cease activities and focus on the new market: the media and entertainment industry in China.

Forward-looking statements

This report contains "forward-looking" statements 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. All statements other than statements of historical facts included in this report are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese and North American markets and changes in regulatory matters; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion.

The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.

Contact Information

  • China YouTV Corporation
    Mr. Gao, ZhenYong
    President
    (604) 601-8274