SOURCE: Caltas Fitness, Inc.

January 24, 2007 09:20 ET

Caltas Fitness Acquires Successful New York Based Specialty Media Firm

Leading South Asian Media, Entertainment, and Advertising Company CineMaya Media Group Goes Public

NEW YORK, NY -- (MARKET WIRE) -- January 24, 2007 -- Caltas Fitness, Inc. (PINKSHEETS: CFNI) announced today it has acquired CineMaya Media Group, Inc. in an all stock deal. The New York-based full service media, entertainment, and advertising company specializes in the fastest growing and economically wealthy minority in America, the South Asian population.

"We are extremely pleased to have been acquired by Caltas Fitness," declared CineMaya Chairman and CEO, Sunil Hali. "Our company has experienced more than 30% growth in each of the three preceding years and now we have the opportunity to take it to greater levels through a company which is already publicly traded." CineMaya revenues for 2006 exceeded $4.25 million. In its young six years of operation, the company has already achieved profitability and is recognized as an industry leader within its highly specialized market.

CineMaya's assets include a plethora of media properties. One of their publications, The Indian Express North American Edition, an internationally respected English language weekly newspaper has established itself in the US and Canada as a great source of news and information for South Asians. Additionally, the company publishes the North American Edition of Divya Bhaskar, Gujarat's # 1 daily newspaper. CineMaya is also involved in providing television and radio broadcast stations as well as high quality programming of interest to Indians. CineMaya's full service advertising agency and wholly owned subsidiary, Elephant Advertising, serves top tier corporate clients from the US and India seeking to penetrate the fastest growing and wealthiest community (per capita) in North America.

A formal name and symbol change is expected to be announced in the near future to reflect the union of CineMaya Media into Caltas Fitness. Interested parties should visit the corporate website, www.cinemayamedia.com, to obtain more information on the company.

Safe Harbor Statement:

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not of historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with Pink Sheets.

Contact Information

  • Contact:
    Nayan Padrai
    Investor Relations
    212-242-5400 x 26 (US)
    +91-9869644494 (India)
    Corporate Website
    www.CineMayaMedia.com