China YouTV Corp.
OTC Bulletin Board : CYTV

March 14, 2007 03:48 ET

China YouTV Signs Letter of Intent to Set Up Joint Venture Which Aims to Become YouTube in China

BEIJING, CHINA--(CCNMatthews - March 14, 2007) - China YouTV Corp. (OTCBB:CYTV), a publicly traded company recently entered into the growing video sharing web site business in China announced that it has signed a Letter of Intent with HuaJu Network, a Chinese Internet Video Sharing Company, to form a Joint Venture in China.

HuaJu Network's video sharing web site was established in May 2005 as one of the earliest video sharing sites in China, and since then, it has maintained its position as an industry leader. In 2006, it was named one of the top 100 Internet companies with the most investment value in China. At present, it has over 100,000 members and over 1 million pieces of original digital video (DV) shorts.

According to the Letter of Intent, China YouTV and HuaJu Network will set up a Joint Venture for a term of twenty years in Beijing, China. The Joint Venture will do business using HuaJu Network's current video sharing web site. China YouTV will contribute 510,000 RMB (approximately US$65,890) to the Joint Venture and will own 51% of the Joint Venture, having a majority of the seats on the Board of Directors. HuaJu Network will contribute 490,000 RMB (approximately US$63,300) to the Joint Venture and will own 49% of the Joint Venture Company, having a minority of the seats on the Board of Directors. China YouTV will provide the required working capital for the Joint Venture, and will be in charge of the Joint Venture's accounting management. HuaJu Network will transfer its contracts to the Joint Venture and is responsible for the daily operations of the Joint Venture. In addition, China YouTV willl issue 20 million of its new restricted common shares to HuaJu Network or its designee, which have an estimated value of approximately $10 million based on the market bid price.
Mr. Gao, the President of China YouTV said, "Through this Joint Venture, we hope the new project could generate more returns to all the shareholders, and also, the new joint venture company could become the Chinese YouTube in China's video sharing industry."

YouTube (www.YouTube.com) is the leader in online video, and the premier destination to watch and share original videos worldwide through a Web experience. In November 2006, within a year of its launch, YouTube was purchased by Google Inc. for $1.76 billion.

About China YouTV Corporation:

The Company has changed its name from Admax Resources, Inc. to China YouTV Corporation, effective on March 5, 2007. The Company intends to participate in the fast growing video sharing web site market in China, and at the same time, to continue its exploration of mineral properties in British Columbia, Canada.

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.

The Company hired a geologist to issue a progress report covering the property. Further, it conducted a reconnaissance exploration program. The field work consisted of prospecting, geological mapping, and sampling. Rock exposures samples were taken and have 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 the Company finds mineralized material and it is economically feasible to remove the mineralized material, it will attempt to raise additional money through a subsequent private placement, public offering or through loans. If the Company needs additional cash and can't raise it, it will either have to suspend activities until it is able to raise the cash, or cease activities entirely. If the Company can't find any mineralized material or it is not economically feasible to remove the mineralized material, it will have to cease activities and focus on the new market: the video sharing 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