China YouTV Corp.
OTC Bulletin Board : CYTV

April 02, 2007 15:01 ET

Strong Alliance Forged: China YouTV, its JV Partner and ManGocity.com Enter into Strategic Partnership

BEIJING, CHINA--(CCNMatthews - April 2, 2007) - China YouTV Corp. (OTCBB:CYTV) a publicly traded company that recently entered into the growing online video viewing market in China reported that it has, together with its Joint Venture Partner HuaJu NetMedia ("HuaJu"), entered into a strategic partnership with ManGocity.com, an affiliate of China Travel Service (Holding) HK Ltd. (Information Market Forum) (0308-HK) to exploit their respective business strengths.

Centering around its 3G space card product, Cnboo, the website jointly owned by China YouTV and HuaJu, will launch value-added travel services together with ManGocity.com, and issue new 3G space cards similar to those offered with Gome Electrical Appliances, which was recently announced. Combining the travel resources of ManGocity.com, the card provides its card holders with more free value-added services with respect to hotel, air ticket, travel and vacation, etc. Meanwhile, combining the Joint Venture's resources, especially the Cnboo website, it also provides people who enjoy DV, video, personal movie and travel diary services with a network video platform for online storage and exchange. In addition, both parties propose to launch a travel channel on the Joint Venture's web site with a projected issuance of 500,000 cards, allowing more users of the Joint Venture's website and ManGocity.com to share the traveling experience. Of course, more users of the Joint Venture's web site should increase its membership and value.

This cooperation between China YouTV, Hua Ju and ManGocity, which complements advantages and shares resources of travel information products and online entertainment, is credited by the industry as "a novel way to promote the travel industry and also membership on the Cnboo web site." The powerful network video platform, Cnboo, jointly owned by China YouTV and HuaJu, will provide users of ManGocity with more exchange fun, while providing ManGocity with solid travel background resources that will also appeal to medium and high end user bases. Previous to this, China YouTV and Gome Electrical Appliances announced that they would jointly launch 3G space services for an estimated million or more high-end users who purchase products at Gome stores, the largest chain store vendor of electrical appliances in China.

Part of the business strategy of Cnboo is to increase its membership as quickly as possible through products such as 3G space cards, which in this business, as in the case of YouTube, could translate into an increased value of the franchise.

About China YouTV Corporation:

The Company signed a Definitive Agreement with HuaJu NetMedia to set up a Joint Venture in China on March 16, 2007. According to the Agreement, the Company owns 51% of the joint venture company and will provide the required working capital for the Joint Venture. HuaJu will be in charge of the daily operation of the Joint Venture. HuaJu has agreed to conduct its video sharing business only through the Joint Venture, and has agreed to contribute its web site, www.CnBoo.com and customer contracts to the Joint Venture.

www.CnBoo.com ("CnBoo"), is the online video site belonging to the Joint Venture established by China YouTV Corp. and HuaJu. It is a video viewing site and social networking site that allows users to create their own profiles, post videos, and comment on each other's posts. The CnBoo web site is similar to YouTube (www.YouTube.com), the No. 1 online video site in operation. Within less than 2 years, CnBoo already has over 1.2 million members and over 1 million pieces of original digital video (DV) shorts.

Recently, HuaJu signed a bundled contract with Gome Electrical Appliances Holding Ltd. ("Gome", HK stock symbol: 0493), the largest chain store operator of electrical appliances in China to distribute its 3G digital space cards to Gome customers.

HuaJu has also signed an agreement with one of the most prestigious institutions in the TV media business in China - China Central Television (CCTV), to launch a video site of CCTV's TV program "Exploring High and Low" on the CnBoo web site.

Finally, HuaJu entered into a profit sharing agreement with a leading value-added mobile service and software technology provider in China, HURRAY, a NASDAQ listed company, for the launch of 3G experience terminals, which are designed to provide consumers with more direct services and interaction with the Cnboo website.

One of the goals of Cnboo is to increase its membership as quickly as possible through products such as 3G space cards, which in this business, as in the case of YouTube, could translate into an increased value of the franchise. .

The Company has changed its name to China YouTV to reflect its new business operations: 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.

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.

Source: China YouTV Corporation

Contact Information