China Media Group Corporation Announces Sole Distribution Rights for China and Hong Kong for M.A.G.I.C.
China Media Group Corporation (OTC BB: CHMD) ("CMG") announces today that it has acquired the rights to be the sole distributor for the M.A.G.I.C. Convergent Communication device for China and Hong Kong.
Mobile Advanced Global Integrated Communicator (M.A.G.I.C.) is one of the world's first true convergent devices for the ubiquitous platforms of today. M.A.G.I.C. is designed and developed by Advance Tech Communications Sdn. Bhd. Mr. Desmond Yong, Director of Advance Tech, stated, "M.A.G.I.C. is a laptop computer miniaturized to the size of a handheld device, and incorporates a mobile phone, digital camera and global positioning device, and is probably the most powerful true convergent multimedia device of its kind in the world today." M.A.G.I.C. is a quad band mobile phone with GSM, GPRS, EDGE, WiFi, Bluetooth and GPS features that keeps you connected while mobile. More significantly, M.A.G.I.C. can deliver rich multimedia experiences like a powerful desktop PC because of its powerful hardware, comprising Intel's fastest mobile processor, inbuilt graphics accelerator and high fidelity audio codec. Mr. Yong further stated that, "We are thrilled to have China Media Group be our sole distributor for Hong Kong and China, the largest mobile phone market in the world. We are ecstatic to have the opportunity to include M.A.G.I.C. as one of the key mobile devices for CMG's Mobile IP TV strategies."
Mr. Con Unerkov, Chairman of China Media Group, stated, "Mobile entertainment is an exciting growth area for both the media and advertising industries. People today spend more time on the go and this has quickened the pace of technology adoption. Similar to the trend in the United States where Mobile TV and internet TV has sparked the interests of consumer and investors, China is expected to leapfrog to these technologies quicker, bypassing legacy infrastructure constraints faced by other operators. M.A.G.I.C. is a video communicator that makes mobile video a reality and is a key enabler for our Mobile & IP TV strategies moving forward."
Mr. Unerkov added, "With the convergence of telecommunications, media and television fast becoming a reality, we felt we had to be well positioned to take advantage of the upcoming opportunities that have presented themselves. We believe that the M.A.G.I.C. Convergent Communication device provides CMG a strategic advantage in one of the largest telecommunications/media markets in the world."
About Advance Tech Communications Sdn. Bhd.:
Advance Tech Communications Sdn. Bhd. ("ATC") is a Research and Development company based in Kuala Lumpur, Malaysia specializing in the design and development of true convergent devices that combine the full power of a personal computer with the full capabilities of a telecommunications mobile handheld. ATC is a private company and is technically advised by Dr. Shiv Verma, a pioneer in the telecommunications industry and has more than 30 years of hands on experience in designing mobile and other wireless telecommunications equipment and devices. ATC's mission is to design & develop new and innovative true convergent devices for world markets.
Company AdvanceTC presented an interesting mobile device Magic W3, is a hybrid between a tablet and the phone. Device is equipped with a 4.8 inch display with a resolution of 480×800 pixels and runs under Windows 7. As for the rest of the machine, everything is on the level: 1,6 GHz Atom Z530, 1 GB RAM, 32 GB SSD-drive modules, Wi-Fi, Bluetooth and GPS, the battery capacity of 3200 mAh, and support for GSM and HSPA. Magic W3 entered into the body sizes of 141×81, 5×22 mm and weighs 260 Price AdvanceTC Magic W3 and the date of the sale are still unknown.
: Notification that Annual Report will be submitted
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q, N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period. (Attach Extra Sheets if Needed).
The Registrant hereby represents that it is unable to file its Annual Report on Form 10-K for the period ended December 31, 2010 without unreasonable effort or expense. The Registrant was not able to complete its Annual Report within the necessary period of time. The Registrant further represents that the Form 10-K will be filed by no later than April 15, 2011, which is the 15th day following the date on which the Form 10-K was due.
Wird auch Zeit. Bis spätestens 15. April sehen wir ein Update. Hoffen wir auf das Beste und endlich ein knacken der 0,035USD.
Wenn ich etwas Geld frei bekomme werde ich wohl das Risiko gehn und versuchen abermal zu 0,02 nachzulegen.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion of our financial condition and our subsidiaries and our results of operations should be read together with the consolidated financial statements and related notes that are included later in this Annual Report on Form 10- K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Risk Factors or in other parts of this Annual Report on Form 10-K.
Year ended December 31, 2011 compared with year ended December 31, 2010
Results of Operations
For the year ended December 31, 2011, net sales was $142,132 as compared to the prior year of $59,730, representing an increase of about 138%. This sales increase was due mainly to the increase in the sale of advertising services.
For the year ended December 31, 2011, the cost of goods sold was $40,185 as compared to the prior year of $25,479, making our gross profit of $101,947 (2010: $34,251) for the year.
For the year ended December 31, 2011 operating expenses were $213,754 as compared $686,053, a decrease of $472,299 or about 69% from the prior year which was mainly attributable to i) the loss on disposal of subsidiary $nil (2010: $119,890), and ii) option expenses of $34,328 (2010: $240,368) in respect of stock options issued to employees and stock based payments. In 2011, the other major components in the operating expenses were consulting services of $67,396 (2010: $78,981), and salaries of $28,876 (2010: $133,210). Overall the remaining operating expenses of $83,154 were similar in other respects once the above factors are taken into account.
In 2011, the Company incurred an impairment of goodwill loss of $nil (2010: $4,791,676) relating to the Beijing Ren Ren goodwill as the Group de-focus from the BRR advertising business. In 2011, the Company incurred an impairment of distribution right of $68,800 (2010: nil) relating to the advance payment for the distribution rights for the M.A.G.I.C. Convergent Communications Device for the territories of China and Hong Kong.
The operating loss decreased to $111,807 for the year ended December 31, 2011 from the prior year loss of $5,443,478.
During the year the interest expenses increased to $183,785 as compared to $176,885 in the prior year.
For the three months ended December 31, 2011, our revenue was $39,717, and a cost of revenue of $8,974, achieving a gross profit of $30,743. For the three month period ended December 31, 2010, our revenue was $15,517, and a cost of revenue of $3,248, achieving a gross profit of $12,269. For the three months ended December 31, 2011, our selling and general expenses were $66,379, and impairment of distribution right was $68,800 and our net interest expenses were $43,935 and gain on disposal of investment $161,700; thereby resulting an operating profit of $13,329. For the three months period ended December 31, 2010, our selling and general expenses were $244,416 and our net interest expenses were $46,049 and our impairment of goodwill was $4,791,676, so that our net loss for the three months period ended December 31, 2010 was $5,069,872. The decrease in selling, general and administration expenses from the prior period was mainly due to loss on sale of subsidiary $nil (2010: $119,890).
Liquidity and Capital Resources
Net cash used in operating activities was $173,183 during the year ended December 31, 2011 as compared to net cash used of $38,234 in the prior year, as there was no funding from stock issuing activities during the current year. The Company intends to monitor the monthly cash outlays in fiscal 2012 and conserve cash until additional financing can be received through other funding. The net loss for the year was $99,304 compared to $5,597,741 in the prior year.
Net cash provided by investing activities was $172,129 (2010: $nil) during the year ended December 31, 2011.
Net cash used in financing activities was $nil (2010: $nil) during the year ended December 31, 2011.
At present the Company does not have sufficient cash resources, receivables and cash flow to provide for all general corporate operations in the foreseeable future. In 2011, the Group disposed 100% of its short term investment in Jademan International Limited and raised about $421,000 to settle some of the Group's liabilities. The Company will be required to raise further funds to meet its other liabilities and operation requirements to continue to operation in 2012 by i) selling its Common Stock ii) raise from the capital markets, iii) sell additional assets.
The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.
The Company has experienced a significant loss from operations. For the years ended December 31, 2011 and 2010, the Company incurred net losses of $99,304 and $5,597,741, respectively.
The Company's ability to continue as a going concern is contingent upon its ability to secure additional financing and attain profitable operations. In addition, the Company's ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered in developing markets and the competitive environment in which the Company operates.
The Company is pursuing financing for its operations and seeking additional investments. In addition, the Company is seeking to expand its revenue base by adding new customers and start out its advertising business. Failure to secure such financing, to raise additional equity capital and to expand its revenue base may result in the Company depleting its available funds and not being able pay its obligations.
The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.
Off-Balance Sheet Arrangements.
There are no off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Habe ich bei diesem Wert immer wieder festgestellt, da ich ihn schon länger beobachte. Hängt wohl mit dem schwachen Handel in Berlin i.V.m. einem "guten" Makler zusammen?! Nochmals vielen Dank für die detaillierten Infos!
On March 15, 2012, China Media Group Corporation ("CMG"), Good World Investments Limited ("Purchaser"), a wholly owned subsidiary of CMG, ECE Holdings Sdn. Bhd. (the "Vendor") and A-Team Resources Sdn. Bhd. ("ATeam") entered into a conditional Sale and Purchase Agreement ("SP Agreement") for the Purchaser to acquire 100% equity interest in ATeam from the Vendor. The purchase consideration is the issuance of 558,779,837 shares at a price of USD0.0036 per share in CMG which represents approximately 51% of the enlarge share capital of CMG to the Vendor.
This SP Agreement is conditional upon the satisfactory due diligence determined at the Purchaser's sole discretion on or before the 18 April 2012 (the "Long Stop Date"). If the Purchaser is not satisfied with the due diligence on or before the Long Stop Date, then the SP Agreement will be cancelled with no effect.
If the purchase of ATeam and the CMG issued in accordance with the SP Agreement, then the Vendor shall be the controlling shareholder. As such, the Company will publish the financial statements of ATeam within 4 days of closing the acquisition of ATeam in accordance with the SEC rules and regulations.
ATeam, a company incorporated in Malaysia, is principally engaged in the trading of consumer electronic products.
The management believes this transaction shall expand the business units of the Company and is for the best interest of the Company.