Tuesday, October 6, 2009

Bassett Media Group Goes to China

Bassett Media Group Corp., a Toronto-based digital signage network owner, has signed a letter of intent with respect to the proposed acquisition of all of the outstanding shares of Haizou Media Corporation (HMedia) for an initial purchase price of $5,000,000, payable through the issuance of common shares of Bassett Media to the shareholders of HMedia at a price of $0.22 per share.

Formed in 2006 to take advantage of the growing demand for advertising services in China, HMedia now owns and operates over 50,000 advertising display screens that are strategically located in high-traffic neighbourhoods across 20 cities in China and estimated to reach approximately 20 million consumers daily.

Read Bassett Media Group's official release here.

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