Alpha Spacecom Receives Approval of SARFT Agency for 30-Year Exclusive Contract to Digitalize Theatres in China
17 Février 2005 - 3:25PM
PR Newswire (US)
Alpha Spacecom Receives Approval of SARFT Agency for 30-Year
Exclusive Contract to Digitalize Theatres in China Investment by
China Film Group & ASPC Speeds Construction of Digital Cinema
Data Transmission System HONG KONG and BEIJING and LOS ANGELES,
Feb. 17 /PRNewswire-FirstCall/ -- Alpha Spacecom, Inc. (OTC:ASPC)
(BULLETIN BOARD: ASPC) , today announced that The State
Administration of Radio, Film and Television ("SARFT") of the
People's Republic of China (PRC) has approved the application for
the formation of the Joint Venture between China Film Group ("CFG")
and Alpha Spacecom, Inc. ("Alpha"), to be known as Digital Cinema
Reconstruction Corporation (DCRC). Fung T. Sien, Alpha Spacecom's
Chairman, said, "This is a bold move by the PRC to deliver
state-of-the-art film entertainment to China's vast and growing
leisure/entertainment society. Another important benefit is that
the digital process promotes international intellectual property
rights protections as set forth in China's accession to the WTO and
allows exhibitors to control admissions and costs accounting
electronically, thus supporting permanent normal trade relations
with China." Alpha Spacecom recently created four new operational
divisions to manage and control the Company's rapid expansion into
China's vast entertainment market. ASPC Chairman Sien continued,
"Joint Venture with China Film Group allows us to develop and
expand the digital cinemas' related property, much as the American
film industry accomplished in the 1920s and 30s. Real estate
development connected with movie houses brought enormous financial
benefits to the major U.S. film companies. CFG has already
converted 60 theatres, which now become an asset of the Joint
Venture, and we expect to have completed 400 additional
installations by the end of 2006." "The completed JV will be
capitalized at $30 million US," Sien noted, "we at Alpha are adding
financial experts, communications specialists, content producers,
technical specialists, and support staff for our workforce to
service our consumers and to satisfy the demands of our
governmental and non-governmental contracts." According to China
Digital Film Company, China will overtake the United States in the
number of digital theatres by the end of 2005, with more than 150
digital cinemas in China projected. The number of digital cinemas
in the country is expected to reach 1,000 within a few years. About
Alpha Spacecom, Inc. Alpha Spacecom, Inc. is a registered United
States (Colorado) corporation (OTC:ASPC) (BULLETIN BOARD: ASPC) .
Alpha Spacecom is engaged in the development of systems conversions
related to the reconstruction and digital conversion of movie
theaters and multi-cinema complexes and the production and
distribution of entertainment media (film, theater, live music and
sporting events) in China. (http://www.alphaspacecom.com/). Except
for historical information contained herein, the matters set forth
in this press release, such as statements relating to the Company's
ability to drive technological developments and the acceptance and
timing of entertainment systems, conversion and programming
introductions, are forward-looking statements that are subject to
risks and uncertainties, including timely development and
acceptance of new systems technologies, theater conversions and
linked communications systems. Contact: John Santoyo VP
Communications 213-426-3206 213-426-3207 Los Angeles, California,
USA DATASOURCE: Alpha Spacecom, Inc. CONTACT: John Santoyo, VP
Communications of Alpha Spacecom, Inc., +1-213-426-3206, or
+1-213-426-3207, Web site: http://www.alphaspacecom.com/
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