[Press Release]
Hong Kong, December 6, 2002---TOM.COM LIMITED ("TOM" or "the TOM Group", stock code: 8001) today announced that it has signed an agreement to acquire from Sing Pao Media the businesses of two magazines, namely Cup and AV. TOM will pay Sing Pao Media HK$1 for the magazines' brands and businesses. TOM will also pay an amount not exceeding approximately HK$800,000 (subject to further verification) to reimburse Sing Pao Media for, among others, certain fixed assets of the two magazines.
Sing Pao Media will be responsible for all outstanding account payables of both magazines accrued up to the completion date.
It is expected that the existing employees of the two magazines will be merged with the operations of Lifestyle Plus, a monthly magazine published by TOM and commissioned by Cheung Kong (Holdings) for distribution to residents of all its properties.
TOM believes that the integration of Cup into the TOM Group will achieve positive results similar to the integration of 36 Solutions' team with TOM's Hong Kong online operations earlier on. The integrated Hong Kong online team boosts TOM's credentials as a web solution provider amongst corporate clients, resulting in a 30% increase in related revenue.
For press enquiries: Rachel Chan, The TOM Group
Tel: (852) 2121 7810 Fax: (852) 2127 7576 Email: rachelc@tomgroup.com
www.tomgroup.com
| © Copyright 1996-2024 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |