FAB Universal Signs Partnership Agreements to Expand Retail Operations
PITTSBURGH--(BUSINESS WIRE)-- FAB Universal (NYSE MKT: FU), a worldwide distributor of digital entertainment, today announced it has entered into agreements with Time Antaeus Cinema and Shouhang Supermarkets to open multiple FAB branded media and entertainment retail 'mini-stores'. These agreements create a new channel to open digital media retail store-in-stores and install FAB intelligent media kiosks in popular, high traffic locations.
While consumers come to the cinema to enjoy the latest blockbuster or shop for their weekly groceries at the local supermarket, FAB's Intelligent Media Kiosks will provide convenient download services directly to customer's smart phones for digital content such as high quality films and popular music. FAB will also offer kiosk membership cards, CD's, DVD's and other entertainment retail products.
According to the agreements, the partners will provide retail space inside their locations free of charge to FAB Universal to build and operate FAB branded digital media stores and intelligent kiosk destinations. FAB and its partners will share in the revenue proportionately. The first 3-5 locations will open in the first half of 2013 in Beijing, Chengdu and Guangzhou.
"FAB is always looking for unique opportunities to accelerate growth and speed the adoption of our digital copyrighted content platform," said Chris Spencer, CEO, FAB Universal Corp. "These partnerships are substantial opportunities for FAB to grow its earnings and expand its brand. FAB plans to design a world-class digital entertainment mini-store model and continue to expand its highly profitable Intelligent Media Kiosk network."
Founded in 2005, Time Antaeus Cinema has become one of the top cinema chains in China with 92 locations. The Company's proprietary video projectors were used in the 2008 Beijing Olympic Games opening ceremony. Founded in 1995, Shouhang Supermarkets operate 45 locations in Beijing and had total revenues in 2011 of approximately $150 million.
About FAB Universal Corp:
FAB Universal Corp. is a global leader in digital media entertainment sales and distribution. FAB delivers media to its customers worldwide through Intelligent Kiosks, Retail Stores, Retail Franchises and online through Apple iTunes and Google Android through three business units: Digital Media Services, Retail Media Sales and Wholesale Media Distribution. We distribute billions of movie, music, podcast, TV show and other digital files to consumers in 240 countries. Sales of digital media are generated through kiosks networks, subscription sales for mobile devices, smartphone Apps and Netflix-like subscription models. In 2011, we distributed billions of downloads of copyrighted music, video games, ringtones, ebooks, movies and podcasts to over 50 million people worldwide through iPods, iPhones, iPads, iTunes, Blackberrys, Windows Phones, Androids and many other devices and destinations. We are a publicly held, Pittsburgh based company with thousands of shareholders and a world-class team. Visit us on the web at www.fabuniversal.com, email us at email@example.com.
Legal Notice Regarding Forward-Looking Statements: "Forward-looking Statements" as defined in the Private Securities litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies and acts of terror against the United States.
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