FAB Universal Part of Sino-Russian Trade Forum With Chinese President Xi Jinping and Russian Preside
FAB Universal Part of Sino-Russian Trade Forum With Chinese President Xi Jinping and Russian President Putin
PITTSBURGH--(BUSINESS WIRE)-- FAB Universal (NYSE MKT: FU), a worldwide distributor of digital entertainment, today announced that FAB Universal's board member, Zhang Hongcheng, was chosen to represent China's digital entertainment industry on a recent trade delegation to Russia. Mr. Zhang was one of 10 Chinese entrepreneurs attending the event in which Russian President Putin and Chinese President Xi addressed the delegates encouraging new business and trade between the represented companies.
During the junket, Zhang attended several business events including one based on copyright protected media and civil piracy resistance, the key foundation of FAB Universal's business strategy. Several strategic cooperation opportunities were presented and FAB intends to look for broader development and business expansion.
"In China, the demand for large quantities of high quality digital entertainment is growing rapidly and our customers are requesting more concerts and star signing events with their favorite entertainment personalities," said Zhang Hongcheng, Chairman, FAB Universal. "This kind of "fan culture" increases the opportunity for online and offline sales and consumption of FAB Universal products. Revenue from the entertainment industry in China is approximately 7% of GDP while in most developed countries it averages about 18%, therefore we believe FAB is well positioned for growth over the next five years as China's entertainment industry expands."
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 Licensees 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 2012, 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 or changes in our business strategies.
Arthur Douglas & Associates
Art Batson, 407-478-1120
KEYWORDS: United States Europe Asia Pacific North America China Russia Pennsylvania
The article FAB Universal Part of Sino-Russian Trade Forum With Chinese President Xi Jinping and Russian President Putin originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.