Acorn's Acorn Entertainment division to collaborate with China partner under the guidance of the Cultural Department of Zhejiang Province
SHANGHAI, May 13, 2019 /PRNewswire/ -- Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company") today announced it has signed a preliminary cooperation agreement with Zhejiang Los Culture Development Company, Ltd. ("Los Culture"), under the guidance of the Department of Culture of Zhejiang Provincial Government, to begin to source opportunities for Western brands and talent, in anticipation of Acorn forming a joint venture with Los Culture that will lead the delivery of content for the International Zhejiang Performing Arts, Music and Culture Center in Hangzhou, Zhejiang China.
The International Zhejiang Performing Arts, Music and Culture Center aims to establish the city of Hangzhou, Zhejiang's capital and one of China's most prosperous cities, as China's primary international arts and culture hub. The project will include a world-class stadium to host concerts, music festivals, and other performances along with music schools, hotels, restaurants and retail space.
Once the JV is established, Acorn's responsibility, through its division, Acorn Entertainment, will be to facilitate cooperation with internationally famous brands and celebrities, including music and performing artists, brands and organizations, for the project, including branding or co-branding opportunities for the stadium, hotels and other retail space, as well as potentially supporting facilitation of programming content, such as live and digital performances and other digital and streaming content.
"We are very pleased to be partnering with Acorn International and Acorn Entertainment on this groundbreaking initiative in China. Under the guidance of the Department of Culture of Zhejiang Provincial Government, we plan to invest in and make the International Zhejiang Performing Arts, Music and Culture Center the premier showcase for international arts and culture in China," said Mr. Qiangfeng Ding, the CEO of Los Culture.
Jacob A. Fisch, Acorn's President and CEO noted: "This is an opportunity for Acorn, through Acorn Entertainment, to play a meaningful role in this large-scale development within China, putting us at the center of a project that will form a new cultural bridge between China and the West. The plans are to set this sizeable development in what is known as China's golden triangle due to the wealth in that area, increasing the likelihood that indeed this could become China's arts & culture hub, and at a size and scale that could rival similar models elsewhere in the world. We are proud to be a part of this project ourselves, honored to be chosen by Los Culture and the Department of Culture of Zhejiang Provincial Government, and pleased to offer our partners in the West an opportunity to join us in participating in this exciting opportunity."
Robert Roche, the Executive Chairman of Acorn, added, "It is extremely exciting and rewarding for Acorn to participate in this new era of expanding public and private sector partnerships in China. We look forward to working alongside Los Culture, under the guidance of the Department of Culture of Zhejiang Provincial Government, on this innovative initiative."
About Acorn International, Inc.
Acorn International is a leading marketing and branding company in China, leveraging a twenty-year direct marketing history to monetize brand IP, content creation and distribution, and product sales, through digital media in China. Previously the leading TV infomercial company in China, Acorn today has three divisions support its growth: 1) Product Division, 2) Content Division, and 3) Influencer Management Division.
In the Product Division, Acorn sells product primarily through e-commerce channels in China, as well as through offline distribution and outbound marketing. In the Content Division, Acorn monetizes content. Specifically, in the Content Division, Acorn has redirected its direct marketing know-how to digital media in China, launching Acorn Streaming, which is primarily focused on live streaming and pre-recorded video content creation and distribution. In the Influencer Management Division, Acorn brings, through the creation of digital social content, leading U.S. celebrity talent and brands to China, representing their in-country digital presence. For more information visit www.acorninternationalgroup.com.
Safe Harbor Statement
This news release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "estimates," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," "potential," and similar statements. Such statements are based on management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
Compass Investor Relations
Elaine Ketchmere, CFA
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