Last checked at 10 Apr 2013 12:06
Parallel Media Group PLC
("PMG" or the "Company")
PMG enters into a Joint Venture agreement to form Pico TV
PMG, the AIM quoted sports, entertainment and digital media agency, today announces that it has entered into a 50:50 Joint Venture agreement with Pico Global Services Limited, a subsidiary of the Hong Kong listed Pico Far East Holdings Limited ("Pico") to form Pico TV Pte Limited ("Pico TV").
Pico TV will specialise in producing digital viewing platforms for events and developing smart media channels for events and exhibitions worldwide, via mobile smart phones and tablet devices (the "Platform"). In addition, Pico TV will in some instances produce content for inclusion on the Platform (the "Content"). The platform will offer live and on demand video, social interaction (facebook and twitter), community forums and the ability to geo-block content.
Under the terms of agreement, PMG will provide the specialised platform technology that has been developed by its subsidiary Parallel Smart Media UK Limited; while Pico TV will leverage Pico's extensive and unrivalled relationships in the exhibition and event industry to market the Platform and the Content. The ultimate goal is to maximise effectiveness and extend engagement and coverage for clients, bringing higher returns to clients and synergistic success to both PMG and Pico.
Pico TV will target a number of recurring international events including the Olympic Games, motor racing, motor shows and air shows, helping to provide a new dimension for organisers and spectators.
David Ciclitira, Chairman of PMG, says:
"This joint venture with Pico opens up a wealth of opportunities for us to develop our smart media offerings. There is huge scope to build Pico TV into a dominant brand that will revolutionise events for organisers and spectators."
Lawrence Chia, Chairman of Pico Far East Holdings Limited, says:
"In today's rapidly changing world, brand engagement is key. More than ever, our clients need innovative solutions to deliver upon their business needs. Pico TV is part of our new strategic move to broaden our service offerings with the ultimate objective of better satisfying our clients needs and bringing them higher returns."
About PMG:
Parallel Media Group plc (PMG) is a leading sports, media and entertainment company, with offices across Europe and Asia which has been involved in a diverse range of projects from sports to music. Parallel Smart Media UK, PMG's digital arm, brings innovative digital solutions to the sport and entertainment world.
About Pico Far East Holdings Limited (SEHK: 0752)
Pico is a leading Total Brand Activation company with a worldwide presence and over 40 years' proven track record. Leveraging on an international network of some 2,400 staff in 37 major cities around the globe, Pico brings brands to life through powerful and engaging experiences across multiple activation platforms - from exhibitions, events and world expos; museums, themed environments, interior and retail environments to visual identity solutions, sport marketing and overlays, as well as facility management and consultation. In 2012, Pico won an Event Marketing Agency of the Year Gold Award from Marketing Magazine. Pico is also named one of Asia's top three event companies by CEI Asia magazine and ranked second in America's Special Events Magazine's Top Event Company listings in 2012.
Pico Far East Holdings Limited has been listed on the Hong Kong Stock Exchange since 1992 (HKSE Stock Code: 752). Its associate company, Pico (Thailand) Public Company Limited was also listed on Thailand's MAI in 2004 (Stock Code: PICO). In Financial Year 2012, Pico Far East Holdings Limited reported a record-breaking turnover of US$500 million. Website: www.pico.com
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For further information, please contact:
Parallel Media Group plc 020 7225 2000
Amelia Wix
Northland Capital Partners Limited 020 7796 8800
Luke Cairns, Edward Hutton