9 Dec 2010 15:20
09 December 2010
RedHot Media International Limited
('RedHot' or the 'Company')
Board changes
The Board of RedHot is pleased to announce the appointment of (Sean) Lee Koh Yung to its Board as an Executive Director of the Company with immediate effect.
Mr. Lee (aged 40) is currently an executive director of one of RedHot's wholly owned subsidiaries, Ausscar Group Sdn Bhd ("Ausscar") and Ausscar's subsidiaries, Oscar Wealth Advisory Sdn Bhd and Ausscar Academy Sdn Bhd.
Mr. Lee is a Certified Financial Planner (CFP) of the Financial Planning Association of Malaysia, a Registered Financial Planner (RFP) of the Malaysia Financial Planning Council and the Islamic Financial Planner (IFP) of the Islamic Banking and Finance Institute of Malaysia (IBFIM). Mr. Lee also holds a Master in Business Administration (MBA) from Universiti Putra Malaysia.
Mr. Lee has more than 18 years of experience in personal financial planning and corporate financial advisory and he is currently serving as the Vice President of the Malaysian Licensed Financial Planners and Advisers Association.
The Board of RedHot also announces that (Raymond) Hor Chee Hong is stepping down as an Executive Director of the Company with immediate effect, to allow him more time to pursue other business interests. Mr Hor will remain on the Board as a Non-Executive Director of the Company for a period of six months.
Commenting on the board changes, Cheong Chia Chieh, the Company's CEO, commented: "We are glad to welcome Sean to the board in an executive capacity and believe his wealth of experience and in-depth knowledge of our businesses will be of a tremendous value to us. We are also glad to be able to retain the services of Raymond as a non-executive board member for six months and look forward to his wise counsel and advice during this period."
Mr Lee is, or has been, a director of the following companies in the last 5 years:
Current Directorships/Partnerships:
| Directorships/Partnerships within the last 5 years: |
Ausscar Group Sdn Bhd Ausscar Academy Sdn Bhd Oscar Wealth Advisory Sdn Bhd Astral Advanced Learning Centre Sdn Bhd Intact Learning Centre Sdn Bhd Solid Wealth Management Sdn Bhd
| Oscar Asset Risk Management Sdn Bhd Anjax Solution Sdn Bhd Internet Dydx Sdn Bhd Infitsoft Technology Sdn Bhd Com-Com (M) Sdn Bhd |
Mr Lee currently holds 18,190 ordinary shares in RedHot, equivalent to 0.02% of the Company's issued share capital.
There are no further disclosures to be made in relation to Mr Lee under Schedule 2 (g) and rule 17 of the AIM Rules for Companies.
RedHot Media International Limited | |
Cheong Chia Chieh | Tel: +601 2329 5522 |
Raymond Hor | Tel: +603 7651 0188 |
Allenby Capital Limited (Nominated Adviser and Joint Broker) | Tel: +44 (0)203 328 5656 |
Nick Athanas James Reeve | |
Daniel Stewart & Company Plc (Joint Broker) | Tel: +44 (0)20 7776 6550 |
Adam Wilson Colin Rowbury |
Notes to editors:
RedHot Media International Limited (AIM: RHM), is a Cayman Islands incorporated holding company. Its primary activity is that of a media broking group, including an innovative barter sales trading activity, in Malaysia and the major cities of the People's Republic of China ("PRC"), namely Shanghai, Beijing and Guangzhou.
A media broker conventionally purchases advertising space on behalf of its clients and earns commissions from the media providers based on the amount of advertising purchased. The AxChange business model adopts a pull marketing approach by aggregating demand from advertisers and consumers/merchants to generate additional sales for both the media owners and advertisers respectively.
RedHot also acts, to a lesser extent, as a non-stockholding distributor for certain clients (for whom it also acts as a media broker) with the intention of generating higher margins for the Group than would be obtained in conventional media buying.
Using this distribution based business model (AxChange), which the Directors aim to grow, RedHot enters into a contract to draw down various lines of inventory and then, as the inventory is sold through RedHot's distribution network, the proceeds from the sales are used to purchase media space for the same client.
The AxChange business model has been designed to free up working capital; allowing RedHot's customers to pay for advertising and assist new entrants into Malaysia & China (where capital controls are still in place) in selling their products using RedHot's established distribution network. RedHot also believes the model provides benefits to its distributors; providing them with lower unit prices and access to credit facilities to which they otherwise would not have access.
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