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Richardson, March 20, 2008 07:00 AM Eastern Daylight Time.
Richardson, March 20, 2008: Pyramid Saimira Theatre
Limited (http://www.pstl.in),
the parent company of Richardson, Texas based FunAsiA, has now entered
the highly regulated entertainment industry in China. The China Society
of Music Research Board (CSMRB), Ministry of Culture, Government of
China and India’s Pyramid Saimira Theatre Limited (PSTL) has signed an
arts & cultural cooperation agreement by which CSMRB and PSTL will take
many measures to promote cultural cooperation between India & China.
PSTL will bring cultural specialists in the field of Arts, Film, TV, and
Music & Dance. CSMRB will also offer policy guidelines and business
consultations for PSTL’s foray in China’s cultural industry.
Further to the agreement above, a new joint venture company Jiangsu
Pyramid Longzhe Group supported and approved by China Society Music
Research Board (CSMRB), which is under the Ministry of Culture of the
People’s Republic of China, has been formed to operate theaters,
distribute films and engage in other entertainment / arts & cultural
activities in China.
The MOU between PSTL and CSMRB was signed in Beijing, in the presence of
top delegates from the Chinese government. As part of a cultural
co-relation agreement CSMRB & PSTL successfully presented Ey Aa O, a
cultural exchange event between the two countries in Nanjing.
“It is a matter of great pride for PSTL to not only enter China but also
to organize a cultural show in the same special year that the Olympics
are taking place in China”, said Ms. Shabnam Modgil, Sr. Vice President
of FunAsiA which has an interesting eco system of theaters showing
Bollywood and other Indian language movies, operates banquet halls,
radio stations and publishes a magazine called DesiPages. China has a
regulated entry on arts / culture / films and hence this venture
symbolizes the credibility that the Pyramid Saimira Group enjoys and
represents the dawn of a new, refigured entertainment industry in
mainland China.
Mr. P S Saminathan, MD – Pyramid Saimira Group, said “It is a matter of
great pride for our company to sign the agreement with CSMRB and a great
honor for Pyramid Saimira Group to enter into China’s highly regulated
growing cultural & entertainment industry. Pyramid Saimira has always
believed in rapid growth and expansion in unchartered territories. Given
the growing affordability of the entire population and the willingness
of the new generation China has great entertainment potential to avail
of multi-faceted entertainment products & services. We will create a
huge theater chain/ food courts/ gaming parlors and offer other
entertainment services as well as bring international content to China
and also showcase and market local Chinese content across the world.
This entry will strengthen the growing exhibition & content business of
our group and in a very short time make us the largest exhibitor in the
world. “
Mr. Venkat COO of Pyramid Saimira Group’s Chinese venture said “We plan
to add one screen every working day in mainland China and will also
focus on non-box office revenues as well. We are extremely glad to
partner with the Chinese government as well as the Jiangsu Longzhe
Group, Nanjing, P R China in a quest to create a large world class
entertainment network in China”.
Expressing her happiness after the signing agreement between Jiangsu
Pyramid Longzhe Group and CSMRB, Ms. Li, the legal representative,
Jiangsu Longzhe Group, said “We aim to provide international quality
entertainment with the support of the China Society Music Research Board
(CSMRB) to make this cultural exchange a grand success”
About Pyramid Saimira Group:
Pyramid Saimira Group operates in 5 countries. It is a holistic Indian
Multinational Entertainment Company. It is present in film exhibition,
film distribution, film production, TV content production, and
advertisement, gaming & animation, media, food & beverages and realty,
etc. It has nine group companies namely, Pyramid Saimira Theatre Ltd.,
Pyramid Saimira Production International Limited, Pyramid Saimira
Theatre Chain Malaysia., Sdn Bhd, Pyramid Saimira Entertainment Limited,
Singapore, Pyramid Saimira Entertainment America, Inc., Saimira Realty
Private Limited, Pyramid Saimira Production Services Limited, Dimples
Cine Advertising Private Limited & Aurona Technologies Limited.
Its group holding Company, Pyramid Saimira Theatre Limited, is publicly
listed in National Stock Exchange (NSE: PSTL) and Bombay Stock Exchange
(BSE: 532791). In the exhibition sector, it has over 53 multiplexes with
approximately 800 screens across India, Malaysia, Singapore and North
America. By 2010, the Group plans to operate 175 multiplexes with 2,000
screens in India alone. By its own estimates, Pyramid Saimira ranks as
the world’s third largest cinema operator, based on its number of seats
and admissions with nearly 4,36,000 seats as of January 2008.
Pyramid Saimira Entertainment America, dba FunAsiA is the North American
arm of Pyramid Saimira Group. FunAsiA currently operates 8 locations in
Dallas, Houston, Chicago and Maryland markets. FunAsiA also operates
banquet halls, radio stations and publishes a magazine called DesiPages.
Advertisers interested in one multimedia stop to reach the South Asian
market in North America should e-mail Reach@FunAsiA.net. More
information is available at www.FunAsiA.net and www.pstl.in.
About China Society Music Research Board (CSMRB)
CSMRB was founded in October 1987, and its parent organization is
Ministry of Culture, the People’s Republic of China, while the
registration administrative unit is the People’s Republic of China’s
Bureau of Civil Administration. It is also a national level organization
for specialized Mass Media. CSMRB is headquartered in Beijing and has a
branch in Nanjing. CSMRB is a non-profit organization.
CSMRB is an organization that is engaged in the development of Arts,
Entertainment and Music in Mainland, such as small and big screen
entertainment, live shows, cultural exchange programs, sports, and
theater and various other arts and entertainment related areas.
About Jiangsu Longzhe group
Jiangsu Longzhe Group, (LZ) is a comprehensive body licensed to deal in
diversified businesses, services and social activities for the
development of China and the people of China. LZ is currently focused on
3 major divisions, i.e. education, arts & culture and geo-synthetics.
The Central Ministry has named LZ as an Advanced Company for over six
years in a row, and LZ offers a sizeable share of revenue as
contribution to various Social Welfare programs in Mainland China
approved by the Central Ministry.
For further details contact:
Ms. Shabnam Modgil
Sr. Vice President
Phone: 214-675-1754
Email:
shabnam@funasia.net
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