Hong Kong, October 12, 1999
New deals signed across Asia for China.com Corporation Subsidairy 24/7 Media Asia
— Following its second quarter financial results which showed a 272% growth in Internet advertising sales, China.com Corporation [NASDAQ: CHINA] today announced that its wholly-owned subsidiary, 24/7 Media Asia, has recently concluded a number of Internet advertising deals worth over US$1 million to be invested in campaigns that will run over the coming 12 months.
One of the deals is with Northgate.net Ltd., a leading Internet telecommunications company. Commented Northgate General Manager, Frank Jiang, "24/7 Media Asia has the comprehensive Asian coverage that we were looking for. We can cover Asia with one Internet advertising group, which obviously makes things much more efficient from a management perspective. China.com Corporation and 24/7 Media Asia are also well respected names in this industry."
Patrick Jonathan Wong, head of 24/7 Media Asia said, "We are delighted that more and more advertisers such as Northgate are increasingly recognizing the value of the Internet as a lucrative advertising medium. Internet advertising in Asia is beginning to get the recognition it receives in the United States and Europe. We have experienced an explosive growth in our business since our inception nine months ago and this is only the tip of the iceberg. With an unrivalled team of 90 professionals in nine offices across eight countries, we are ideally positioned as the market leader in Asia."
These deals come in the light of recent reports that predict rapid growth for Internet advertising. According to a recent Goldman Sachs research report, the aggregate Internet advertising market in Asia could be worth as much as US$1.5 billion by year 2001. In addition, a 1998 Jupiter Communications report estimated that global online advertising spend will increase by over 2,400% by 2002.
Asian advertising agencies are also increasingly looking to the Internet as a targeted way of reaching their clients' audiences.
Ms. Viveca Chan, Chairman and CEO of Grey Advertising Hong Kong Ltd. and Grey China Advertising Ltd. said, "24/7 Media Asia is providing the services that the market needs right now. They're currently offering such a unique service. Online advertising is a very young industry and it is good that the commitment and professionalism of 24/7 Media Asia is helping to grow the online advertising industry as a whole. One of their key strengths is that they have extensive global experience, which they are now leveraging in Asia. I really welcome them as they are helping to develop on-line advertising across the region. The challenge for advertising agencies is how we can grow the pie together and catch up with markets where Internet advertising is more commonplace."
About China.com Corporation
China.com Corporation [NASDAQ: CHINA] is a comprehensive, pan-Asian, integrated Internet business providing a full range of solutions that build, distribute and sell Internet services in Asia. China.com has a strong and innovative Internet-based business strategy which covers the full range of Internet services with its portal network (hongkong.com, china.com, cww.com and taiwan.com), e-business solutions company (The Web Connection) and Internet advertising network (24/7 Media Asia). Today, China.com is committed to facilitating the development of the Internet in Asia, and has over 650 employees in 16 offices across nine Asian markets.
About 24/7 Media Asia
24/7 Media Asia, a China.com Corporation company, delivers unparalleled Internet advertising and online direct marketing solutions for advertisers and Web publishers across the Asia region. Reaching a potential market of over 23.4 million Internet users in Asia1 (including Japan), 24/7 Media Asia's highly targeted ad-serving network includes Greater China, the ASEAN nations, Australia, India, South Korea and Japan. The 24/7 Media Asia network of over 175 Web site affiliates attracts a broad set of Asian advertisers and international companies interested in advertising in Asia. Over 200 leading global and regional advertisers and agencies have signed up with 24/7 Media Asia, including Sony Corporation, Mitsubishi Motor Corporation, Compaq, Microsoft, KLM Royal Dutch Airways, Mild Seven Outdoor Quest, Ericsson, and AT&T. 24/7 Media Asia is a wholly owned subsidiary of China.com Corporation [NASDAQ: CHINA], developed in cooperation with 24/7 Media, Inc. [NASDAQ: TFSM].
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