Pyramid Saimira Group Enters China, the Last Frontier

Thursday March 20 10:00 PM

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 ecosystem 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 on the National Stock Exchange (NSI: PSTL) and Bombay Stock Exchange (MUMBAI: 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.

Contact:

Pyramid Saimira Entertainment America dba FunAsiA
Ms. Shabnam Modgil, Sr. Vice President, 214-675-1754
shabnam@funasia.net

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