MediaREADY Signs Letter of Intent to Acquire Shandong Jiajia International
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Diversified Chinese Company Brings Over $36 million in Annual Revenue
FORT LAUDERDALE, Fla., Sept. 10 -- MediaREADY, Inc. (BULLETIN BOARD: MRED) , a provider of innovative interactive, media-convergent entertainment devices, announced today that it has signed a letter of intent to acquire controlling interest of Shandong Jiajia International Freight & Forwarding Co., Ltd. ("Shandong Jiajia"), a comprehensive logistics service provider and international shipping agent based in Qingdao, Shandong, China. Formed in 1999, Shandong Jiajia arranges international land, maritime, and air transportation for its clients. In 2006, Shandong Jiajia achieved 2006 revenues of over $36 million.
Jeffrey Harrell, President of MediaREADY, Inc. said, "As part of our recently announced relationship with China Direct, Inc. (BULLETIN BOARD: CHND) , we have been reviewing a number of significant acquisition candidates over the past few months. The acquisition of a controlling interest in Shandong Jiajia offers MediaREADY an exciting opportunity to expand internationally, by adding a growing profitable enterprise with significant revenue and earnings to our existing business. Upon the successful close of the acquisition, we expect to realize an immediate opportunity for additional revenue growth.
Since its formation in 1999, Shandong Jiajia has offered its clients a comprehensive service package which includes; receipt of goods, warehousing, transporting shipments, consolidation of freight, customs declaration, inspection declaration, multimodal transport, and combined large-scale logistics. The company has established extensive relationships with both domestic and international transportation service providers. Shandong Jiajia has been the designated agent of world known shipping companies including; NYK (Nippon Yusen Kaisha), P&O (Nedlloyd), and RCL (Regional Container Lines). In 2006, the company realized a gross profit of $2.6 million on over $36 million in revenues (un-audited).
The proposal provides for MediaREADY to acquire a 51% equity interest in Shandong Jiajia. The letter of intent provides that the parties will enter into a definitive agreement with expectations of a closing of the acquisition on or before October 31, 2007. This will include working toward completion of a financial audit to meet MediaREADY's reporting requirements upon the closing of the acquisition.
About MediaREADY Incorporated:
MediaREADY, Inc. (BULLETIN BOARD: MRED) is a pioneer in the media center and portable media device markets offering products and services that provide consumers with new gateways to today's digital media and online services; therefore influencing how consumers are entertained, become informed, and communicate. The Company has launched several products in categories including; media center and portable media center products, customer support and affiliate promotion services. MediaREADY is focused on delivering products and solutions that are innovative, affordable, and easy to use. For more information on the MediaREADY product line, including purchasing information, visit www.mediareadyinc.com/.
About China Direct, Inc.:
China Direct, Inc. (BULLETIN BOARD: CHND) maintains active, majority stakes in a diversified portfolio of Chinese companies as well as offering consulting services for both private and publicly traded Chinese entities. China Direct provides a platform to develop and nurture these entities as they expand their businesses globally. As a direct link to China, our Company serves as a vehicle to allow investors to directly participate in the rapid growth of Chinese economy in a diversified and balanced manner. For more information about China Direct, please visit http://www.cdii.net/.
Source: MediaREADY, Inc.
Web site: www.mediareadyinc.com/ http://www.cdii.net/
