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VODone Limited Announced the Acquisition of Domouse, a "Facebook" Alike Platform in China Aiming to Expand User Base and Enhance Profitability.

Hong Kong, Apr 22, 2009 - (ACN Newswire) - VODone Limited ("VODone" or the "Group", Stock code:0082) is pleased to announce that the Group invested HK$15,837,500 in acquiring Domouse (www.domouse.com), a network community platform that functions alike Facebook. The consideration for the acquisition is paid by issuing a total number of 87,500,000 shares at an issue price of HK$0.181 per share (21 April closing price). Shares so issued represent approximately 4.985% of the issued share capital of the Group and approximately 4.748% of the enlarged issued share capital of the Company in issue.

Pursuant to the asset purchase agreement, the total consideration for the acquisition was determined by and certified by an independent valuer with the adoption of 31 December 2008 as the determination date, which came to the appraised value of HK$19,000,000. A discount of 17% will be allowed on the appraised value so that total consideration will be HK$15,837,500.

The Domouse network community platform combines several successful community relationship management concepts, like Facebook、Youtube、Linkedln and etc to establish the innovative and encouraging "search of the future" Internet community management platform which is new, distinctly Chinese and has huge development prospects. The concept of a "search of the future" is entirely different from existing network search methods. Current modes are based on searching an existing database, while Domouse proposes the novel concept of searching the future, which is retrieval of future published information from time to time and on-demand.

The Group deeply believes that the acquisition will create synergies and continually consolidate and expand VODones market position and competitive advantages. The combination of Domouses extensive network community platform and the Groups video information platform will greatly increase the number of users and bring much broader profitability prospects of the Group. Moreover, the product sales platform of Domouse will assist the Group in gradually developing online network games, online shopping as well as attracting more loyal users through various e-commerce channels which would greatly increase the sales volume of those products. A major advantage is that as Domouse already has an extensive network community, it possesses excellent potential for advertising and e-commerce, especially in the promotion of VODone initial charges to its users. Therefore the successful completion of the acquisition will develop the Groups profit model from relying singularly on charging for network advertisements towards charging subscribers as well. Finally, Domouse has the capability to download user terminals. The successful combination of the P2P and P4P broadcasting terminal of VODone.com with the Domouse terminal may possibly allow the Groups network television to occupy user desktops. Then the Groups market share will be greatly increased and enhancing user loyalty.

The Chairman, Dr. Zhang Lijun said that VODone portal (www.vodone.com) will use the function of search of the future Internet community management platform of Domouse and accomplish the coverage for 298 millions online users and enlarge the loyalty customer base so as to further grab themarket share of internet video advertising market in China. The Group will become leading network video broadcasting platform in the PRC to own a SNS network community and user terminals, as well as P2P and P4P broadband broadcasting terminals.

About VODone Limited

VODone is currently the only Internet video broadcasting company listed in Hong Kong. The affiliated company of VODone Telemedia is an Internet video new media company which owns the fullest set of qualifications and licenses in China's Internet broadcasting industry. It has also obtained the information Network Communicated Audio-Video Program Licence, Internet News Permit, Value added Telecom Service Operation License, Internet Publication Permit and some other required licenses, ensuring itself a healthy development in the future. VODone established VODone Broadcasting Union System (BUS) - the largest Internet video broadcasting union platform in China in 2005. With diversified content, VODone BUS has the ability to accurately deliver advertisements to the right place at the right time according to different industries' requirements through its vertical classification system which carries different advertisements. VODone BUS is the largest Internet video programme as well as video advertisement broadcasting platform.

VODone Broadband is VODone's own platform for broadcasting self-produced programmes and those of its cooperative partners. Its live, news, entertainment, finance and sports programmes are increasingly popular among netizens. VODone's UGC platform allows users to upload content to the web and its cooperation with Microsoft Network MSN China has gained encouraging response as evidenced by over 2,000 programmes being uploaded by different users everyday. VODone also has its own professional team with technical experts in production, broadcasting and transmission, enabling it to broadcast live videos via Internet and satellite. So far, VODone has broadcasted thousands of domestic and international political, economic, cultural and commercial activities over the Internet. VODone is broadcasting China to the world and the world to China. VODone Portal also has popular gaming and shopping channels catering the needs of netizens.

Vodone is determined to become the largest Internet news broadcasting platform in China, integrating upscale lifestyle channels with the functions of media and community. VODone IR website: http://ir.vodone.com.

Source: VODone Limited

Contact:
Wonderful Sky Financial Group Limited
Joanne Chan / Miranda Fok / Bianca Tse
TelF(852) 2851 1038
FaxF(852) 2815 1352
E-mailFjoannechan@wsfg.hk / mirandafok@wsfg.hk / biancatse@wsfg.hk


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Publication:ACN Newswire
Date:Apr 22, 2009
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