CENTIV ACQUISITIONS ON-TRACK
PALOS VERDES - 02/20/04 - Advancing its plans to become "a recognizable international multimedia company, Centiv Inc. has said it is "on track" with certain proposed acquisitions in China and California.
 According to a company spokesman, the company has entered into negotiations to acquire "certain publishing businesses" located in California and "certain publishing business interests" of China-based CITIC Cultural and Sports Industry Co. Ltd.
The two-track expansion program "would lead to a firm foothold by the company in the domestic and Chinese publishing markets," the spokesman said.
The transaction with CITIC Cultural and Sports Industry Co. Ltd., he said, "complements CITIC Cultural and Sports Industry Co. Ltd.'s existing multimedia businesses," adding Centiv believes that "entry into a transaction [with CITIC] would create further opportunities…and serve as a strategic move for the Company's expansion into the Chinese multimedia market."
CITIC Cultural & Sports Industry Co. Ltd. is a company incorporated in China specializing in cultural and media businesses, and its principal businesses include: film production and distribution, television drama and program production and distribution, subway and railway advertising, magazine and newspaper publication, and sports and entertainment businesses.
It's parent - the CITIC Group - is one of the largest conglomerates in Asia, with total asset value of approximately US$70 billion at the close of fiscal 2003. CITIC Cultural & Sports Industry Co. Ltd. is an affiliate of CITIC Group.
Centiv Inc. is a value-added marketing services company providing web-enabled point-of-purchase (P-O-P) merchandising solutions for consumer brand companies, including several Fortune 500 consumer package goods (CPG) manufacturers and major retailers.
Further details of the acquisitions will be made public when on-going negotiations are completed, the spokesman said.
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