ORLANDO, FL — (Marketwired) — 10/03/13 — Engage Mobility, Inc. (OTCQB: ENGA) a leader in mobile marketing technology and big data delivery has reached an agreement with Chinese government backed Xinhua Ruide Technology Co., Ltd. (Xinhua) and Shenzhen Zhichengxin Equity Investment Fund Management, Ltd. for the establishment of a joint venture to roll out a Chinese version of the Engage Mobile Engagement System by the end of 2013.
On Tuesday the parties concluded two days of meetings and negotiation in San Diego, California, emerging from the meetings with a deal in hand to launch a first of its kind mobile augmented reality, cloud based video and big data platform throughout China. A formal Memorandum of Understanding was executed by the parties on October 1, providing for a roll out of the Chinese platform within 90 days, subject to execution of final agreements, which is to take place in Beijing on November 6.
Xinhua is a subsidiary of Datang Telecom Technology Co., Ltd., which is a government owned company traded on the Shanghai Stock Exchange. Xinhua will provide the full sponsorship and backing of the Chinese government for the Engage China joint venture.
Jim Byrd, Engage CEO, stated: “This is obviously a huge day for Engage, as we have been able to strike a deal with both Xinhua and with our partner Shenzhen for the development and launch of our Mobile Engagement System in China. China is by far the largest and most prolific mobile market in the world, and we are thrilled that we will now have the opportunity to bring our amazing technology and platform to the People-s Republic. To be able to do so with the sponsorship and support of the Chinese government is a huge advantage for us, and we are so happy for our shareholders that we have been able to reach an agreement with our new Chinese partners.”
Engage recently released the U.S. version of its Mobile Engagement System which combines disruptive augmented reality technology with a proprietary video delivery platform, a mobile CRM and Dynamic Data delivery and management system. The Engage Mobility app is now available as a free download in both the iTunes and Google Play stores. The Company began selling the Mobile Engagement System in the U.S. in August and is now planning a roll out of the system in other countries, beginning with China.
To view a video press release of this announcement, click here:
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Robert Haag
IRTH Communications
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