TIANJIN CITY, CHINA--(MARKET WIRE)--Dec 9, 2008 -- Fresh Ideas Media, Inc., (OTC BB:FIDM.OB - News), which anticipates changing its name as soon as practicable to China Auto Logistics Inc. (the "Company"), and is one of China's leading auto importers, a top provider of one-stop auto related logistics and financing, and the owner and operator of two leading auto websites, reported today the launch of its www.1365car.com website in Xi'an, aimed at dealers and buyers of China's domestically manufactured cars. The historic city of Xi'an is the largest city in China's Northwest provinces with a population of 8.55 million. The launch in Xi'an follows successful launches of the website in Tianjin and Beijing. It is part of a planned nationwide expansion with a goal of establishing what the Company believes will be China's first integrated national domestic auto website, as early as next year.
Mr. Tong Shiping, CEO and President of the Company, commented, "In pursuit of our initial goal of expanding the www.1365car.com website to six new cities this year and five more next year prior to launching a national site, we are engaged in development efforts in several other cities we have targeted." He added, "Xi'an was an easy choice for becoming our third launch site. While best known as one of China's finest historical tourist destinations, it is also a key commercial hub with a growing middle and wealthy class that has been buying autos at a fairly rapid pace. In fact, there are now 165,000 private automobiles owned in Xi'an and more than 100 auto dealers, with more than 15 new dealers being added in the city each year."
"Further," Mr. Shiping stated, "Xi'an is the capital of Shan'Xi province, and a gateway to its population of about 37.5 million, as well as the four other provinces in the Northwest region. Currently, Xi'an's GDP per capita ranks 36th in China, and is the highest among the Northwest provinces."
Mr. Shiping continued, "Xi'an is one of several mid-size cities in China that have been and should continue to represent key markets for us, with very good growth potential. We therefore are pleased to now bring to Xi'an a very helpful and exciting new sales platform for dealers there, and a highly informative, easy to navigate new source of information for the city's consumers, who are increasingly sophisticated internet users as well as auto purchasers."
"Right now," Mr. Shiping said, "we have signed up nearly 50% of the 4S dealers in Xi'an as contributors to the site, and a smaller number as subscribers. By initially charging slightly lower fees than in the larger cities, we expect to steadily grow this base to achieve a roughly 30% subscriber penetration and a market share of about 80% in about one year. Our marketing efforts will include working closely with the local media and a full array of promotional events, such as car races, gas-savings competitions and exhibitions."
The Company said it expects to announce the launch of its www.1365car.com website in other key cities it has targeted throughout China in the near future.
Company Description
Founded in 1995, with profitable sales in 2007 of approximately $152 million, the Company has grown to become one of the top importers and sellers of luxury vehicles in the PRC. Imported luxury autos, accounting for more than 10% of all Chinese auto sales revenues, are the fastest growing segment of the still young Chinese auto industry, now the second largest in the world. The Company has grown sales and profits by becoming one of China's top logistical servicing and financing companies for auto importers. Additionally, it is a leader in providing accurate pricing and other auto-related information with its two web portals, www.at188.com, aimed at the import market, and www.1365car.tj.cn, which it is expanding throughout China to reach the much larger market of domestically manufactured auto purchasers and dealers. Following completion of a successful reverse merger on November 10, 2008, the Company is trading as a fully reporting company in the U.S. as Fresh Ideas Media, Inc. with the stock symbol FIDM.OB. It shortly expects to officially change its name to China Auto Logistics Inc.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
Contacts:
US Investors
Focus Asia Partners
Robert Agriogianis
Tel: 973-845-6642
Fax: 973-845-6649
China Auto Logistics
Liya Wu
Tel: 646-573-7654
Press
Ken Donenfeld
donfgroup@aol.com
Tel: 212-425-5700
Fax: 212-425-6951
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