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Wecast to form JV with Berlin-Based PANTAFLIX GmbH for Cloud-Based Global VOD Platform
NEW YORK, May 19, 2017 /PRNewswire/ -- Wecast Network, Inc. (NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"), announced today a strategic partnership and joint venture ("JV") with Berlin-based PANTAFLIX GmbH ("PANTAFLIX") for a global and cloud-based video-on-demand ("VOD") platform. This German-Chinese-US VOD JV will have ownership partners including PANTAFLIX (50%), WCST (40%), and Redrock Capital Group Limited (10%), which is majority owned and controlled by Bruno Wu.
The joint venture, headquartered in Germany and with locations in both China and the US, will combine the global resources, expertise and content of WCST with the innovative VOD technology of PANTAFLIX (a wholly-owned subsidiary of PANTALEON Entertainment AG (XETRA: PAL)), to offer a business-to-business VOD solution to operators globally. PANTAFLIX's technological infrastructure allows for direct global marketing and distribution of films and other content as well as personalization and optimization capabilities for end-consumers. Within 36 months of launch, the platform is aiming to have 300,000 movie titles available.
"With Bruno Wu and Wecast Network, we have found the best possible partners for taking on a leading position in the global VOD business," said PANTALEON CEO Dan Maag. "This first German-Chinese-US JV in the VOD space will have the capacity to further disrupt the entertainment and content market model with a global launch planned for 2017."
Wecast CEO Bing Yang stated, "The JV with PANTAFLIX is another step in building out Wecast's Brand, Content and IP Cloud. With 300,000 contractually secured movie titles to be available globally without territorial restriction, AI-enabled consumer personalization and strong B2B distribution, we expect quick market penetration and footprint expansion."
About PANTAFLIX (https://www.pantaflix.com/en/)
PANTAFLIX is an innovative and cloud-based VOD platform, which for the first time enables filmmakers and rights owners to directly market their productions to a worldwide audience in over 240 territories. By eliminating the middlemen, pantaflix.com offers immediate market access to consumers. 75 percent of sales go straight to the producer, which enables creators to receive up to 7.5 times as much revenue as from traditional platforms.
About PANTALEON Entertainment AG:
PANTALEON Entertainment AG is one of the fastest growing media companies in Europe. The group, as a leading producer of feature films with world-class distribution partners such as Warner Bros. and Amazon Prime, develops high growth dynamics from the start of each production. The financial success of the content division paid for the formation of the disruptive video-on-demand (VOD) platform, pantaflix.com, a 100% subsidiary of PANTALEON that just recently initiated its global roll-out.
About Wecast Network, Inc. (http://corporate.wecastnetworkinc.com)
Wecast Network (NASDAQ: WCST) is aiming to be the leading provider of total B2B business solutions for today's constantly evolving business landscape. With a focus on "BASE" or Blockchain, Artificial Intelligence, Supply Chain & Exchanges, Wecast is organized into three cloud-based categories and business units: Brand, Content & Intellectual Property Cloud, Product Sales Cloud and the Transactional Finance Cloud. With the three clouds functioning both independently and interdependently, Wecast is creating a vertical, transactional and flexible platform for today's global enterprises.
The Company's mission and vision is to be the world's leading cloud-based, total B2B enterprise solution & platform provider that empowers businesses to grow with Big Data technology.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
VP, Strategy & Investor Relations
Wecast Network, Inc.
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SOURCE Wecast Network, Inc.
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