BEIJING, Aug. 18, 2008 (GLOBE NEWSWIRE) -- Legend Media, Inc. (OTCBB:LEGE) (Frankfurt:LM2), a rapidly growing advertising business focused on the Chinese radio market, today announced the appointment of Jennifer Xia to the position of Finance Director. She will play a significant role in supporting the ongoing development of Legend Media's core business as well as helping to capitalize on new market opportunities in China.
Xia has over 12 years of financial management experience with international and domestic companies in the public and private sectors, as well as expertise in internal control methods and contract negotiation. Based in Beijing, she will oversee day-to-day financial management, accounting, and audit compliance for the Company.
"Legend Media's rapidly expanding operations in the world's fastest-growing economy make paramount the importance of good financial discipline. We are lucky to have Ms. Xia on board; her knowledge of both China and U.S. GAAP combined with her valuable insight and sound business management skills will add tremendous value to the Company," said Dr. William Lee, COO of Legend Media.
Formerly a Financial Controller for Best Buy Company Inc., Xia established new internal control procedures and financial settlement systems, developed business training courses on accounting and financial operations taught throughout China, and supervised the company's internal auditing and profit recovery efforts.
Prior to joining Best Buy, Xia was Audit Project Manager for Gome Electrical Appliances Holdings Ltd. ("Gome"), where she was instrumental in ensuring the audit compliance necessary to obtain a listing on the Hong Kong Stock Exchange. Previously Manager of the Revenue Management Department at Gome, Xia instituted innovative systems for tracking loan settlement and revenue flow and helped launch updated financial operations in branch offices.
"I feel extremely honored to be a part of the future of Legend Media. The Company's immense growth potential provides the opportunity to impact the direction of the business and I know that my experience in accounting, internal controls, and compliance will help to provide an environment in which Legend Media thrives," said Jennifer Xia, the newly appointed Legend Media Finance Director.
About Legend Media, Inc.
Legend Media, Inc., through its wholly-owned subsidiary Well Chance Investments Limited ("Well Chance"), intends to build a leading, consumer advertising network in China that reaches consumers through multiple advertising mediums, with a specific near-term focus on radio. Well Chance is run by its world-class Executive Team, Advisory Board, and Board of Directors. These teams have helped to establish a network of partners in China and the United States that are actively working to build the company's customer base, refine its business development strategies, and identify additional acquisition candidates. Well Chance leverages these partners to manage its relationships with major national and international advertising agencies, while local operators focus on maintaining radio station and advertiser relationships within their local markets.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Since the forward-looking statements relate to future developments, results, or events, these statements are highly speculative and involve risks, uncertainties, and assumptions that are difficult to assess and may not be accurate. You should not construe any of these statements as a definitive or invariable expression of what will actually occur or result. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release and the Company and Well Chance assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as may be required by law. Although the Company believes that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time to time with the Securities and Exchange Commission and available at http://www.sec.gov.