LOS ANGELES, April 23 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (OTC Bulletin Board: AAGH) subsidiary Idea Asia Limited (Idea Asia) and Global Media & Entertainment Group (GMEG) have entered into an agreement whereby GMEG agrees to acquire Idea Asia from AAGH subsidiary Sino Trade Intelligent Development Corp (Sino Trade) in return for 7.5% of GMEG's common stock and other considerations. The deal is pending exchange of consideration on or before May 15.

AAGH Management believes this transaction provides the company and its shareholders the opportunity to benefit from the company's investment in TV entertainment and the future potential value of Idea Asia while easing the company's expense burden related to overhead, production, marketing and distribution.

'This is an exciting time in China, the acquisition will present us with the opportunity to continue to penetrate the largest population in the world with more the 1.3 billion people and over 350 million urban consumers. Our prospects for growth are abundant and the industry partners we have made today will facilitate our expansion in China,' said Vincent James DeFilippo, Chief Executive Officer for Global Media and Entertainment Group.

'Idea Asia has put down a very solid foundation in China as a provider of top quality content. We're excited to have GMEG help grow Idea Asia further by providing the resources needed to take the company to the next level,' said John Leper, Chief Executive Officer for AAGH.

IDEA ASIA Limited based in Hong Kong and Shanghai, acquires, creates, funds, and produces internationally & locally created content for distribution throughout various media channels in China. The company provides value-added services to marketers, advertisers, and media outlets by bringing state-of-the-art internationally acclaimed TV and entertainment content and branded content formatted to be delivered throughout China.

Global Media and Entertainment Group is a global distributor of award-winning high quality content and video productions, through exclusive licensing agreements and rights, to distribution channels such as television, cable, satellite systems, Internet, mobile devices, and outdoor digital advertising billboards. GMEG plans to build a library of acquired and exclusive content or formats such as game shows, dramas, animations, movies, documentaries, films, concerts and special programming. This media will be distributed throughout the world in various formats.

About Asia Global Holdings Corporation

Asia Global Holdings Corporation (OTC Bulletin Board: AAGH) has a strong focus on building business in China and other emerging regions and markets in Asia and Worldwide. The company's present subsidiaries participate in media & advertising, marketing services and TV entertainment. The Company has offices in the US, Hong Kong and China.

Asia Global Holdings Corporation Website: www.asiaglobalholdings.com

Forward-looking statements in this document are not historical fact as 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform of 1995. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on trends we anticipate in our industry and our good faith estimate on the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause actual business and results of operations, to differ materially from those reflected in our forward-looking statements. You may find all other information about Asia Global Holdings Corporation on the Securities Exchange Commission website, http://www.sec.gov.

SOURCE Asia Global Holdings Corporation

Source: PR Newswire (April 23, 2009 - 2:37 PM EDT)

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