Prime Media Holdings, Inc.PRIM

Press Release on Prime Media’s Digitech Expansion Plans

Prime Media Holdings Inc. (PMHI) is in the process of implementing the Memorandum of Agreement (MOA) with Philippine Collective Media Corporation (PCMC) to formalize its media and broadcasting venture, following the signed Memorandum of Understanding (MOU) last year.

PCMC was established in 2008 in Tacloban and currently airs under the FMR (Favorite Music Radio) brand. As a result of its franchise expansion for nationwide broadcasting in 2020, it currently airs via Cignal Channel 317 with radio stations in Tacloban (Ormoc, Borongan, Calbayog, Catbalogan) Baguio, Cagayan, Occidental Mindoro, Catanduanes, Bacolod, Camiguin, Dipolog, Zamboanga Sibugay, Butuan, Davao del Norte, Iligan, Nabua Camarines Sur, Tumaini Isabela, and Nabunturan Davao de Oro.

Towards the end of 2022, PCMC expects to hit the airwaves of Cebu, Pampanga, Mindoro, Romblon, Puerto Princesa, Nueva Viscaya, Sorsogon, Iloilo, Bohol, Siargao, Cagayan de Oro, General Santos, Cotabao, Quezon and Albay.

Prime Media plans to expand its media platform with the acquisition of additional frequencies for both free tv and radio. The company intends to work with independent content providers for programs to air.

Prime Media is also studying the possibility of launching a digital technology platform to support its television and radio channels. Aside from providing information and entertainment, there are plans for a mobile payment gateway to address services like streaming-on-demand, pay-per-view, home TV shopping, etc.

With the congressional franchise covering both digital media and technology, Prime Media’s Chairman and President Manolito A. Manalo, confirmed discussions with several tech companies for potential partnerships in digital infrastructure, software applications like data mining and storage, including other value-added services such as an e-wallet system.

“Media and technology go hand-in-hand in our modern society. We envision the Company to have an e-wallet app that users can use, not only to access PCMC’s media content but to provide financial inclusivity as well to users by allowing them to receive cash, purchase goods, and pay bills -- services that are practical and relevant in their daily lives. And as we integrate technology into our business, we also recognize the need to strengthen digital infrastructure in areas with no fiber optics or cable-based internet facilities. We hope to work with a connectivity provider, to bring digital technology even to the farthest locations,”

All possible partnerships are currently being studied, as discussions for the above-mentioned initiatives are still ongoing.

Prime Media Holdings Inc. is trading under the PSE ticker symbol “PRIM”.

This disclosure contains soft information and/or statements about future events and expectations that constitute “forward-looking statements.” The statements made pertaining to the Company’s discussions with several technology companies for potential partnerships in digital infrastructure and software applications do not guarantee future contracts, obligations and/or performance and undue reliance should not be placed upon them. As disclosed, the execution of any agreement is still subject to the fulfillment of certain conditions, the non-fulfillment of either one gives rise to the possibility of the transaction not pushing through.

This disclosure is being made to confirm to the public that the transaction with PCMC is being implemented and also to accord the opportunity of the Company’s plans to integrate technology. The Company shall update the public for any development on the MOU and/or contemplated transactions.