IndieMV Media Group, Inc. (OTCBB: IDMV) today announced that they will begin their Asian expansion by going through the Philippines as an entry point. This decision was primarily based on the fact that a newly appointed board member, Sherwin Lim, has already established numerous business contacts and social networks in the Philippines. The company intends to use these contacts and networks as an opportunity to capitalize on possible marketing opportunities within the Philippines, and later throughout much of Asia.
“With the Philippines being one of the fastest growing Internet and mobile phone users in Southeast Asia, we feel strongly that using the Philippines as our entry point into the Asian marketplace would provide a stable and viable footing for our expansion into the rest of Asia,” Mr. Lim explained.
In a 2007 PricewaterhouseCoopers study, it was estimated that Asia’s digital music industry exceeded $4.2 billion. Internet users in China alone have grown from 23 million in 2000 to 162 million in 2007 (Miniwatts Marketing Group, 2007).
Sherwin John Y. Lim is an established entrepreneur with an extensive background in commercial and investment banking and financial management consulting. This is coupled with a proven history in the formation and development of successful global businesses and international interests. Holding a BA in economics from the University of the Philippines and a Canadian MBA from Laurentian University, Mr. Lim began his career as licensed stockbroker in the TSX (Toronto Stock Exchange). He then proceeded to train as a commercial banker at Citibank. After his training at Citibank, he went on to serve as an investment banker with the Pacific Asia Capital Corporation and then found himself as a financial management consultant for De la Rue plc, the world’s largest provider of security paper and currency printing equipment.
“I am excited to bring my experience to the IndieMV team as a member of the board. I am looking forward to not only opening as many doors as I can in Asia but also providing valuable inputs regarding mergers and acquisitions and corporate governance,” Mr. Lim added.
Ricardo Khayatte Jr., CEO of IndieMV, gave a warm welcome to Mr. Lim and announced that new beta features and optimization to the company’s social music flagship, IndieMV.com, are also being discussed as part of the overall expansion into the Philippines, “Among the many new implementations being discussed are catalogue upgrades, optimized navigation, and new advertising solutions.”
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