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Pictureworks Enters Exclusive 4-Year Partnership With Hong Kong’s Ocean Park Corporation

KUALA LUMPUR, February 9, 2018 – Pictureworks, a photo imaging services leader for well-known theme parks around the world that connects memories for all their guests, enters a partnership with Ocean Park Corporation, an award-winning theme park that truly belongs to Hong Kong, bringing guests with memorable experiences that are fun, entertaining, and educational, while promoting life-long learning and conservatory advocacy. The 4-year partnership which will begin from June 1, 2018 until May 31, 2022 will see the provision of end-to-end digital imaging products, systems and services throughout the more than 915,000 square metre Ocean Park in Hong Kong.

 

The exclusive partnership will see Pictureworks deploy its state-of-the-art imaging solutions with Ocean Park being the first partner to enjoy its new proprietary Facial Recognition technology as well as PictureAir solution. PictureAir has been successfully implemented across various theme parks and attractions in more than 30 sites in over 15 countries. Its compatibility with popular social media platforms has also captured smiles and memories of over 150 million guests per year.

 

Chief Executive Officer of Pictureworks, Jenny Tay said, “We are pleased to work with Ocean Park, a leading industry player as part of our growing list of award-winning theme park and attractions we serve globally. This exclusive partnership allows us to build on our advanced imaging and technology expertise and extend our presence in leisure and tourism sector in the Asia Pacific region as image capture continues to be in demand. In today’s technology-savvy landscape, people cherish memories and engagement with family and peers, and this partnership which covers physical and online platforms taps into that opportunity to create meaningful connections for guests to the park.”

 

Perry Chung, Ocean Park’s Executive Director of Commercial Operations said, “Our guests continue to be at the heart of our operations and this partnership takes this a step further, by bringing excitement and capturing moments that matter to all of our guest including the over six million guests we expect to visit Ocean Park this year. This partnership represents the synergy we have with Pictureworks in our shared commitment to deliver next level innovation and excellence for guests to truly benefit from the fun, conservation and entertainment-themed learning experiences that we offer, and connect their smiles and memories with their friends and families through the ever-changing social media space.”  

 

Pictureworks Enters Exclusive 4-year Partnership With Hong Kong’s Ocean Park Corporation

 

Pictureworks applies technological advances in photo imaging to meet the emerging digital imaging needs of theme parks, attractions and special events, garnering huge demand for services from famous brands including LEGOLAND® Malaysia, LEGOLAND® Japan, KidZania in various parts of the world and major international theme parks.

 

In December 2017, Malaysia’s ACE Market-listed company – PUC Berhad that focuses on four key business segments – integrated media services, eCommerce and eWallet related services, technology and renewable energy, announced the proposed acquisition of a 33% stake in Pictureworks with the new business marking PUC’s entry in imagery capture sector. The acquisition is expected for completion in the second quarter of this year.

 

 

Pictureworks enters exclusive partnership with Ocean Park Corporation in Hong Kong. The exclusive partnership will see Pictureworks deploy its state-of-the-art imaging solutions with award-wining theme park - Ocean Park being the first partner to enjoy its new proprietary Facial Recognition technology as well as PictureAir solution.

 

 

Ocean Park is Hong Kong’s unique home grown theme park with a heritage of delivering family fun and fond memories. Since its opening in January 1977 as a non-profit organisation, Ocean Park has developed itself to be a world-class attraction connecting people with nature, and is the 2012 recipient of the highly coveted and prestigious APPLAUSE AWARD.

 

About Pictureworks Holdings Sdn. Bhd.

Pictureworks Holdings Sdn. Bhd. (“PWHSB”) was incorporated in 2008 and via its subsidiaries (collectively named as “PW Group”), provides imagery capture and distribution platforms for theme parks, leisure and entertainment industries, through its proprietary technology named PictureAir. Currently, PW Group has offices in Singapore, Malaysia, China and Hong Kong. It possesses a pool of international clientele across a number of countries including LEGOLAND® Malaysia, LEGOLAND® Japan, KidZania in various parts of the world and major international theme parks.

 

About Ocean Park Corporation

Ocean Park is Hong Kong’s unique home grown theme park with a heritage of delivering family fun and fond memories. Since its opening in January 1977 as a non-profit organisation, Ocean Park has developed itself to be a world-class attraction connecting people with nature, and gained consistent recognition for its animal husbandry, research and relationship with the community. More than 140 million people have visited Hong Kong’s premier park since its inception, and Ocean Park has remained committed to offering adults and children experiences that blend entertainment with education and conservation. Part of the proceeds from Ocean Park admission tickets and some retail items will go to Ocean Park Conservation Foundation, Hong Kong to support its wildlife conservation projects. Ocean Park is the 2012 recipient of the highly coveted and prestigious APPLAUSE AWARD, presented by Liseberg Amusement Park. Recognised by the attractions industry worldwide, the award is presented at the International Association of Amusement Parks and Attractions (IAAPA) Attractions Expo every other year in honour of a theme park for its excellence in management, operations, and creativity. Ocean Park is the first theme park in Asia to win this international award since its inception in 1980.

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PUC Acquires Pictureworks To Enhance Global Digital Footprint

 

 KUALA LUMPUR, 27 December, 2017 - In efforts to further widen its business reach out and to diversify its revenue sources, PUC has entered into a conditional sale of shares agreement with the vendors of PWHSB in relation to a proposed acquisition of 6,076,081 ordinary shares or 33% stake of PWHSB for a total purchase consideration of RM52.80 million, to be satisfied by a combination as follows:

  • The issuance of 64,596,273 new PUC ordinary shares at an issue price of RM0.322 per share amounting to RM20.80 million; and
  • Cash settlement of RM32.00 million to be made on a staggered basis upon meeting a certain Profit Guarantee

The proposed acquisition comes with a Profit Guarantee undertaken by PWHSB and its subsidiaries (“PW Group”) to PUC that PW Group shall achieve a profit after tax of RM14.80 million and RM20.50 million for Financial Years Ending 2018 and 2019 respectively. Going forward, PW Group is expected to contribute 25% or more to the net profits of PUC Group and a diversion of more than 25% in PUC Group’s net assets may be seen. 

 

In line with the proposed acquisition, PUC proposes to diversify its business to include the provision of digital imaging, content solutions, software consultancy services, trading in photographic, other automated kiosks and accessories, and provision of digital memories platform and services as well as licensing of imagery systems, signifies PUC’s venture into the imagery capture sector. 

 

With fourteen years of established experience, PW Group provides imagery capture and distribution platforms for theme parks, leisure and entertainment industries in more than 30 sites. Its proprietary image solutions technology named PictureAir, has successfully connected memories for the visitors to theme parks and attractions. Currently, PW Group possesses a workforce of 800 staff across its operating locations, with offices in Singapore, Malaysia, China and Hong Kong. PW Group is the official imaging service provider for some of the major international theme parks and attractions such as Shanghai Disney Resort, Hong Kong Disneyland Resort, LEGOLAND® Malaysia and KidZania in various parts of the world. On average, PW Group captures approximately 150 million of pictures annually. 

 

PUC Acquires Pictureworks To Enhance Global Digital Footprint 

 

 

Group Managing Director and Chief Executive Officer of PUC, CHEONG Chia Chou said, “We are excited to add PW Group to our growing list of companies as we see its potential for further growth in the digital space. The expertise and knowledge of PW Group combined with its network with the global major brands as well as its large PictureAir member pool, also equips us with new insights to develop world-class offerings across our eCommerce and ePayment businesses. We are optimistic that PW Group will contribute positively to our overall growth vision to become a major technology player.”

 

The Proposed Acquisition is expected to be completed by the second quarter of 2018.

 

PUC Berhad acquires 33% of equity interest in Pictureworks Holdings Sdn. Bhd., an established imagery capture and distribution platforms service provider

 

 

 

About PUC Berhad

PUC Berhad (“PUC”) (formerly known as PUC Founder (MSC) Berhad) was incorporated in Malaysia on 3 November, 1997 by China Founder Group. It is the first China government linked company to list on the ACE Market of Bursa Malaysia Securities Berhad (formerly known as MESDAQ Market of Kuala Lumpur Stock Exchange) on 8 April, 2002. It was also one of the first companies to be awarded the Multimedia Super Corridor (“MSC”) status in Malaysia. Throughout the years, PUC has built a solid foundation in Malaysia especially in the four key segments – integrated media services, eCommerce, technology and renewable energy. For more information, please visit www.puc.com.

 

About Pictureworks Holdings Sdn. Bhd.

Pictureworks Holdings Sdn. Bhd. (“PWHSB”) was incorporated in 2008 and via its subsidiaries (collectively named as “PW Group”), provides imagery capture and distribution platforms for theme parks, leisure and entertainment industries, through its proprietary technology named PictureAir. Currently, PW Group has offices in Singapore, Malaysia, China and Hong Kong. It possesses a pool of international clientele across a number of countries including Shanghai Disney Resort, Hong Kong Disneyland Resort, LEGOLAND® Malaysia and KidZania in various parts of the worlds.  

 

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Strategic Alliance with Shanghai Disney Resort

Shanghai Disney Resort and Pictureworks (Shanghai) Limited (“Pictureworks”), have entered into a multi-year strategic alliance which recognizes Pictureworks as the official imaging service provider of the resort. The agreement, signed by leadership representing Pictureworks and Shanghai Disney Resort, marks another milestone in the resort’s pre-opening development.

 

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