ChinaNet Online Holdings Signs Non-Binding LOI to Acquire an Online Marketing Services Firm for $7-8M

ChinaNet Online Holdings, Inc. CNET today announced that the Company has signed a non-binding letter of intent to acquire a 51% stake in an online advertising and marketing company based in Beijing, China for approximately $7-8 million. The target company generated approximately $7 million in unaudited net sales revenue during the twelve month period ended September 30, 2011, supported by its innovative web portal that boasts a three month average Alex global ranking of 5500 and average daily IP of 136,000.