Caltas Fitness acquires successful New York based media

Mumbai, Jan 24 (UNI) Caltas Fitness Inc announced today that it has acquired CineMaya Media Group Inc in all-stock deal.

The New York-based full service media, entertainment and advertising company specializes in the fastest growing and economically wealthy minority in America, the South Asian population, said the company's release here today.

Commenting over the development, the CineMaya Chairman and CEO, Sunil Hali, said,''Our company has more than 30 per cent growth in each of the three preceding years and now we have the opportunity to take it to greater levels through a company which is already publicly traded''.

CineMaya revenues for 2006 exceeded USD 4.25 million. In its six years of operation, the company has already achieved profitability and is recognised as an industry leader within its highly specialised market.

CineMaya's assets include plethora of media properties. One of their publications, The Indian Express, an internationally respected English language weekly newspaper has established itself in the US and Canada as a great source of news and information for South Asians.

The company is also involved in providing television and radio broadcast stations as well as high quality programming of interest to Indians living in North America. CineMaya's full service advertising agency and wholly owned subsidiery, Elephant Advertising, serves top tier corporate clients from the US and India seeking to penetrate the fastest growing and wealthiest community (per capita) in North America.

A formal name and symbol change is expected to be announced in the near future to reflect the union of CineMaya Media into Caltas Fitness.

UNI