News

FOR IMMEDIATE RELEASE:

Hana Electronics JVC Celebrates Five Years of Excellence In Electronics

Pyongyang/London, May 8th 2008

Phoenix Commercial Ventures Ltd is proud to announce that Hana Electronics JVC will, on the 10th of May, celebrate the fifth anniversary of its establishment.

Hana Electronics JVC is a 50/50 joint venture between Phoenix Commercial Ventures Ltd and the Trade Department of The Ministry of Culture of the DPRK.

Nigel Cowie, a director of Phoenix Commercial Ventures Ltd, is Chairman of the board of Hana. Ken Frost and Thae Yong Nam, directors of Phoenix Commercial Ventures Ltd, are also directors of Hana Electronics JVC.


Hana was established in 2003; in 2004 it began pressing and selling CD's.

Examples of the CD's that Hana produced can be seen via these two links:

- Samples of CD's, mainly cartoons and karaoke

- Choson Kayo ("This is Korea")

Every disc had the company logo (top left), company name (bottom) and a security sticker that had to be broken to open the box (top right) bearing the Hana logo

Hana have established a nationwide distribution network throughout the major cities in the DPRK. They now produce and sell a range of DVD and VCD players, and will move into other consumer electronics products.


One of Hana's DVD Players

One of Hana's DVD Players


Hana is now ranked as one of the top three best performing joint ventures in DPRK, as assessed by the Ministry of Finance.

Hana is proud to have introduced a number of firsts, which show the evolution of the DPRK to a market economy. These include:

● Advertising - the Hana logo, together with the company's telephone number, appear on every product and packing case


● Offering a guarantee - Hana has also introduced a six-month, no questions asked, guarantee on all products


● Distribution System - Hana established, from a zero base, a distribution system covering the whole country. They have set up sales offices and sub-branches of those sales offices in most of the major towns and cities throughout the country, including Chongjin, Hamhung, Nampo, Sinuiju, Rason and Sinuiju. They plan to open more outlets, first in the other provincial cities, then in the smaller county seats

Hana is finalising the construction of a new building next to the T'ongil Market, which they will move into in the final quarter of 2008.


Ground Breaking Ceremony Hana Electronics JVC Pyongyang May 2004
attended by Nigel Cowie and Thae Yong Nam of Phoenix Commercial Ventures Ltd

 
For additional information, contact Phoenix Commercial Ventures Ltd.

About Phoenix Commercial Ventures Ltd

Phoenix Commercial Ventures Ltd offers investors business and investment opportunities in the Democratic People's Republic of Korea (DPRK), enabling them to take advantage of the economic reforms that are taking place there.

Phoenix Commercial Ventures Ltd maintains an office in Pyongyang, almost the only European company to do so, and operates with the following specific aims:

● Identify commercially viable investment projects in the DPRK, on a case by case basis

● Identify reliable local partners for all forms of business in the DPRK, either trade or investment

● Seek overseas investment sources for such projects

● Minimise the risk in such projects, by taking responsibility for supervision of the local set-up procedures and management of the projects

CONTACT INFORMATION:

Phoenix Commercial Ventures Ltd office address in Pyongyang is:

Phoenix Commercial Ventures Limited
No. 901
International House of Culture
Ryonhwa-dong
Central District
Pyongyang
Democratic People's Republic of Korea

Phone

Switchboard  +850 2 381 2228/9 ext 401
Direct line     +850 2 381 4866
Mobile          +850 193 801 8400*
*Note, the mobile number may not be obtainable from certain countries (eg UK and Hong Kong).

London Contact

Direct line     +44 208 681 1413

Corporate Website www.pcvltd.com

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