Now News Digital Media Technology Co. Ltd. (OTCPK:NDMT) signed a binding letter of intent to acquire My Song Karaoke Industrial Co., Ltd from Alan Chen and Chiu-Li for $41.9 million in stock on February 25, 2016. Now News Digital Media Technology Co. Ltd. (OTCPK:NDMT) entered into a share exchange agreement to acquire My Song Karaoke Industrial Co., Ltd from Alan Chen and Chiu-Li Tu on October 4, 2016. As part of consideration, NowNews Digital Media Technology will issue 0.2 million restricted shares of common stock. Upon consummation of transaction, My Song Karaoke Industrial will operate as a wholly owned subsidiary of Now News Digital Media Technology. NDMT will obtain the copyright of songs and establish a department of intellectual property after the acquisition of My Song. Wenxiao Ma, the former concenter of China KTV League, will be the department manager. Dragon Gate Investment Partners LLC acted as PR advisor in the transaction. Jay Kaplowitz of Sichenzia Ross Friedman Ference LLP, LLP acted as legal advisor NowNews Digital Media Technology Co., Ltd. Now News Digital Media Technology Co. Ltd. (OTCPK:NDMT) cancelled the acquisition of My Song Karaoke Industrial Co., Ltd from Alan Chen and Chiu-Li on February 25, 2017.