Aug. 10, 2009 (China Knowledge) - AirMedia Group Inc<AMCN>, which offers air travel advertising in China, on Aug. 5, signed an agreement with the management committee of Tianjin Free Trade Zone to build a media headquarters and a technology center in Tianjin Binhai New Area, sources reported.

The Beijing-based media giant intends to launch the headquarters with a registered capital of RMB 120 million. The headquarters will be responsible for the e-media advertising in major domestic airports and in 24,000 gas stations belonging to Sinopec<600028><0386><SNP>, which has signed an exclusive contract with the media firm.

The technology center, which will have an estimated registered capital of US$20 million, will be in charge of the research and development of digital media systems.

Reportedly, AirMedia, which offers advertising services in 53 major domestic airports and in planes on more than 2,100 routes of 12 airlines, has announced that it will post its un-audited financial report for the second quarter of this year on Aug. 18.