P Phone Reports Financial Results for the Six Month Period Ended September 30, 2007

P Phone Reports Financial Results for the Six Month Period Ended September 30, 2007

BEIJING, Dec. 31 /Xinhua-PRNewswire-FirstCall/ -- P Phone, Inc. (a.k.a. Asia Premium Television Group, Inc.) (BULLETIN BOARD: ATVG) ("P Phone") a China-based marketing and ad sales company, today reported its financial results for the six month period ended September 30, 2007. This period was a transition period for the company as a result of its recent change of fiscal year end from March 31 to September 30.

For the six-month transition period ended September 30, 2007, P Phone reported revenue of US$28,348,347, of which 99.5% or US$28,206,605 was generated by the Company's media buying operations and 0.5% or US$141,742 was generated by its brand consulting operations. P Phone's gross profit for the transition period was US$1,890,364 before all consulting, general and administrative, depreciation and amortization, and other expenses. After these operating expenses and other income for the six-month transition period, the Company reported net income of US$455,082 or US$0.20 per outstanding share.

For more detailed information on P Phone's results of operations, please refer to the Company's Form 10-K filing for the transition period ended September 30, 2007. This can be found at www.sec.gov.

Mr. Li Li, Chairman of the Company commented, "We have had two more profitable quarters [from April 1 to September 30, 2007], which will provide a solid base for expansion in 2008. In the coming year, we plan to enhance our existing marketing and sales operations by expanding into China's mobile sector with our proprietary P Phone mobile media and payment solution. To support our expansion, we will divest our low-margin media-buying business and use the proceeds to continue to acquire mobile-related technology and assets. We believe this is the right path to achieving scalable, long-term profits for the Company in China's marketing and advertising industry."

P Phone has already begun to implement its mobile strategy. It has entered into agreements with other parties to acquire key mobile technology and assets. It has also changed its name from "Asia Premium Television Group, Inc." to "P Phone, Inc." in order to better reflect its enhanced mobile business strategy.

   Recent Highlights   * The Company entered into an agreement with the China Mobile and     Communications Association ("CMCA"), China's leading association of     Telcos and Telco-affiliated manufacturers and distributors, to acquire     100% of the P Phone Project (the "P" in "P Phone" stands for     personalization and payment). The P Phone project is a business venture     that is developing a mobile-based solution ("P Phone") that will enable     personal media and mobile payment on cell phones in Mainland China. The     aggregate consideration for the acquisition is US$2.8 million. It will     be satisfied through the issuance of 700,000 shares of P Phone (ATVG)     common stock, valued at US$4 per share. The acquisition of the P Phone     project brings to the Company the support of the China Mobile and     Communications Association and its various Telco members.   * The Company entered into agreement with Her Village Limited, China's     leading producer and distributor of women's-interest media content, to     acquire PIMIE ("Personal Intelligent Mobile Internet Engine") mobile     phone technology. The consideration for the acquisition is US$1.2     million to be satisfied through the issuance of 300,000 new shares of     the Company's common stock valued at US$4 per share. PIMIE technology     has the ability to intelligently learn a person's mobile web-browsing     behavior and then deliver pre-loaded content, search results and ads     based on this behavior. It will serve as the basis of the Company's     future personal media and content services.   * The Company entered into an agreement with Bobo Media, Ltd, a youth     media company based in Beijing, to acquire certain media content for     future mobile distribution. The content adds to the Company's media     content pool, which is being built up for future enhancement of the P     Phone personal media service. The consideration for the acquisition is     US$400,000 to be satisfied through the issuance of 100,000 new shares of     the Company, valued at a price of US$4 per share.   

Mr. Li, Chairman of the Company, further commented, "As each of these agreements shows, we have made considerable progress in implementing our mobile business strategy over the past few months. We have already secured the core assets of our P Phone mobile solution and are now in the process of negotiating deals to roll it out in select, high-growth provinces. With the launch of P Phone and our mobile operations, we expect a strong year of growth in 2008. We thank our shareholders for their ongoing support and will keep the investment community updated as we continue to execute our plan."

About P Phone, Inc. (a.k.a. Asia Premium Television Group, Inc.)

P Phone Inc. was incorporated in Nevada in 1989 and is operating in China. The Company's principal executive offices are located at Suite 602, 2 North Tuanjiehu Street, Chaoyang District, Beijing 100026, People's Republic Of China: the telephone number is (8610) 6582-7900.

This press release includes statements that may constitute 'forward- looking' statements, usually containing the word 'believe,' 'estimate,' 'project,' 'expect,' 'plan,' 'anticipate' or similar expressions. Forward- looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of P Phone's (a.k.a. Asia Premium Television Group, Inc.'s) products and services in the marketplace, competitive factors and changes in regulatory environments. These and other risks relating to P Phone's business are set forth in P Phone's Transition Report on Form 10-K for the period ended September 30, 2007 filed with the Securities and Exchange Commission on December 31, 2007, and other reports filed from time to time with the Securities and Exchange Commission. By making these forward-looking statements, P Phone disclaims any obligation to update these statements for revisions or changes after the date of this release.

First Call Analyst:

Source: P Phone, Inc.

CONTACT: Emilie Deng, Corporate Affair Manager of Asia Premium
Television Group, Inc., +86-10-8518-9669, ext. 8030, or fax, +86-10-8518-1580,
orlifan.deng@smihg.com

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Profile: International Entertainment