Acromedia Ltd., the third largest open market wireless device distributor has entered into an agreement with Swiss based Panalpina, to carry out logistics operations in the Sub Saharan regions of Africa. Ghana, Cameroon, Chad, Congo, Nigeria, and other Sub Saharan states have seen many economic improvements in recent years. Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorest countries in West Africa. Sound macro-economic management along with high prices for gold and cocoa helped sustain GDP growth in 2008.

“ The economic conditions across certain African markets are good for penetration. Despite the macroeconomic slowdown, and its serious implications throughout the region, the spirit and morale among the residents of many states remain strong. We find this encouraging. We believe in them and their eagerness to improve macroeconomic conditions inspires us. While many multinationals are retreating from Africa, we seek to build uniform positions in a spirit of solidarity.”

The macro-environment is challenging and we believe will remain so for the remainder of 2009 clearly. However, Acromedia’s longer term strategy remains valid and intact, and has a tremendous opportunity to capture value with Low-cost and ultra-low-cost (ULCH) handsets and higher-end smart phones as prescribed by market indicators.

Despite the current environment, it is very clear we must continue to invest in our future growth. Invest at a slower, more appropriate pace but invest to innovate and grow. We consider our scale and distribution to be a key competitive advantage and we are responding in a tactical manner to pricing activities of our competitors.

Acromedia Ltd. has focused much of its global distribution in META, the Middle East, Turkey, Africa. Although without a more ironclad logistics partner for the African market, Acromedia’s spot light has been its Izmir and Istanbul Turkey hubs where Penske manages regional distribution. The recent partnership with Panalpina will not affect Turkish distribution, but rather strengthen its African and global positions.

Turkey offers a host of barriers to entry for the most dedicated, and with Brightpoints recent withdrawal there remains a pool of possibility, if one can wade the murky waters surrounding Ankara. Turkish imports are a global question punctuated by confusion. Where others fail, Acromedia has thrived. This point could be no more clear than with its recent success in Ghana and Nigeria.

Acromedia has risen to a significant player in the global open market, an obvious position for a company dedicated to improving communication throughout young and emerging markets. Acromedia’s core beliefs are carefully cloaked within its mission statement; “Your success drives us.” Honesty, Trusted, Integrity, Results Oriented.

Panalpina Basel, Switzerland

(U.S.) Foster City, CA, 650-653-6600, Peter Merath, Regional CEO

www.panalpina.com

3PL Revenue: 5.3bn Parent Revenue: 5.3bn

Coverage: Europe, Asia, Americas, Africa

3PL Assets: 13,000 employees; 300 warehouses

Information Systems: Good; Emphasis is on internet-native SCM

Services: Air and ocean freight forwarding, transportation management, warehousing and distribution, oil and gas services

Industry Focus: Automotive, computers and electronics, oil and gas, consumer goods, beverages, apparel, healthcare

Key Customers: Chevron, Delphi, Hewlett Packard, IBM, Philips Electronics, Robert Bosch, Shell Chemical, Sun Microsystems

Industry Vendors

Dec. 2008

Apple Inc.

iPhone shipments totaled 4.4 million units versus our estimate of 4.1 million units. The company indicated channel inventory was drawn down by approximately 250k units (recall 3mm channel build of inventory in the prior quarter). Research has suggested current build targets in Asia for iPhone of 3.0-3.5 million units for the Mar-09 quarter, leaving us comfortable with our 3.3 million unit assumption in the Mar-09 quarter. The pro forma revenue recognition suggests the gross margin on the unrecognized revenue from the segment increased to 61% in the quarter versus 48% in the prior quarter.

Dec. 2008

Nokia Inc.

Device shipments totaled 113.1 million in 4Q08 (versus 117.8 mm in 3Q08 and 133.5 mm in 4Q07), a 4% sequential decline and a 15% Y/Y decline in units. Challenges associated with a channel drawdown of inventory (likely to continue in 1Q09) and poor credit availability have pressured orders and visibility. The company also indicated 1Q09 shipments would likely decline at a greater than seasonal rate relative to the last several years (shipments declined 13% seq in 1Q07 and declined 14% sequentially in 1Q06).

The South African fine art community of collectors and investors may be a distant hemisphere away from the elite of Europeâ??s summer worldwide tour that began in Venice Biennale this year. However, analysts predict that the steady upward curve in the world’s fine art market that began in 2002 will continue to push prices through the roof. One of Europe most elite social scenes began their quest from Venice, where fleets of private jets took collectors to the Basel Art exhibitions, following onto Documenta in Kassel and finishing their pursuit by raiding Sothebys in London.

Sale of contemporary art works reached unprecedented heights at auction. The event saw Francis Bacon’s self portrait sell for a record $40m, twice its reserve price. Later Claude Monetâ??s Nympheas went for a staggering $37m and one of the artist’s Waterloo Bridge paintings which was expected to sale at auction for $14m fetched an astounding $34m.

Upward market trends in the southern hemisphere?

The intensifying upward trend in the world’s fine art market has also been felt in the now not so distant southern hemisphere. Australiaâ??s contemporary art market which is considered comparable with South Africaâ??s has also seen record sales at public exhibitions and auction events. Fine art works by modern Australian artists are snapped up for around $3.5m, whereas the highest price fetched by a South African Artist is around $1m. That was for JH Pierneefâ??s Dar es Salaam that changed hands at Bernardiâ??s sale in Pretoria. However experts predict that there is no reason why South African Artists canâ??t sell their fine artwork for comparable prices.

South Africaâ??s Masters have topped records in domestic SA auctions

Some of South Africaâ??s Masters have topped records in domestic SA auctions. An oil by Maggie Laubser, Sailing Boat on Lake Guarda, signed and dated 1921, sold for R220,000 (USD31,000), topping values for her works of that period. The highest price at the Fine Arts Auction was paid for a Sekoto, Home Coming, signed and dated 1974, which was knocked down for R820,000 (USD117,000). This was followed by the R680,000 (USD97,000) paid for an oil by Laubser, The Slopes of Table Mountain verso Portrait of a Hiker. An oil by George Pemba, Musicians, signed and dated 1990, sold for R200,000 (USD28,000), and an oil by JEA Volschenk, The Giants of the Zwaartberg Range, signed and dated 1920, attained a hammer price of R125,000 (USD18,000). More was paid for oil by Adriaan Boshoff, Cattle and Herdboy, which fetched R300,000 (USD43,000).

A director of the auction house says â??Art market trends tend to follow the property market which is currently very buoyant. The public have the resources and more wealth, and hence more money is available for investment in art, which has shown better returns than the stock exchange in the past three yearsâ?

Contemporary South African Fine Artworks Gain International Respect

South Africans’ cultural heritage and art has gained international respect recently because of recognition received by artists like Zwelethu Mthethwa, William Kentridge, Marlene Dumas. Galleries and museums have developed a distinct, strongly-growing market locally and around the world. Northern Europeans often are surprised when they find out that the bright colour abstract paintings were created by an African artist. In general art collectors and gallery owners still associate African art with wooden statues and masks. Few people appreciate that African artists finish art school and have a growing impact and are represented throughout the international art circuit. An interesting observation is that prices for Aboriginal art are rising steeply, as is the case for works by black artists in South Africa.

The South African fine art community of collectors and investors may be a distant hemisphere away from the elite of Europeâ??s summer worldwide tour that began in Venice Biennale this year. However, analysts predict that the steady upward curve in the world’s fine art market that began in 2002 will continue to push prices through the roof. One of Europe most elite social scenes began their quest from Venice, where fleets of private jets took collectors to the Basel Art exhibitions, following onto Documenta in Kassel and finishing their pursuit by raiding Sothebys in London.

Sale of contemporary art works reached unprecedented heights at auction. The event saw Francis Bacon’s self portrait sell for a record $40m, twice its reserve price. Later Claude Monetâ??s Nympheas went for a staggering $37m and one of the artist’s Waterloo Bridge paintings which was expected to sale at auction for $14m fetched an astounding $34m.

Upward market trends in the southern hemisphere?

The intensifying upward trend in the world’s fine art market has also been felt in the now not so distant southern hemisphere. Australiaâ??s contemporary art market which is considered comparable with South Africaâ??s has also seen record sales at public exhibitions and auction events. Fine art works by modern Australian artists are snapped up for around $3.5m, whereas the highest price fetched by a South African Artist is around $1m. That was for JH Pierneefâ??s Dar es Salaam that changed hands at Bernardiâ??s sale in Pretoria. However experts predict that there is no reason why South African Artists canâ??t sell their fine artwork for comparable prices.

South Africaâ??s Masters have topped records in domestic SA auctions

Some of South Africaâ??s Masters have topped records in domestic SA auctions. An oil by Maggie Laubser, Sailing Boat on Lake Guarda, signed and dated 1921, sold for R220,000 (USD31,000), topping values for her works of that period. The highest price at the Fine Arts Auction was paid for a Sekoto, Home Coming, signed and dated 1974, which was knocked down for R820,000 (USD117,000). This was followed by the R680,000 (USD97,000) paid for an oil by Laubser, The Slopes of Table Mountain verso Portrait of a Hiker. An oil by George Pemba, Musicians, signed and dated 1990, sold for R200,000 (USD28,000), and an oil by JEA Volschenk, The Giants of the Zwaartberg Range, signed and dated 1920, attained a hammer price of R125,000 (USD18,000). More was paid for oil by Adriaan Boshoff, Cattle and Herdboy, which fetched R300,000 (USD43,000).

A director of the auction house says â??Art market trends tend to follow the property market which is currently very buoyant. The public have the resources and more wealth, and hence more money is available for investment in art, which has shown better returns than the stock exchange in the past three yearsâ?

Contemporary South African Fine Artworks Gain International Respect

South Africans’ cultural heritage and art has gained international respect recently because of recognition received by artists like Zwelethu Mthethwa, William Kentridge, Marlene Dumas. Galleries and museums have developed a distinct, strongly-growing market locally and around the world. Northern Europeans often are surprised when they find out that the bright colour abstract paintings were created by an African artist. In general art collectors and gallery owners still associate African art with wooden statues and masks. Few people appreciate that African artists finish art school and have a growing impact and are represented throughout the international art circuit. An interesting observation is that prices for Aboriginal art are rising steeply, as is the case for works by black artists in South Africa.