BEIJING, July 22, 2016 /PRNewswire/ -- VisionChina Media
Inc. ("VisionChina Media" or the "Company") (Nasdaq:
VISN), China's largest out-of-home digital television and
advertising network on mass transportation systems and the leading
provider of urban mass transit Wi-Fi, today provided an update on
the proposed sale of the Company's subway mobile TV advertising
business to Ledman Optoelectronic Co., Ltd. ("Ledman")("the
Transaction"), a company listed on the Shenzhen Stock Exchange
("SSE") (stock code: 300162).
On July 22, 2016, Ledman advised the Company that it had
submitted to the China Securities Regulatory
Commission ("CSRC"), an application for suspension of the
Transaction pending uncertainties surrounding government regulatory
policies pertaining to foreign-listed Chinese companies relisting
in China's domestic stock
market.
Consummation of the Transaction remains subject to requisite
approvals of the relevant parties and regulatory clearance by the
CSRC. There is no assurance that these approvals and the regulatory
clearance will be obtained within any expected time frame, or can
be obtained at all.
For further details of the Transaction, please refer to public
announcements made by Ledman, which are available at
www.sse.com.cn, the official website of the SSE.
About VisionChina Media Inc.
VisionChina Media Inc. (Nasdaq: VISN) operates an out-of-home
advertising network on mass transportation systems, including buses
and subways. As of September 30,
2015, VisionChina Media's advertising network included
approximately 97,757 digital television displays on mass
transportation systems in 18 of China's economically prosperous cities,
including Beijing, Guangzhou and Shenzhen, as secured by exclusive agency
agreements or joint venture contract. VisionChina Media has the
ability to deliver real-time, location-specific broadcasting,
including news, stock quotes, weather and traffic reports, and
other entertainment programming.
In addition, VisionChina Media, through its consolidated
affiliate Qianhai Mobile, has secured exclusive concession rights
for bus Wi-Fi services in 30 cities across China, including Shanghai, Shenzhen, Guangzhou and Tianjin, covering approximately 80,000 buses.
Currently, Qianhai Mobile provides free Wi-Fi Internet services on
over 30,000 buses under the brand name "VIFI," with approximately
10 million registered users. For more information, please visit
http://www.visionchina.cn.
About Ledman Optoelectronic Co., Ltd.
Ledman Optoelectronic Co., Ltd., a professional and leading
manufacturer in China LED industry
listed on the Shenzhen Stock Exchange (300162.SZ), is committed to
developing, manufacturing and marketing high quality, high
brightness LED components, energy efficient LED lighting products,
and indoor & outdoor LED displays. Ledman's core business
covers LED display, LED lighting, LED components, LED energy saving
and LED media.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates" and similar statements.
Among other things, the quotations from management in this press
release contain forward-looking statements. Such statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
Further information regarding these and other risks is included in
the Company's filings with the U.S. Securities and Exchange
Commission, including its registration statement on Form F-1 and
its annual report on Form 20-F. The Company does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
For investor and media inquiries, please contact:
In China:
Ms.
Shuning Yi
Investor Relations Department
VisionChina Media Inc.
Tel: +86 134-2090-9426
E-mail: shuning.yi@visionchina.cn
In the United
States:
The Piacente Group, Inc.
Mr. Don Markley
Tel: +1 212-481-2050
E-mail: visionchina@tpg-ir.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/visionchina-media-provides-update-on-sale-of-subway-mobile-tv-advertising-business-300302645.html
SOURCE VisionChina Media Inc.
