BEIJING, Jan. 13, 2017 /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
announced that its Board of Directors and Audit Committee have
approved the appointment of BDO China Shu Lun Pan Certified Public
Accountants LLP ("BDO China") as the Company's independent
auditors, effective January 11,
2017.
The decision to appoint BDO China was made after careful
consideration by the Board of Directors, the Audit Committee and
management of the Company and approved by the Board of Directors
and the Audit Committee. During the two fiscal years ended
December 31, 2014 and 2015, there
were no (1) disagreements with Deloitte Touche
Tohmatsu ("Deloitte") on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or
procedures, which disagreements if not resolved to their
satisfaction would have caused them to make references in
connection with their opinion to the subject matter of the
disagreement, or (2) reportable events. The audit reports of
Deloitte on the Company's consolidated financial statements for the
fiscal years ended December 31, 2014
and 2015 did not contain any adverse opinion or disclaimer of
opinion nor were they qualified or modified as to uncertainty,
audit scope or accounting principles, except that the report for
the year ended December 31, 2015
included an explanatory paragraph regarding the substantial doubt
about the Company's ability to continue as a going concern and an
explanatory paragraph regarding the retrospective adjustments to
reflect discontinued operations.
Mr. Johnson Chou, Financial
Controller of VisionChina Media commented, "With BDO China team's
significant experience working with publicly traded companies,
large local presence and its well-established reputation, we
believe that BDO China is well qualified to become our independent
auditors. We look forward to a constructive and professional
relationship with BDO China."
BDO China Shu Lun Pan Certified Public Accountants LLP is an
established accounting firm in China and currently has over 8,000 employees,
including more than 2,000 certified public accountants. BDO China
provides audit and related services for a wide range of clients
including large stated-owned enterprises, banks and securities
companies, futures brokerage companies, insurance companies, trusts
and funds and overseas listed companies.
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,
2016, VisionChina Media's advertising network included
approximately 58,365 digital television displays on mass
transportation systems in 14 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 25 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 35,000 buses under the brand name "VIFI," spanning over 15
million commuters and providing over 6 million Wi-Fi service
sessions per day.
For more information, please
visit http://www.visionchina.cn.
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
Mr. Ross Warner
The Piacente Group, Inc.
Tel: +86 (10) 6535-0149
E-mail: visionchina@tpg-ir.com
In the United
States:
Mr. Alan
Wang
The Piacente Group, Inc.
Tel: +1 212-481-2050
E-mail: visionchina@tpg-ir.com
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SOURCE VisionChina Media Inc.
