China MediaExpress Holdings, Inc. Appoints Deloitte & Touche LLP as Independent Auditors; Adds New Independent Director to It...
11 December 2009 - 3:49AM
Business Wire
China MediaExpress Holdings, Inc. (NYSE Amex: TMI; TMI/U;
TMI/WS) (“CME” or “Company”), China’s largest television
advertising operator on inter-city express buses, today announced
that effective December 4, 2009, the Audit Committee of its Board
of Directors had appointed Deloitte Touche Tohmatsu in Hong Kong
("DTT") as the Company's new independent auditor, replacing the
firm of AJ. Robbins P.C.
The appointment of DTT was made after an extensive evaluation
process by CME’s Audit Committee. The decision to change auditors
was not the result of any disagreement between the Company and AJ.
Robbins on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure.
In addition, the Board of Directors has approved the appointment
of Mr. Yingshou Huang as an independent director of the Board. By
the same board meeting, the Board of Directors confirmed the
reformation of its Audit Committee, Nominating and Corporate
Governance Committee and a Compensation Committee as described in
the proxy statement circulated to stockholders in connection with
its recent business combination with TM Entertainment and
Media.
The Company also announced that its stock will begin trading on
the NYSE Amex under its new symbols CCME (common stock), CCME.WS
(warrants), and CCME.U (units) at the open of business on December
14, 2009. The symbol change reflects the Company's previously
announced name change and receipt of approval of its re-application
to the NYSE Amex to maintain listing after the business
combination.
About CME
CME, through contractual arrangements with Fujian Fenzhong, an
entity majority owned by CME’S former majority shareholder,
operates the largest television advertising network on inter-city
express buses in China. While CME has no direct equity ownership in
Fujian Fenzhong, through the contractual agreements CME receives
the economic benefits of Fujian Fenzhong’s operations. Fujian
Fenzhong generates revenue by selling advertisements on its network
of television displays installed on over 20,000 express buses
originating in fourteen of China’s most prosperous regions,
including the five municipalities of Beijing, Shanghai, Guangzhou,
Tianjin and Chongqing and nine economically prosperous provinces,
namely Guangdong, Jiangsu, Fujian, Sichuan, Hebei, Anhui, Hubei,
Shandong and Shanxi which generate more than half of China’s
GDP.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 (the
“Securities Act”), as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Forward-looking statements include, but are not limited to
statements regarding expectations, hopes, beliefs, intentions or
strategies regarding the future. In addition, any statements that
refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements in this report may include, for example,
statements about:
- The Company’s goals and
strategies;
- The Company’s future prospects
and market acceptance of its advertising network;
- The Company’s future business
development, financial condition and results of operations;
- Projected changes in revenues,
costs, expense items, profits, earnings, and other estimated
financial information;
- The Company’s ability to manage
the growth of its existing advertising network on inter-city
express buses and expansion to prospective advertising network on
high speed railways;
- Trends and competition in the
out-of-home advertising media market in China;
- Changes in general economic and
business conditions in China; and
- Chinese laws, regulation and
policies, including those applicable to the advertising
industry.
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