China Cablecom Provides Update on Hubei Assets
16 October 2009 - 1:11AM
PR Newswire (US)
The Company beats internal forecast of 190,000 digital subscribers
by year-end; revises guidance upward to 250,000 SHANGHAI, Oct. 15
/PRNewswire-FirstCall/ -- China Cablecom Holdings, Ltd. ("China
Cablecom" or the "Company") (NASDAQ:CABL) (NASDAQ:CABLW) (NASDAQ:
CABLU), today provided an update on forecasted digital subscriber
count for year ending December 31, 2009. The Company originally set
an internal goal of 190,000 digital subscribers by the end of 2009
and as of today, has already surpassed the target by 11%. The
Company is revising its guidance to 250,000 digital subscribers for
year-end. Total paying subscribers of the 23 operating networks in
Hubei is currently 1.16 million, including 210,000 digital
subscribers, reflecting the acceleration in digital conversion.
"Last week we announced a Company milestone with the consummation
of our debt restructurings and new financing," says Pu Yue, Chief
Executive Officer of China Cablecom. "As a result we had the
flexibility to fulfill our remaining payment obligations to our
Hubei joint venture and make a significant repayment to our note
holders. Our assets in Hubei are undergoing an aggressive digital
conversion and continue to organically expand a subscriber base at
approximately 8 to 10 percent year-over-year. Our digitalization
growth has driven the increase of our total revenues and ARPU by 18
to 20 percent compared to last year, corresponding to the
convergence of affluence and increase in consumer demand. Given our
current progress for 2009, we now have an objective for reaching
250,000 digital subscribers by year-end. We expect the second half
of 2009 to reap the advantages of this major value inflection."
About China Cablecom China Cablecom is a joint-venture provider of
cable television services in the People's Republic of China,
operating in partnership with a local state-owned enterprise
("SOE") authorized by the PRC government to control the
distribution of cable TV services through the deployment of analog
and digital cable services. China Cablecom has consummated the
acquisition of a 55 percent economic interest in a cable network in
Hubei province with paying subscribers exceeding 1,100,000. The
Company originally acquired operating rights of the Binzhou
Broadcasting network in Binzhou, Shandong Province in September
2007 by entering into a series of asset purchase and services
agreements with a company organized by SOEs, owned directly or
indirectly by local branches of State Administration of Radio, Film
and Television in five different municipalities to serve as a
holding company of the relevant businesses. China Cablecom now
operates 28 cable networks with over 1.67 million paying
subscribers. China Cablecom's strategy is to replicate the
acquisitions by operating partnership models in other
municipalities and provinces in the PRC and then introducing
operating efficiencies and increasing service offerings in the
networks in which it operates. Safe Harbor Statement The matters
discussed in this press release contain "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements contained in this
presentation and in the Company's other written and oral reports
are based on current Company expectations and are subject to
numerous risks, uncertainties and assumptions, Any forward-looking
statements are not guarantees of future performance and actual
results of operations, financial condition and liquidity.. The
forward-looking statements herein speak only as of the date stated
herein and might not occur or the actual results may differ
materially in light of these risks, uncertainties, and assumptions.
The Company undertakes no obligation and disclaims any obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise. You should carefully consider these factors, as well as
the additional risk factors outlined in the filings that the
Company makes with the U.S. Securities and Exchange Commission,
including the Annual Report on Form 20-F filed on July 15, 2009.
CONTACT: China Cablecom Holdings, Ltd. Debra Chen Phone:
917.499.8129 Email: http://www.chinacablecom.net/ DATASOURCE: China
Cablecom Holdings, Ltd. CONTACT: Debra Chen, China Cablecom
Holdings, Ltd., +1-917-499-8129, Web Site:
http://www.chinacablecom.net/
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