BEIJING, May 25, 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
announced that on May 20, 2016 it
received a notification letter (the "Notification Letter") from The
Nasdaq Stock Market, Inc. (the "NASDAQ") indicating that the
Company is not in compliance with Nasdaq Listing Rule 5250(c)(1)
because it did not timely file its annual report on Form 20-F for
the fiscal year ended December 31, 2015 ("2015 Form 20-F") with the
Securities and Exchange Commission (the "SEC").
As previously reported, the Company is unable to complete and
file its 2015 Form 20-F timely because it needs additional time to
prepare and review its consolidated financial statements as of and
for the year ended December 31, 2015
and notes thereto, as well as to complete the assessment of the
effectiveness of its internal controls over financial
reporting.
The Notification Letter provides that the Company has until
July 19, 2016 to submit a plan with
the NASDAQ to regain compliance. The Company is working
diligently to complete the work necessary to file the 2015 Form
20-F and intends to file such report with the SEC as soon as
practicable.
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.
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
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SOURCE VisionChina Media Inc.