BEIJING, Aug. 31, 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 August 30, 2016 it
received a notification letter (the "Notification Letter") from The
Nasdaq Stock Market, Inc. (the "NASDAQ") informing the Company that
NASDAQ has granted the Company an exception to Nasdaq Listing Rule
5250(c)(1) (the "Rule") to enable the Company to regain compliance
with the Rule.
As previously reported, the Company received a notification
letter on May 20, 2016 from NASDAQ
that the Company is not in compliance with the Rule because the
Company 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").
The Notification Letter states that the Company must file the
2015 Form 20-F on or before September 20,
2016. In the event the Company does not satisfy such
deadline, the NASDAQ staff will provide written notification that
the Company's securities will be delisted. The Company is working
diligently to complete the work necessary to file the 2015 Form
20-F and expects to file such report with the SEC on or before
September 20, 2016.
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:
VisionChina Media, Inc.
Investor Relations Department
Ms. Shuning Yi
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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visit:http://www.prnewswire.com/news-releases/visionchina-media-receives-further-nasdaq-notice-300320622.html
SOURCE VisionChina Media Inc.
