BEIJING, Sept. 6, 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 it has been informed by Ledman Optoelectronic Co.,
Ltd. ("Ledman") that the proposed purchase of 49% equity interests
in the Company's subway mobile TV advertising business (the
"Transaction") by Ledman was approved at the Ledman shareholders'
meeting on September 5, 2016.
As previously announced on August 22,
2016, the Company's consolidated variable interest entity,
VisionChina Media Group Co., Ltd. ("VisionChina Media Group")
entered into a new equity transfer agreement (the "Equity Transfer
Agreement") and a new profit compensation agreement with Ledman in
connection with the Transaction.
The Company expects to consummate the Transaction in the fourth
quarter 2016. The consummation of the Transaction remains subject
to the other conditions provided in the Equity Transfer Agreement.
There is no assurance that all of such conditions will be satisfied
within the expected time frame, or at all.
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.
About Ledman Optoelectronic Co., Ltd.
Ledman Optoelectronic Co., Ltd., a professional, leading
manufacturer in the Chinese LED industry and listed on the Shenzhen
Stock Exchange (300162.SZ), is committed to developing,
manufacturing and marketing high-quality, high-brightness LED
components, energy efficient LED lighting products, and indoor and
outdoor LED displays. Ledman's core business covers LED display,
LED lighting, LED components, LED energy saving and LED media.
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.