BEIJING, Dec. 29, 2016 /PRNewswire/ -- VisionChina Media
Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN),
China's largest out-of-home
digital television advertising network on mass transportation
systems and the leading provider of urban mass transit Wi-Fi, today
announced that it has obtained shareholder voting for all matters
submitted for approval at the Company's 2016 annual general meeting
held in Hong Kong on December 29, 2016.
The following resolution proposed by the Company was rejected by
VisionChina Media's shareholders:
Ratification the appointment of Marcum
Bernstein & Pinchuk LLP ("Marcum BP") as the independent
auditors of the Company for the fiscal year ending December 31, 2016.
While the appointment of Marcum BP had previously been
recommended by the Company's audit committee and board of
directors, the Company and Marcum BP were unable to agree on
certain commercial terms of the engagement after further discussion
between the parties. The appointment was therefore rejected by the
Company's shareholders. The Company's audit committee will direct
the appointment of a different independent auditing firm as soon as
practicable.
Materials related to the annual general meeting of shareholders,
including the proxy statement, are available through the Company's
website at http://www.visionchina.cn.
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,
2016, VisionChina Media's advertising network included
approximately 58,365 digital television displays on mass
transportation systems in 14 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 25 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 35,000 buses under the brand name "VIFI," spanning over 15
million commuters and providing over 6 million Wi-Fi service
sessions per day.
For more information, please visit
http://www.visionchina.cn.
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
Mr. Ross Warner
The Piacente Group, Inc.
Tel: +86 (10) 6535-0149
E-mail: visionchina@tpg-ir.com
In the United
States:
Mr. Alan Wang
The Piacente Group, Inc.
Tel: +1 212-481-2050
E-mail: visionchina@tpg-ir.com
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SOURCE VisionChina Media Inc.
