BEIJING, Feb 23, 2017 /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 Gobi Fund, Gobi Fund II, L.P. and Gobi Ventures,
Inc., who are former shareholders of Digital Media Group ("Former
DMG Shareholders") filed a petition in the Grand Court of the
Cayman Islands, the Company's
jurisdiction of organization, to request an order to wind up the
Company. The hearing of the winding up petition has been scheduled
on March 2, 2017.
The Company is currently in consultation with legal counsel to
resolve this issue, and day-to-day operations in China continue its normal course of business.
The Company will provide updates to the public as appropriate. For
further information regarding circumstances related to the Former
DMG Shareholders, please refer to the Company's Annual Report on
Form 20-F for 2015, which can be accessed on the Investor Relations
section of the Company's website at
http://www.visionchina.cn as well as on the SEC's website at
https://www.sec.gov.
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.
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
Mr. Ross Warner
The Piacente Group, Inc.
Tel: +86 (10) 5730-6200
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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/visionchina-media-receives-petition-from-former-dmg-shareholders-300412765.html
SOURCE VisionChina Media Inc.
