BEIJING, Nov. 27, 2014 /PRNewswire/ -- China Digital
TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the
"Company"), the leading provider of conditional access ("CA")
systems and comprehensive services to China's expanding digital television market,
today provided a further update regarding the progress of the
Company's asset restructuring (the "Restructuring"), as referred to
in press releases dated June 13,
October 7, and October 27, 2014, respectively.
As announced in a press release dated November 27, 2014, at an extraordinary general
meeting of China Digital TV, shareholders of China Digital TV
approved the sale of the Company's CA, network broadcasting
platform and video-on-demand businesses through the sale of a 100%
equity interest in its indirectly wholly-owned subsidiary, Beijing
Super TV Co., Ltd. ("Super TV"), to Shanghai Tongda Venture Capital
Co., Ltd. ("Tongda Venture"), as contemplated by a share transfer
agreement dated October 9, 2014 (as
amended and supplemented by a supplementary agreement dated
October 27, 2014, the "Share Transfer
Agreement"), and adopted and approved the Share Transfer Agreement
and the transactions contemplated thereby, as well as certain
ancillary agreements (the "Ancillary Agreements") in connection
therewith and the transactions contemplated thereby.
Tongda Venture has informed the Company that its shareholders
approved the transaction contemplated by the Share Transfer
Agreement and the Ancillary Agreements at Tongda Venture's
extraordinary general meetings of shareholders held today.
The Restructuring remains subject to
review and approval by relevant regulatory authorities,
including the China Securities Regulatory Commission and the PRC
Ministry of Commerce. The Company
will update the market with further details as appropriate. The
Restructuring is expected to be subject to close scrutiny by the
regulators amid increasingly stringent standards for similar
transactions. There is no assurance that these approvals or
regulatory clearance will be obtained within an expected timeframe,
or at all. The Restructuring will terminate if it has not been
completed by December 31, 2015.
Safe Harbor Statements
This announcement contains 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.
Such forward-looking statements are made under the "safe harbor"
provisions of the 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," "may," "should" and
similar expressions. Such forward-looking statements include,
without limitation, comments by management in this announcement
about trends in the CA systems, digital television, cable
television and related industries in the PRC and China Digital TV's
strategic and operational plans and future market positions. China
Digital TV may also make forward-looking statements in its periodic
reports filed with the Securities and Exchange Commission, in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about China Digital TV's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from
projections contained or implied in any forward-looking statement,
including but not limited to the following: competition in the CA
systems, digital television, cable television and related
industries in the PRC and the impact of such competition on prices,
our ability to implement our business strategies, changes in
technology, the progress of the television digitalization in the
PRC, the structure of the cable television industry or television
viewer preferences, changes in PRC laws, regulations or policies
with respect to the CA systems, digital television, cable
television and related industries, including the extent of non-PRC
companies' participation in such industries, and changes in
political, economic, legal and social conditions in the PRC,
including the government's policies with respect to economic
growth, foreign exchange and foreign investment.
Further information regarding these and other risks and
uncertainties is included in our annual report on Form 20-F and
other documents filed with the Securities and Exchange Commission.
China Digital TV does not assume any obligation to update any
forward-looking statements, which apply only as of the date of this
press release.
About China Digital TV
Founded in 2004, China Digital TV is the leading provider of CA
systems and comprehensive services to China's expanding digital television market.
CA systems enable television network operators to manage the
delivery of customized content and services to their subscribers.
China Digital TV conducts substantially all of its business through
its PRC subsidiary, Beijing Super TV Co., Ltd., and its affiliate,
Beijing Novel-Super Digital TV Technology Co., Ltd., as well as
subsidiaries of its affiliate.
For more information please visit the Investor Relations section
of China Digital TV's website at http://ir.chinadtv.cn.
About Tongda Venture
Shanghai Tongda Venture Capital
Co., Ltd. (Ticker: 600647) was founded in 1992 and is listed on the
Shanghai Stock Exchange. Cinda Investment Co. Ltd. is currently
Tongda Venture's largest shareholder. Shanghai Tongda's business
covers high- and new-technology investment, industrial investment
and asset management, agricultural development, operation and
domestic trade, and food production and sales.
For investor and media inquiries related to China
Digital TV, please contact:
In China:
Nan Hao
Investor Relations Manager
Tel: +86-10-6297-1199 x 9780
Email: ir@chinadtv.cn
Brunswick Group
Tel: +86-10-5960-8610
Email: chinadigital@brunswickgroup.com
In the U.S.:
Brunswick Group
Tel: +1-212-333-3810
Email: chinadigital@brunswickgroup.com
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visit:http://www.prnewswire.com/news-releases/china-digital-tv-provides-update-on-asset-restructuring-300002017.html
SOURCE China Digital TV Holding Co., Ltd.