China Mass Media Corp. Announces Shareholders' Approval of the Merger Agreement
BEIJING, Nov. 2, 2012 /PRNewswire/ -- China Mass Media Corp., incorporated in the Cayman Islands ("CMM" or the "Company") (PINK: CMMCY), a television advertising company in China, announced today that, at an extraordinary general meeting held on October 31, 2012, the Company's shareholders voted in favor of the proposal to approve the previously announced agreement and plan of merger dated August 6, 2012, among the Company, China Mass Media Holdings Limited ("Parent"), a Cayman Islands company beneficially owned by Mr. Shengcheng Wang, CMM Holdings Limited ( "Merger Sub"), a company wholly owned by Parent, and Mr. Shengcheng Wang, pursuant to which Merger Sub will be merged with and into CMM with CMM surviving the merger as a wholly owned subsidiary of Parent. Of the ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 99.8% were voted in favor of the proposal to approve the merger agreement and plan of merger and the transactions contemplated thereby.
The parties expect to complete the merger as soon as practicable, as a result of which completion CMM will become a privately held company wholly owned by Parent and CMM's American depository shares will no longer be traded on the over-the-counter market commonly referred to as "pink sheets", and the American Depositary Shares program for the ADSs will be terminated.
About China Mass Media Corp.
As a television advertising company in China, the Company provides a full range of advertising services, including advertising agency services, creative production services, public service announcement sponsorship services, and other value added services.
China Mass Media Corp.
6/F, Tower B, Corporate Square,
35 Finance Street Xicheng District
P. R. China
SOURCE China Mass Media Corp.