BEIJING, April 29, 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 filed a Form 12b-25 (the "Form 12b-25") with the U.S. Securities and Exchange Commission to extend the due date by fifteen days for filing its annual report on Form 20-F for the fiscal year ended December 31, 2015 (the "2015 Form 20-F"), and disclose certain preliminary unaudited financial results for the fiscal year ended December 31, 2015.
The Company is unable to file its 2015 Form 20-F on or before the prescribed due date of May 2, 2016, as it needs additional time to prepare and review its consolidated financial statements as of and for the year ended December 31, 2015 and notes thereto, as well as to complete the assessment of the effectiveness of its internal control over financial reporting. The Company's management anticipates that the 2015 Form 20-F will be filed on or before May 16, 2016.
As disclosed in the Form 12b-25, while the Company has not yet finalized its consolidated financial statements as of and for the year ended December 31, 2015 to be included in the Form 20-F, nor the other disclosures required therein as of the date hereof, it anticipates the following significant changes in results of operations from the last fiscal year will be reflected in the consolidated financial statements to be included in the Form 20-F. The Company estimates that revenues for the year ended December 31, 2015 were approximately in the range of $78.5 million to $79.5 million, a decrease of approximately 24.4% to 23.4% from the year ended December 31, 2014. The decrease was primarily a result of the Company's termination of certain unprofitable exclusive concession contracts related to advertisements in mass transportation systems. The Company estimates that net loss attributable to its shareholders for the year ended December 31, 2015 was approximately in the range of $19.3 million to $19.9 million, compared with a net loss attributable to shareholders of $31.1 million in 2014. The decrease in net loss attributable to shareholders was primarily a result of the Company's termination of certain unprofitable exclusive concession contracts related to advertisements in mass transportation systems.
The financial data presented above are subject to revision based upon the completion of the Company's consolidated financial statements as of and for the year ended December 31, 2015.
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.
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:
Ms. Shuning Yi
Investor Relations Department
VisionChina Media Inc.
Tel: +86 134-2090-9426
In the United States:
The Piacente Group, Inc.
Mr. Don Markley
Tel: +1 212-481-2050
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SOURCE VisionChina Media Inc.