VisionChina Media Receives Deficiency Letter from NASDAQ Due to Delay in Filing Annual Report on Form 20-F
BEIJING, May 20, 2013 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), one of China's largest out-of-home digital television advertising networks on mass transportation systems, today announced that on May 16, 2013, the Company received a letter (the "Letter") from NASDAQ Stock Market LLC ("NASDAQ") indicating that it was not in compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c)(1). The Letter, which the Company expected, was issued in accordance with NASDAQ procedures because the Company did not file its annual report on Form 20-F for the year ended December 31, 2012 with the Securities and Exchange Commission by the extended May 15, 2013 deadline.
Pursuant to the NASDAQ listing standards, the Company has 14 calendar days, or until May 30, 2013, to submit a plan to NASDAQ to regain compliance with the NASDAQ Listing Rules, and if NASDAQ accepts the Company's plan of compliance, NASDAQ may grant an extension of up to 180 calendar days from the due date of the annual report on Form 20-F, or until November 12, 2013, to regain compliance with the continued listing rules. If NASDAQ determines that the Company's plan is not sufficient to regain compliance, NASDAQ will send written notice of such decision, and the Company may appeal the decision to a NASDAQ Hearings Panel.
The Company plans to submit a plan to NASDAQ by May 30, 2013 to show that the Company will be able to return to compliance with the NASDAQ Listing Rules. The Company is still in the process of confirming the availability of certain loans that would affect its sources of liquidity, which could have an effect on the audit opinion from the Company's independent auditors. The Company is working diligently on this matter and intends to file its annual report on Form 20-F as soon as practicable.
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 December 31, 2012, VisionChina Media's advertising network included 108,567 digital television displays on mass transportation systems in 19 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. 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
VisionChina Media Inc.
Mr. Colin Wang
Investor Relations Director
VisionChina Media Inc.
Tel: +86 135-1001-0107
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE VisionChina Media Inc.