Acorn International Announces Extraordinary General Meeting of Shareholders

SHANGHAI, March 30, 2015 /PRNewswire/ -- Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company"), a media and branding company in China engaged in developing, promoting and selling products through extensive direct and distribution networks, today announced an extraordinary general meeting of shareholders of the Company will be held at 10:00 a.m., local time, on May 4, 2015 (the "EGM") at the offices of O'Melveny & Myers LLP, 37/F, Tower 1, Plaza 66, 1266 Nanjing Road West, Shanghai 200040, People's Republic of China to consider and, if thought fit, to pass and approve the following resolution:

• as an ordinary resolution:
  
  to remove Mr. Don Dongjie Yang as a director of the Company;
  to remove Mr. Charlie Shiqiang Ban as a director of the Company;
  to remove Mr. Steve Xiaodi Sun as a director of the Company;
  to remove Mr. Liang Lu as a director of the Company;
  
• as an ordinary resolution:
  to appoint Mr. David Leung as a director of the Company;
  to appoint Mr. Cosimo Borrelli as a director of the Company;
  to appoint Mr. David Naphtali as a director of the Company; and
  
• as a special resolution:
  to amend the Articles of Association of the Company by the addition of a new Article 58A to permit the requisition of general meetings by shareholders holding not less than 30% of the issued and outstanding shares of the Company, and to amend existing Article 58 as a consequence of the proposed new Article 58A.
  
  (collectively, the " Proposals").

The Company will transact no other business at the EGM, except for business properly brought before the EGM or any adjournment or postponement thereof.

Only holders of ordinary shares as of the close of business in the Cayman Islands on March 30, 2015 are entitled to receive notice of, and will be entitled to vote, in person at the EGM or by proxy on, the Proposal. Holders of the Company's American depositary shares, each representing three ordinary shares (the "ADSs"), as of the close of business in New York City on March 30, 2015, cannot vote at the EGM directly, but may instruct Citibank, N.A. as the depositary for the Company's ADS program (the "Depositary") and the holder of the ordinary shares underlying the ADSs how to vote the ordinary shares represented by their ADSs by giving voting instructions to the Depositary in the form and in the manner provided by the Depositary.

Cautionary Statement Concerning Forward Looking Statements

This news release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. These forward-looking statements involve inherent risks and uncertainties that may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks and uncertainties is included in the Company's filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this announcement represent the Company's views as of the date of this announcement. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this announcement.  

About Acorn International, Inc.

Acorn is a media and branding company in China, operating TV direct sales businesses, other direct sales platforms and a nationwide distribution network. Acorn's TV direct sales platform consists of airtime purchased from both national and local channels. Acorn's other direct sales platforms include outbound telemarketing centers, e-commerce websites, and catalogs. Acorn has built a proven track record of developing, promoting and selling proprietary-branded products, as well as products from established third parties. For more information, please visit http://ir.chinadrtv.com.

SOURCE Acorn International, Inc.

Related Links

http://www.chinadrtv.com