BEIJING, April 28, 2016 /PRNewswire/ -- China Digital TV Holdings co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services,and Hubei Radio & Television Information Network (SZSE: 000665) ("Hubei Radio & Television"), a state-owned company engaged in the planning, design, construction, management, operation, development and application of radio and TV information networks in Hubei province, today announced that they have signed a Strategic Cooperation Agreement to develop and promote Virtual Reality solutions for household TV subscribers in China's Hubei Province.
With the rapid development of virtual technology, virtual reality ("VR") and augmented reality ("AR") are beginning to make their way into people's everyday lives. As an entirely new display technology, VR has the potential to disrupt many industries and revolutionize the way people consume content, play video games, compute, learn and interact. Recognizing this immense opportunity, the Company and Hubei Radio & Television will pool resources and leverage their strategic advantages to develop VR technologies, and deploy an integrated VR ecosystem. Under the agreement, China Digital TV will provide technical services related to the research and development of VR technologies and the establishment of the integrated VR platform; while Hubei Radio & Television will assume responsibility for the planning, construction and operation of the VR platform. Ultimately, the two parties plan to leverage their combined resources and expertise to introduce the end-to-end VR technology and platform to digital TV subscribers in Hubei for household consumption.
About China Digital TV
Founded in 2004, China Digital TV enables television network operators to manage, extend and diversify content services across households and public areas in China. China Digital TV is the leading provider of cloud-based application platforms and network broadcasting platform services to Chinese cable operators, helping them to effectively bring mobile gaming apps and other entertainment options to household television sets, and extend cable programming outside the home to any mobile device. China Digital TV is also the leading provider of CA systems in China's digital television market. CA systems enable television network operators to secure the delivery of content to their subscribers. The Company cooperates with nearly all of China's cable television operators.
For more information please visit the Investor Relations section of China Digital TV's website at http://ir.chinadtv.cn.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States 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. 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.
For investor and media inquiries, please contact:
China Digital TV Holding Co., Ltd.
Investor Relations Manager
Tel: +86-10-6297-1199 x 9780
Tel: +1 (646) 328-1950
SOURCE China Digital TV Holding Co., Ltd.