NEW YORK, Oct. 29, 2012 /PRNewswire/ -- Oak Investment Partners and Gobi Partners issued the following statement today in response to a press release issued last week by VisionChina Media Inc. (Nasdaq: VISN):
"VisionChina's most recent press release is a clumsy attempt to obscure its own misconduct.
"The New York Supreme Court dismissed VisionChina's fraud claims against our firms a year ago, on Nov. 3, 2011, and concluded: '... it is plain that Visionchina is unable to maintain a viable cause of action for fraud.' Despite the Court having considered and dismissed VisionChina's allegations, the company attempted to revive its fraud claims in its Oct. 24, 2012 press release by rehashing false allegations against us.
"VisionChina's press release is another step in its desperate campaign to avoid its contractual obligation to pay the remaining purchase price owed to us for the acquisition of a promising digital media company. VisionChina has blatantly ignored the Court's most recent order to transfer $60 million into New York State by Aug. 21, 2012, so we recently filed a motion asking the Court to hold VisionChina in contempt. We will continue to pursue this case to its just conclusion."
SOURCE Oak Investment Partners and Gobi Partners