BEIJING, Sept. 30, 2011 /PRNewswire-Asia/ -- Ku6 Media Co., Ltd., (Nasdaq: KUTV) ("Ku6" or the "Company"), a leading Internet television company in China, announced today that it agreed to redeem senior convertible bonds of US$50,000,000 from Shanda Interactive Entertainment Limited (Nasdaq: SNDA) ("Shanda").
Ku6 issued to Shanda US$50,000,000 of senior convertible bonds at face value on June 29, 2011. The bonds were to mature in three years after issuance and will bear an interest of 3% per annum, payable semi-annually. Based on the working capital position of the Company, Ku6 agreed to redeem the bonds on September 30, 2011 at its issue price.
The redemption and the relevant transaction agreements have been approved by the board of directors of Ku6 and a special committee comprised of three independent directors.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (Nasdaq: KUTV) is a leading Internet television company in China. Through its two premier online brands and online video websites, www.ku6.com and www.juchang.com, Ku6 provides video information services and entertainment in China.
As a leading online video portal, www.ku6.com provides a video platform for sharing and watching user-generated content. It also provides online video reports and other interactive entertainment programs for its users. For more information about Ku6, please visit http://ir.ku6.com.
This news release may contain statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "believes," "could," "expects," "may," "might," "should," "will," or "would," and by similar statements. The accuracy of these statements may be affected by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: continued competitive pressures in China's internet video and audio portal market; changes in technology and consumer demand in this market; the risk that Ku6 Media may not be able to control its expenses in future periods; changes in the policies in China or the laws governing the operations and content of internet video and audio portal websites; the success of Ku6 Media's ability to sell brand advertising and other services on its websites; and other risks outlined in Ku6 Media's (and the former Hurray!'s) filings with the Securities and Exchange Commission, including the Company's (filed as Hurray!) annual report on Form 20-F. Ku6 Media does not undertake any obligation to update this forward-looking information, except as required under law.
SOURCE Ku6 Media Co., Ltd.