VisionChina Media Announces Closing of Baidu-led Financing for Qianhai Mobile
Baidu representative joins VisionChina's board of directors
BEIJING, June 10, 2015 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), China's largest out-of-home digital television advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced the closing of the previously disclosed US$11.5 million Series A equity transaction for Shenzhen Qianhai VisionChina Mobile Interactive Co., Ltd. ("Qianhai Mobile"), a consolidated affiliate [1] of the Company. Over 90% of the transaction proceeds have been received from investors pursuant to the Series A purchase agreement. Qianhai mobile is now valued at over US$100 million.
VisionChina Media also announced that, with the closing of the transaction, Mr. Zhen Xiong, Baidu's vice general manager of mobile application distribution, joins the Company's board of directors. Mr. Xiong has more than 10 years of experience in the Internet sector, including senior positions at Xunlei Limited as well as Baidu's MP3 and video search business.
"We are delighted to successfully close the financing transaction with Baidu and additional top-tier private equity investors, and to welcome Mr. Zhen Xiong to our board of directors," said Mr. Limin Li, VisionChina Media's Chairman and Chief Executive Officer. "We look forward to Mr. Xiong's insights as we continue to grow our mass transit-based Wi-Fi network and provide an enhanced user experience for bus commuters across China."
| [1] Qianhai Mobile is a subsidiary of VisionChina Media Group Co., Ltd, the Company's consolidated variable interest entity. |
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 March 31, 2015, VisionChina Media's advertising network included 96,985 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:
In China:
Ms. Shuning Yi
Investor Relations Department
VisionChina Media Inc.
Tel: +86-134-2090-9426
E-mail: [email protected]
In the United States:
The Piacente Group, Inc.
Mr. Glenn Garmont
Tel: +1-212-481-2050
E-mail: [email protected]
SOURCE VisionChina Media Inc.
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