BEIJING, Dec. 13, 2010 /PRNewswire-Asia-FirstCall/ -- Xinhua Sports & Entertainment Limited ("XSEL" or the "Company";Nasdaq: XSEL), a leading sports and entertainment group in China, today announced the shareholders' resolutions adopted at its annual general meeting held in Beijing.
XSEL shareholders adopted the following resolutions proposed by the Company:
- Approval of the election of Hsu Shan-Ko to serve on the board of directors until his successor is duly elected or appointed.
- Approval of the amendments to the Company's Share Option and Share Grant Plan to i) increase the reserved pool by an additional 30,000,000 shares and ii) allow for the exercise price of the issued options to be adjusted at the discretion of the Compensation Committee.
For more detailed information regarding these resolutions, please review the Notice of 2010 Annual General Meeting posted at the website http://www.xsel.com/en/investor-relations/ir-calendar/.
XSEL is a leading sports and entertainment media company in China. Catering to a vast audience of young and upwardly mobile consumers, XSEL is well-positioned in China with its unique content and access. Through its key international partnerships, XSEL is able to offer its target audience the content they demand – premium sports and quality entertainment. Through its Chinese partnerships, XSEL is able to deliver this content across a broad range of platforms, including television, the Internet, mobile phones, cinema, university campuses and other multimedia assets in China. Along with its in-house advertising resources, XSEL offers a total solution empowering clients at every stage of the media process linking advertisers with China's young and upwardly mobile demographic.
Headquartered in Beijing, the Company has offices and affiliates in major cities throughout China including Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong. Xinhua Sports & Entertainment Limited shares are listed on the NASDAQ Global Market (NASDAQ: XSEL). For more information, please visit www.xsel.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of 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," ''confident'' and similar statements. Among other things, any quotations from management in this announcement contain forward-looking statements. Statements that are not historical facts, including statements about XSEL's beliefs and expectations are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statements. Potential risks and uncertainties include, but are not limited to, risks outlined in XSEL's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. All information provided in this press release is as of the date hereof, and XSEL undertakes no duty to update such information, except as required under applicable law.
SOURCE Xinhua Sports & Entertainment Limited