BEIJING, Sept. 30 /PRNewswire-Asial/ -- China Mass Media Corp. ("China Mass Media" or the "Company") (NYSE: CMM), a leading television advertising company in China, today announced that its board of directors has approved a share repurchase program.
Under the terms of the approved program, China Mass Media may repurchase up to US$6.0 million worth of its issued and outstanding American Depositary Shares ("ADSs"). Any repurchase will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block trades, pursuant to a 10b5-1 plan or otherwise in compliance with applicable laws. The timing and extent of any repurchases will depend upon market conditions, the trading price of ADSs and other factors, and be subject to the restrictions relating to volume, price and timing under applicable laws, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended. China Mass Media expects to implement this share repurchase program over the next 12 months in a manner consistent with market conditions and the interest of the shareholders. China Mass Media's board of directors will review the share repurchase program periodically and may authorize adjustments of its terms and size accordingly. China Mass Media plans to fund repurchases made under this program from available cash balances.
Mr. Shengcheng Wang, Chairman and Chief Executive Officer of China Mass Media, commented, "We are pleased that our Board approved this new share repurchase program as it reflects confidence in the future growth of our business and our ongoing commitment to increase shareholder value. The company's healthy balance sheet and strong operating cash flows will allow it to both implement this program, and to invest in other projects in order to achieve future growth and maximize value for our shareholders."
About China Mass Media Corp.
As a leading television advertising company in China, China Mass Media provides a full range of advertising services, including advertising agency services, creative production services, public service announcement sponsorship services, and other value added services. The Company currently offers approximately 482 minutes of advertising time slots per day on CCTV Channels 1, 2, 4, E and F. CCTV is the largest television network in China. The Company has produced over 380 advertisements and has won a number of prestigious awards in China and across the world, including the "Gold World Medal" at The New York Festivals(R) International Television & Film Awards.
For further information, contact:
China Mass Media International Advertising Corp.
China Mass Media
Julie Sun
Vice President of Corporate Development
Tel: +86-10-8809-1050
Email: juliesun@chinammia.com
Christensen
Beijing:
Tip Fleming
Tel: +852-9212-0684
Email: tfleming@ChristensenIR.com
United States:
Linda Bergkamp
Tel: +1-480-614-3004
Email: lbergkamp@christensenIR.com
