BEIJING, Dec. 30, 2016 /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 that it has obtained shareholder voting for all matters submitted for approval at the Company's 2016 annual general meeting held in Hong Kong on December 29, 2016.
The following resolution proposed by the Company was rejected by VisionChina Media's shareholders:
Ratification the appointment of Marcum Bernstein & Pinchuk LLP ("Marcum BP") as the independent auditors of the Company for the fiscal year ending December 31, 2016.
While the appointment of Marcum BP had previously been recommended by the Company's audit committee and board of directors, the Company and Marcum BP were unable to agree on certain commercial terms of the engagement after further discussion between the parties. The appointment was therefore rejected by the Company's shareholders. The Company's audit committee will direct the appointment of a different independent auditing firm as soon as practicable.
Materials related to the annual general meeting of shareholders, including the proxy statement, are available through the Company's website at http://www.visionchina.cn.
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 September 30, 2016, VisionChina Media's advertising network included approximately 58,365 digital television displays on mass transportation systems in 14 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.
In addition, VisionChina Media, through its consolidated affiliate Qianhai Mobile, has secured exclusive concession rights for bus Wi-Fi services in 25 cities across China, including Shanghai, Shenzhen, Guangzhou and Tianjin, covering approximately 80,000 buses. Currently, Qianhai Mobile provides free Wi-Fi Internet services on over 35,000 buses under the brand name "VIFI," spanning over 15 million commuters and providing over 6 million Wi-Fi service sessions per day.
For more information, please visit http://www.visionchina.cn.
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: shuning.yi@visionchina.cn
Mr. Ross Warner
The Piacente Group, Inc.
Tel: +86 (10) 6535-0149
E-mail: visionchina@tpg-ir.com
In the United States:
Mr. Alan Wang
The Piacente Group, Inc.
Tel: +1 212-481-2050
E-mail: visionchina@tpg-ir.com
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