FUZHOU, China, Sept. 17 /PRNewswire-Asia/ -- China Yida Holding Company (Nasdaq: CNYD) ("China Yida" or the "Company"), a leading diversified entertainment enterprise in China, today announced it has retained SEC AuditPrep Limited ("SEC AuditPrep") to assist the Company in the implementation of Sarbanes-Oxley Section 404 ("SOX 404") compliance effective on September 13, 2010.
"We are pleased to announce our cooperation with SEC AuditPrep to improve our internal processes to comply with SOX 404 requirements. They will provide us with independent internal control risk consulting, and we feel privileged to benefit from their knowledge and experience in this area," commented Dr. Minhua Chen, China Yida's Chairman and Chief Executive Officer. "Our engagement of SEC AuditPrep reflects our commitment to establish best practices in corporate governance and financial reporting which we believe will create value for our shareholders."
SEC AuditPrep is a Corporate Financial Services Company based both in Hong Kong and the United States. It provides clients with SOX 404 Compliance, Financial Reporting Process, SEC Regulatory Reporting and Financial Advisory Services.
About China Yida
China Yida is a leading diversified entertainment enterprise focused on China's fast-growing media and tourism industries and headquartered in Fuzhou City, Fujian province of China. The Company's media business provides operations management services; including channel, column and advertisement management for television station, presently the Fujian Education Television Station ("FETV", a top-rated provincial education television channel), and "Journey through China on the Train" (an advertisement-embedded travel program, currently the only on-board media program from third party authorized by Ministry of Railways). Additionally, the Company provides tourism management services, and specializes in the development, management and operation of natural, cultural and historic scenic sites. China Yida currently operates the Great Golden Lake tourist destination (Global Geopark, including Golden Lake, Shangqing River, Zhuanyuan Rock, Luohan Mountain and Taining Old Town), Hua'An Tulou tourist destination (World Culture Heritage, including Dadi Tulou cluster and the Shangping Tulou cluster). It is also developing four other tourism projects, including China Yunding tourist destination (National Park, including Colorful Rock Valley, Yunding Paradise, Yunding Waterfall, South Heavenly Mountain, and Seven Star Lake), the Ming Dynasty Entertainment World, China Yang-sheng (Nourishing Life) Paradise and the City of Caves. The Company's operating scenic sites are over 300 square kilometers in area. For further information, please contact the Company directly, or visit its Web site at http://www.yidacn.net .
Forward-Looking Statements
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of China Yida Holding Co., Inc. (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement; (ii) the Company's ability to build and maintain the management team, and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) the Company's ability to comply with Sarbanes-Oxley Section 404; (iv) competitive factors and developments beyond the Company's control; and (v) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov.
For more information, please contact:
China Yida Holdings
George Wung, CFO
Phone: +1-909-843-6358
Email: ir@yidacn.net
CCG Investor Relations
Crocker Coulson, President
Phone: +1-646-213-1915
Ed Job, CFA
Phone: +-86-21-3133-5075
Email: ed.job@ccgir.com
