SHANGHAI, China, Jan. 2 /Xinhua-PRNewswire/ -- Focus Media Holding Limited (Nasdaq: FMCN), China's largest digital media group, today announced that it has completed its acquisition of CGEN Technology Company Limited.
In accordance with the share purchase agreement entered into on December 10, 2007, Focus Media made a cash payment of US$168,437,500 to the CGEN shareholders and the CGEN shareholders delivered 100% of the equity interest in CGEN to Focus Media. With this acquisition, Focus Media has significantly expanded coverage of its digital advertising displays in large chain stores in China.
About Focus Media Holding Limited
Focus Media Holding Limited (Nasdaq: FMCN) is China's leading
multi-platform digital media company, operating the largest out-of-home advertising network in China using audiovisual digital displays, based on the number of locations and number of flat-panel television displays in our network, and is also a leading provider of mobile handset advertising and Internet marketing solutions in China. Through Focus Media's multi-platform digital advertising network, the company reaches urban consumers at strategic locations and point-of-interests over a number of media formats, including audiovisual television displays in buildings and stores, advertising poster frames and other new and innovative media, such as outdoor light-emitting diode or LED digital billboard, mobile handset advertising networks and Internet advertising platforms. As of September 30, 2007, Focus Media's digital out-of-home advertising network had approximately 95,398 LCD display in its commercial location network, approximately 43,315 LCD displays in its in-store network and 170,605 advertising in-elevator poster frames, installed in over 90 cities throughout China, and approximately 200 outdoor LED billboard displays in Shanghai. For more information about Focus Media, please visit our website at ir.focusmedia.cn.
SAFE HARBOR: FORWARD-LOOKING STATEMENTS
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" and similar statements. Among other things, the Business Outlook section and quotations from management in this press release, as well as Focus Media's strategic and operational plans, contain forward-looking statements. Focus Media may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 20-F and 6-K., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Focus Media's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in Focus Media's filings with the U.S. Securities and Exchange Commission, including its registration statements on Form F-1, F-3, F-6 and 20-F, in each case as amended, as well as risks related to Focus Media's ability to integrate CGEN's operations into its own; the state of and any change in Focus Media's and CGEN's relationships with their major customers. Focus Media does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
