BEIJING, December 30, 2011 /PRNewswire-Asia/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), one of China's largest out-of-home digital television advertising networks on mass transportation systems, today announced changes to the Company's board of directors. Mr. Arthur Wong and Mr. Daniel Shih have been appointed as independent directors and Ms. Xisong Tan's independent director agreement was renewed. Ms. Tan will continue to be an independent director of the Company's board of directors. Mr. Wong, Mr. Shih and Ms Tan will make up the audit committee of the board of directors and Mr. Arthur Wong has been appointed chairman of audit committee. The Company also announced that Mr. William Decker and Ms. Yunli Lou have stepped down from their positions as independent directors following the expirations of their current tenures but both have agreed to act as senior consultants to the Company.
Mr. Limin Li, chairman and chief executive officer of VisionChina Media commented, "I would like to thank Ms. Tan for her continued dedication to VisionChina Media and welcome Mr. Wong and Mr. Shih to the board as independent directors. The collective extensive experience of these three professionals will undoubtedly bring significant value to the Company. At the same time, we are grateful to Mr. Decker and Ms. Lou for their service to VisionChina Media as independent directors and look forward to their continued contributions in their new roles as senior consultants."
Mr. Arthur Wong has served as chief financial officer of GreenTree Inns Hotel Management Group, Inc. ("GreenTree") since February 2011. He has also served as an independent non-executive director of Besunyen Holding Company Limited, a company listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 926) since July 2010. From June 2008 to December 2009, he was chief financial officer of Asia New Energy Holding Pte. Ltd., and from March 2010 to November 2010, he was chief financial officer of Nobao Renewable Energy Holdings Limited. From 1982 to 2008, Mr. Wong worked for Deloitte Touche Tohmatsu, in Hong Kong, San Jose and Beijing over various periods of time, most recently as a partner in the Beijing office. Mr. Wong received bachelor's degree in applied economics from the University of San Francisco and a higher diploma of accountancy from Hong Kong Polytechnic University. He is a member of the American Institute of Certified Public Accountants and the Hong Kong Institute of Certified Public Accountants.
Mr. Daniel Shih has served as deputy chairman and group strategy officer at Stella International Holdings Limited, a company listed on the Main Board of the Hong Kong Stock Exchange (Stock code: 1836) since May 2008. His main responsibilities there include business strategy, leadership development and retail business operations. From October 2006 to April 2008, Mr. Shih served as chairman of PepsiCo (China) Investment Ltd., and president of the China region for PepsiCo's Beverages Business Unit, where he was responsible for managing joint-ventures, mergers and acquisitions and day-to-day operations for the unit. From 2003 to 2006, Mr. Shih was president of Motorola (China) Electronic Ltd., where he was responsible for setting, managing and executing on the growth strategy for Motorola in China. Mr. Shih received a master of science in electrical engineering from the University of Cincinnati in 1977 and a bachelor of science in electrical engineering from Tatung Institute of Technology in 1974. In January 2008, Mr. Shih received an honorary doctorate in commerce from the University of West Alabama in the United States and was elected vice chairman of the United World Chinese Association. He is a frequent guest speaker at MBA and EMBA programs at Beijing University, Tsinghua University and Nankai University.
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, 2011, VisionChina Media's advertising network included 136,777 digital television displays on mass transportation systems in 20 of China's economically prosperous cities, including Beijing, Shanghai, Guangzhou and Shenzhen. VisionChina Media has the ability to deliver real-time, location-specific broadcasting, including news, stock quotes, weather and traffic reports, and other entertainment programming. For more information, please visit http://www.visionchina.cn.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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 quotations from management in this press release contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1 and its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Mr. Colin Wang
Investor Relations Director
VisionChina Media Inc.
Tel: +86-135-1001-0107
Email: colin.wang@visionchina.cn
Mrs. Helen Plummer
Investor Relations Adviser
VisionChina Media Inc.
Tel: +86-139-1167-2124
Email: helen.plummer@visionchina.cn
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
E-mail: jessica.cohen@ogilvy.com
