BEIJING, Oct. 20 /PRNewswire-Asia/ -- VisionChina Media Inc. ("VisionChina" or the "Company") (Nasdaq: VISN), one of China's largest out-of-home digital television advertising networks on mass transportation systems, today announced the renewal and extension of its exclusive contract with Hangzhou New & Mobile Media to continue operation of the Company's mobile digital television advertising network on buses and ferries in Hangzhou, the capital city of China's Zhejiang province.
The new three-year contract will commence on January 1, 2010 and grants VisionChina the exclusive right to operate mobile television advertising on all public buses and ferries covered by the mobile television network operated by Hangzhou New & Mobile Media. The Hangzhou network currently features 3,425 buses and 101 ferries reaching approximately 3 million viewers each day.
Commenting on the Company's successful bid in Hangzhou, Mr. Limin Li, VisionChina Media's chairman and chief executive officer, said, "The successful renewal of our contract in Hangzhou clearly demonstrates the capability of our executive development team and is further proof that our excellent track record makes us the partner of choice for local digital broadcast companies in China's most prosperous cities. The new contract, which includes all Hangzhou buses and ferries equipped to receive real-time digital broadcasts, will continue to allow us to satisfy our clients' demand to reach the Hangzhou market. The contract also extends our operational rights, allowing us to place advertisements on behalf of all industries and further expand our roster of clients that advertise in Hangzhou."
According to the Hangzhou Bureau of Statistics, in 2008 Hangzhou ranked 8th in terms of GDP among all cities in China with a total GDP of RMB 478 billion, or approximately US$75 billion. The city has a population of over 7.9 million residents.
About VisionChina Media, Inc.
VisionChina Media Inc. (Nasdaq: VISN) operates an out-of-home advertising network on mass transportation systems, including buses and subways that reaches over 40 million viewers each day in China, according to CTR Market Research. As of June 30, 2009, VisionChina Media's advertising network included 82,349 digital television displays on mass transportation systems in 18 of China's economically prosperous cities, including Beijing, 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 .
For investor and media inquiries, please contact:
In China:
Mrs. Helen Plummer
Investor Relations Officer
VisionChina Media Inc.
Tel: +86-139-1167-2124
Email: helen.plummer@visionchina.cn
Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-6284
Email: derek.mitchell@ogilvy.com
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: jessica.cohen@ogilvypr.com
