BEIJING, July 14 /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 the renewal and extension of its exclusive contract with Beijing's subway system. The renewal and extension of the contract, which was entered into with Beijing All Media and Culture Group Metro TV, enables the Company to continue to operate its subway mobile digital television and advertising network in Beijing on an exclusive basis for the next five years.
"The renewal and extension of this contract is an exciting achievement for VisionChina Media and a critical next step for the Company," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer. Mr. Li continued, "Together with the completion of our acquisition of Digital Media Group earlier this year, this contract helps to solidify our leadership position on subway systems nationally. Our seamlessly integrated below-ground subway and above-ground bus mobile television advertising network enables our advertising clients to reach tens of millions of urban commuters daily. In addition, we believe that the value of our mobile television advertising network will be further enhanced as local and national government authorities continue to promote the use of environmentally friendly mass transportation systems."
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 March 31, 2010, VisionChina Media's advertising network included 123,592 digital television displays on mass transportation systems in 23 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 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:
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
