BEIJING, April 30 /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 that it has expanded its exclusive agency agreement with Guangzhou Metro TV Media Company ("GMTM") in Guangzhou to allow the inclusion of both national and Guangzhou-based businesses as advertisers on the Company's network in Guangzhou.
In April 2008, GMTM granted VisionChina Media the right to operate advertising business with national advertisers on subways in the city of Guangzhou as well as on the platforms that service the city's subway system. In April 2009, GMTM granted VisionChina Media the additional right to operate advertising business with local advertisers on subways in the city of Guangzhou as well as on the platforms that service the city's subway system for a period of two years, beginning May 1, 2009. The Company's subway network in Guangzhou included 5,363 screens by the end of the first quarter of 2009, including 5 large LED screens that VisionChina Media operates at the major intersection platforms of the Guangzhou subway system.
Mr. Limin Li, VisionChina Media's chairman and chief executive officer, said, "With two-thirds of China's advertising dollars spent in Tier 1 cities, strategically, Guangzhou remains a very important part of our national network. Guangzhou has a large and attractive pool of local advertisers, and the new agreement allows us the flexibility to bring advertisements from both local and national advertisers to Guangzhou's subways and subway platforms. Our extensive network allows our strong and expanding base of national and local advertisers to connect with China's growing middle class through well-targeted and cost-effective advertising placed between live broadcasts of content that commuters enjoy. We are excited about the valuable opportunities presented by our increased operations in Guangzhou, and with the city hosting the upcoming 2010 Asian Games we look forward to leveraging the experience gained from our success during the 2008 Beijing Olympic Games."
Guangzhou, the capital city of Guangdong province has 10 million residents and will host the 16th Asian Games from November 12-27, 2010. Approximately 1.5 million people ride the Guangzhou subway each day and 75% percent of subway platforms and stations are located in major business centers and densely populated areas in the city, allowing companies who advertise on VisionChina Media's network to reach large audiences. According to official national statistical data, Guangzhou's GDP reached RMB821.6 billion (approximately US$120.1 billion) in 2008.
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, 2009, VisionChina Media's advertising network included 81,690 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 .
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 or media inquiries, please contact:
In China:
Mrs. Helen Plummer
Investor Relations Officer
VisionChina Media, Inc.
Tel: +86-10-8418-7475
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
