BEIJING, June 26 /Xinhua-PRNewswire-FirstCall/ -- XFMedia (the "Company"; Nasdaq: XFML), a leading media group in China, today announced the purchases of the Company's American depository shares (ADSs) in the open market in a manner compliant with applicable U.S. securities regulations by CEO Fredy Bush as well as independent directors David Olson, Larry Kramer, David Green and John Springer.
Ms. Bush purchased 50,000 ADSs at an average price of $2.25 on 23 June, 2008. Mr. Olson purchased 100,000 ADSs at an average price of $2.63 on various dates between 27 May, 2008 and 20 June, 2008. Mr. Kramer purchased 15,000 ADSs at an average price of $ 2.57 on 12 June, 2008, in addition to the 10,000 ADSs purchased at an average price of $2.20 on 17 March 2008. Mr. Green purchased 7,600 ADSs at an average price of $2.63 on 16 June, 2008. Mr. Springer purchased 4,000 ADSs at an average price of $2.57 on 16 June, 2008. Following these transactions, Ms. Bush, Mr. Olson, Mr. Kramer, Mr. Green and Mr. Springer respectively hold 4,649,166, 100,000, 25,000, 7,600, and 4,000 ADSs. Each ADS represents two common shares of the Company.
"XFMedia has grown rapidly since we went public last year, establishing a strong and unique China media platform," said CEO Ms. Bush. "It is our view that the stock is undervalued at these levels. We as individuals have bought shares to reflect both our commitment to the business and our optimism about its future prospects."
"We are working on continued improvement of our margins and building our existing business, while continuing to look for good acquisition prospects that will further enhance our bottom line," Ms. Bush added.
About Xinhua Finance Media
Xinhua Finance Media ("XFMedia"; Nasdaq: XFML) is a leading media group in China with nationwide access to the upwardly mobile demographic. Through its synergistic business groups, Broadcast, Print and Advertising, XFMedia offers a total solution empowering clients at every stage of the media process and connecting them with their target audience. Its unique platform covers a wide range of media assets, including television, radio, newspaper, magazine, outdoor, online and other media assets.
Headquartered in Beijing, the company has offices and affiliates in major cities of China including Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong. For more information, please visit http://www.xfmedia.cn .
Safe Harbor Statement
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," "confident" and similar statements. Among other things, quotations from management in this announcement contain forward-looking statements. Statements that are not historical facts, including statements about XFMedia's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statements. Potential risks and uncertainties include, but are not limited to, risks outlined in XFMedia's filings with the U.S. Securities and Exchange Commission, including its securities report on Form 20 F. All information provided in this press release is as of the date hereof, and XFMedia undertakes no duty to update such information, except as required under applicable law.
