SHANGHAI, Nov. 11 /PRNewswire-FirstCall/ -- China Cablecom Holdings, Ltd.
("China Cablecom" or the "Company") (Nasdaq: CABL) (Nasdaq: CABLW) (Nasdaq:
CABLU), a joint-venture provider of cable television services in the People's
Republic of China (PRC), announced a series of broadband development
agreements between 7 of its joint venture subsidiaries and Hubei Unicom, a
provincial subsidiary of China Unicom, for its broadband development network
in the Hubei province.
The broadband development agreements are follow-on executions of a strategic
alliance framework agreement between Hubei Unicom and Hubei General Radio &
Television Stations, the major shareholder of the Hubei SOE (Hubei Chutian
Radio & Television Information Network Co., Ltd.) which occurred in early
October. Pursuant to the agreement, both companies will participate in
developing broadband capabilities as Hubei General Radio & Television Stations
will contribute its content sources to develop 3G mobile phone and internet
services in collaboration with Hubei Unicom.
This agreement ensures unlimited access to broadband bandwidth, significant
enhancement of network reliability, strong customer service platform and
scalability of connection services within the Hubei regions. As of today, 7 of
the Company's 23 cable networks, representing over half of Hubei's total
subscriber base, have secured such agreements.
"We believe that the timing of this partnership is exceptional as we continue
to grow and establish a solid footprint in the world's largest broadband and
television market by measure of subscribers. Broadband services have created
opportunities for the Company to expand our service portfolio and contribute
to our rapid ARPU growth. We view this as a long-term partnership with one of
the most successful service providers in China," says Pu Yue, Chief Executive
Officer of China Cablecom Holdings. "As a result, we believe that China
Cablecom is receiving more favorable purchasing power in broadband bandwidth
on a wider scale and will be expected to build efficiencies implemented by
Hubei Unicom's customer management, billing and service system for its
broadband customers."
About China Cablecom
China Cablecom is a joint-venture provider of cable television services in the
People's Republic of China, operating in partnership with a local state-owned
enterprise ("SOE") authorized by the PRC government to control the
distribution of cable TV services through the deployment of analog and digital
cable services. China Cablecom has consummated the acquisition of a 55 percent
economic interest in a cable network in Hubei province with paying subscribers
exceeding 1,100,000. The Company originally acquired operating rights of the
Binzhou Broadcasting network in Binzhou, Shandong Province in September 2007
by entering into a series of asset purchase and services agreements with a
company organized by SOEs, owned directly or indirectly by local branches of
State Administration of Radio, Film and Television in five different
municipalities to serve as a holding company of the relevant businesses. China
Cablecom now operates 28 cable networks with over 1.67 million paying
subscribers. China Cablecom's strategy is to replicate the acquisitions by
operating partnership models in other municipalities and provinces in the PRC
and then introducing operating efficiencies and increasing service offerings
in the networks in which it operates.
Safe Harbor Statement
The matters discussed in this press release contain "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements contained in this presentation and in the
Company's other written and oral reports are based on current Company
expectations and are subject to numerous risks, uncertainties and assumptions,
Any forward-looking statements are not guarantees of future performance and
actual results of operations, financial condition and liquidity. The
forward-looking statements herein speak only as of the date stated herein and
might not occur or the actual results may differ materially in light of these
risks, uncertainties, and assumptions. The Company undertakes no obligation
and disclaims any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise. You should carefully consider these factors, as well as the
additional risk factors outlined in the filings that the Company makes with
the U.S. Securities and Exchange Commission, including the Annual Report on
Form 20-F filed on July 15, 2009.
CONTACT:
China Cablecom Holdings, Ltd.
Debra Chen
Phone: 917.499.8129
Email: debra@chinacablecom.net
SOURCE China Cablecom Holdings, Ltd.
Debra Chen of China Cablecom Holdings, Ltd., +1-917-499-8129,
debra@chinacablecom.net
