FUJIAN, China--(Business Wire)--
China MediaExpress Holdings, Inc. (NYSE Amex: TMI; TMI/U; TMI/WS) ("CME" or the
"Company") today announced that it has repurchased and retired a total of 1.9
million of its publicly-traded warrants in a private transaction, for an
aggregate purchase price of $950,000 ($0.50 per warrant). The repurchase of
these warrants, which represent approximately 19% of all of CME`s
publicly-traded warrants, was made pursuant to a warrant repurchase agreement
dated October 12, 2009, which was amended on November 1, 2009. All of the terms
of the remaining publicly-traded warrants remain the same.
Zheng Cheng, CME`s Founder and CEO, noted, "We believe it to be in the long-term
interest of our shareholders to repurchase and retire these warrants thereby
eliminating the dilution that would have occurred in the event these warrants
were exercised."
About CME
CME, through contractual arrangements with Fujian Fenzhong, an entity majority
owned by CME`S former majority shareholder, operates the largest television
advertising network on inter-city express buses in China. While CME has no
direct equity ownership in Fujian Fenzhong, through the contractual agreements
CME receives the economic benefits of Fujian Fenzhong`s operations. Fujian
Fenzhong generates revenue by selling advertisements on its network of
television displays installed on over 18,000 express buses originating in
thirteen of China`s most prosperous regions, including the five municipalities
of Beijing, Shanghai, Guangzhou, Tianjin and Chongqing and eight economically
prosperous provinces, namely Guangdong, Jiangsu, Fujian, Sichuan, Hebei, Anhui,
Hubei and Shandong which generate nearly half of China`s GDP.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 (the "Securities Act"), as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Forward-looking statements include, but are not limited to
statements regarding expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "continue," "could," "estimate," "expect," "intend,"
"may," "might," "plan," "possible," "potential," "predict," "project," "should,"
"would" and similar expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements in this report may include, for example, statements
about the Company`s:
* Success in retaining or recruiting, or changes required in, management or
directors following the acquisition;
* Public securities` limited liquidity and trading;
* The delisting of the Company`s securities from the NYSE Amex or an inability
to have the Company`s securities listed on the NYSE Amex following a business
combination;
* The Company`s goals and strategies;
* The Company`s future prospects and market acceptance of its advertising
network;
* The Company`s future business development, financial condition and results of
operations;
* Projected changes in revenues, costs, expense items, profits, earnings, and
other estimated financial information;
* The Company`s ability to manage the growth of its existing advertising network
on inter-city express buses and expansion to prospective advertising network on
high speed railways;
* Trends and competition in the out-of-home advertising media market in China;
* Changes in general economic and business conditions in China; and
* Chinese laws, regulation and policies, including those applicable to the
advertising industry.
China MediaExpress
Jacky Lam
Chief Financial Officer
jackylam@mediaexpress.com.hk
or
Investor Relations:
The Equity Group Inc.
Lena Cati, 212-836-9611
lcati@equityny.com
or
Linda Latman, 212-836-9609
llatman@equityny.com
Copyright Business Wire 2009
