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Tiger Media, Inc Announces Divestiture Of SearchMedia International Limited Subsidiary


Saturday, 5 Jan 2013 09:35am EST 

Tiger Media, Inc announced the divestiture of its SearchMedia International Limited subsidiary. As part of the transaction, SearchMedia International Limited (SMIL) will be divested to Partner Venture Holdings Limited (“Partner”), an independent third party private limited company, in exchange for 650,000 options of Tiger Media at $1.25 per share. As part of the transaction, Partner will pursue the collection of all receivables and all claims for SMIL, for the benefit of Tiger Media and share 50% of any receivables, net proceeds, awards or judgments from any claims or lawsuits brought about by SMIL entities; provided, however, 100% of any sale proceeds from the sale or transfer of any of the SMIL subsidiaries will accrue to Tiger Media. Included in the divestiture of SMIL are the subsidiaries, Ad Icon Hong Kong Limited, Beijing Wanshuizhiyuan Advertising Co., Ltd. and Shanghai Botang Advertising Co., Ltd subsidiaries. 

Company Quote

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19 Dec 2014