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Share Name | Share Symbol | Market | Type |
---|---|---|---|
China Mediaexpress Holdings, Inc. | AMEX:TMI | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
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:
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