Xinhua Finance Media Appoints New Director to Audit Committee and Retains Protiviti Inc. for SOX Compliance

BEIJING, Nov. 6 /Xinhua-PRNewswire/ -- Xinhua Finance Media ("XFMedia"; Nasdaq: XFML), China's leading diversified financial and entertainment media company, today announced that its Board of Directors has appointed independent director Mr. Steve Richards to its Audit Committee, joining existing members, Mr. Aloysius T. Lawn, committee chairman, and Mr. John Springer, committee member. Moreover, the Company also announced that it has retained Protiviti Inc., a leading independent organization dedicated exclusively to risk consulting and internal auditing, to provide consulting services related to the Company's Sarbanes-Oxley Section 404 compliance efforts.

Mr. Steve Richards currently is COO of Silver Pictures, a film production company founded by film producer Joel Silver and affiliated with Warner Bros., and co-president of Dark Castle Entertainment, a division of Silver Pictures. Prior to these positions, he had been CFO of Silver Pictures since 1996 and took a number of finance or controller positions in other companies, public and private, with a focus on the entertainment industry. Mr. Richards obtained his CPA in 1992 after working for Arthur Andersen in Los Angeles. He holds an MBA from UCLA's Anderson School and a BA in accounting from Temple University.

Photo link: http://www.xinhuafinancemedia.com/SteveRichards

Mr. Steve Richards said, "I am privileged to join the Board of a company with such an impressive track record, potential for growth, and strong positioning in the marketplace. Coming from the financial side of the entertainment industry, I look forward to the opportunity to apply my knowledge of finance and accounting in an effort to help XFMedia reach its objectives for growth and expand its range of services."

"On behalf of the Board, I would like to express our appreciation to Mr. Richards for taking more responsibilities at the Board level. His CFO experience and qualified finance background will be of great value to our Audit Committee as well as the company itself," said Ms. Fredy Bush, Chairman and CEO of XFMedia. "The strengthened composition of the board and its committee, combined with the engagement of Protiviti, will boost our continued efforts to ensure we meet a high standard of corporate governance."

Protiviti Inc. is one of the leading providers of independent risk consulting services working with companies on Sarbanes-Oxley compliance efforts. Protiviti has served a number of Chinese companies listed on NASDAQ and NYSE.

  Notes to Editors
  Biography of Mr. Steve Richards


Mr. Steve Richards is COO of Silver Pictures, a film production company founded by film producer Joel Silver and affiliated with Warner Bros., and co- president of Dark Castle Entertainment, a division of Silver Pictures. Formerly CFO of Silver Pictures, Mr. Richards began his relationship with Joel Silver and Silver Pictures in 1995.  He was instrumental in developing the $450 million business plan for Dark Castle and in forging a financial partnership with CIT Group Inc., which will finance the production of 15 films over the next six years.  Mr. Richards began his career in film production and distribution as controller for the International Movie Group, a publicly listed company.  Subsequently, he helped launch Scott Free, a production company founded by renowned directors Ridley and Tony Scott.

Mr. Richards obtained his CPA in 1992 after working for Arthur Andersen in Los Angeles with a focus on the entertainment industry. He holds an MBA from UCLA's Anderson School and a BA from Temple University.

About Protiviti Inc.

Protiviti is a leading provider of independent internal audit and business and technology risk consulting services. Protiviti helps clients identify, assess and manage financial, operational and technology-related risks encountered in their industries, and assist in the implementation of the processes and controls to enable continued monitoring. Protiviti also offer a full spectrum of internal audit services to assist management and directors with their internal audit functions, including full outsourcing, co-sourcing, technology and tool implementation, and quality assessment and readiness review.

Protiviti employs more than 3,000 professionals in 60 locations throughout the Americas, Asia-Pacific and Europe.  The name Protiviti represents professionalism, integrity and independence.

Protiviti is a wholly owned subsidiary of Robert Half International (RHI), a $4.0 billion public company and a member company of the S&P 500 index.

About Xinhua Finance Media Limited

Xinhua Finance Media ("XFMedia"; Nasdaq: XFML) is China's leading diversified financial and entertainment media company targeting high net worth individuals nationwide. The company reaches its target audience via TV, radio, newspapers, magazines and other distribution channels. Through its five synergistic business groups, Advertising, Broadcast, Print, Production and Research, XFMedia offers a total solution empowering clients at every stage of the media process and keeping people connected and entertained.

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.xinhuafinancemedia.com/ .

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 registration statement on Form F-1. 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.

  For more information, please contact:

   Xinhua Finance Media
   Joy Tsang
   Tel:   [phone]
   Email: 

DATASOURCE: Xinhua Finance Media Limited



CONTACT:  Joy Tsang of Xinhua Finance Media, [phone], or

 



Web Site:  http://www.xinhuafinancemedia.com/

http://www.xinhuafinancemedia.com/SteveRichards 

Copyright