China Cable and Communic... (CE) (USOTC:CCCI)
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China Cable and Communication, Inc. Issues Demand Letter to
Berlin Stock Exchange for Immediate Delisting
Company Says Stock Was Listed on Exchange Without Its Prior Knowledge, Consent
and Authorization
BEIJING, June 3 /PRNewswire-FirstCall/ -- China Cable and Communication, Inc.
(OTC:CCCI) (BULLETIN BOARD: CCCI) , a leading China-based cable TV company,
today announced that to protect its shareholders, it has sent a letter to the
Berlin-Bremen Stock Exchange demanding immediate delisting. The Company's
shares were listed on the Exchange without its prior knowledge, consent or
authorization.
The Berlin-Bremen Stock Exchange listings, which include numerous U.S. publicly
traded companies, appear to expose the stock of listed companies, such as China
Cable and Communication, to the possibility of "naked short selling." This
practice can force the price of a stock down through the selling of
non-existent shares of stock.
"As soon as we learned of this listing, we notified our SEC counsel to proceed
with whatever steps are necessary to delist our stock from the Berlin- Bremen
Exchange," said Gareth Tang, President of China Cable and Communication. "We
believe the delisting is in the best interest of our shareholders."
About China Cable and Communication
China Cable and Communication, Inc. is a China-based cable TV company. Through
its British Virgin Island subsidiary, the Company is the first foreign company
to own and operate a cable television network in China.
Located 85 miles south of Beijing, the network currently offers 39 channels
within the Baoding city limits and eight additional channels to outer areas in
the Baoding metropolitan area. It transmits in both analog and digital over its
fiber optic network and through 22 substations. With its fiber optic network,
Baoding network is capable of transmitting 37 analog television programs, six
digital signals and one FM music program. In addition to its cable television
transmission services, Baoding network offers Internet access and value added
services, such as broadband Internet access and on- demand services through our
proprietary set-top boxes.
China Cable and Communication is well positioned as a foreign investor approved
by The State Administration of Radio, Film and Television ("SARFT"), China's
national regulatory authority for the broadcasting industry, to own interests
in and provide operational management support to cable television networks in
the People's Republic of China (PRC). The SARFT approval together with the
trading of CCCI's common stock in the US, provide CCCI with a favorable
advantage in access to foreign capital. China Cable and Communication, Inc.
trades in the United States, under the ticker symbol CCCI, in order to provide
U.S. investors with the opportunity to invest in a company that own interests
in a PRC cable television network. For more information, please visit
http://www.chinacable.us/.
For Additional Information Please Contact:
Dara Podber
Managing Director of Friedland Capital Inc.
Tel. 1-201-420-7437
(Friedland Capital Inc. is the US Corporate Finance Advisor to China
Cable and Communication, Inc.)
The forward-looking statements contained herein are subject to certain risks
and uncertainties that could cause actual results to differ materially from
those reflected in the forward-looking statements. Some of these include, but
are not limited to, our availability of capital, political occurrences and
events in China, the terms of our 8% convertible preferred stock, operations of
the Baoding joint venture, demand for the products of the Baoding joint
venture, the economy of China, and other factors. Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. The company undertakes no
obligation to publicly revise these forward-looking statements to reflect
events or circumstances that arise after the date thereof. Readers should
carefully review the risks described in other documents the company files from
time to time with the Securities and Exchange Commission, including Amendment
No. 1 to the Form SB-2 registration statement filed with the Securities and
Exchange Commission on December 8, 2003, the Annual Report on Form 10-KSB for
the fiscal year ended December 31, 2003, as well as the Quarterly Reports and
Current Reports on Form 8-K by the company.
DATASOURCE: China Cable and Communication, Inc.
CONTACT: Dara Podber, Managing Director of Friedland Capital Inc.,
+1-201-420-7437, for China Cable and Communication, Inc.
Web site: http://www.chinacable.us/