China Cablecom Announces Update on Binzhou Broadcasting Payment Extension
17 Febbraio 2009 - 1:00PM
PR Newswire (US)
SHANGHAI, Feb. 17 /PRNewswire-FirstCall/ -- China Cablecom
Holdings, Ltd. ("China Cablecom" or the "Company") (NASDAQ:CABL)
(NASDAQ:CABLW) (NASDAQ: CABLU), a joint-venture provider of cable
television services in the People's Republic of China ("PRC"),
announced today that it has further extended its payment deadline
to Binzhou Broadcasting until December 31, 2009. "With the support
of the Binzhou SOE and local municipal branches of SARFT, we are
delighted to announce this amended agreement," says Founder &
Executive Chairman, Clive Ng. "This extension will provide the
Company more flexibility as we continue working with strategic
advisors to secure ongoing funding arrangements." In December 2008,
China Cablecom reported a payment extension to Binzhou Broadcasting
for January 31, 2009. The original joint venture agreement, which
was established on September 2007, pertained to a purchase of
assets and service agreements covering cable networks in Shandong
Province for an initial duration term of 20 years. Paying
subscribers for Binzhou Broadcasting was 470,111 as of the third
quarter 2008. About China Cablecom China Cablecom is a
joint-venture provider of cable television services in the People's
Republic of China, operating in partnership with a local
state-owned enterprise ("SOE") authorized by the PRC government to
control the distribution of cable TV services through the
deployment of analog and digital cable services. In June 2008,
China Cablecom consummated an agreement to acquire a 60 percent
economic interest in a cable network in Hubei province with paying
subscribers exceeding 800,000. The Company originally acquired
operating rights of the Binzhou Broadcasting network in Binzhou,
Shandong Province in September 2007 by entering into a series of
asset purchase and services agreements with a company organized by
SOEs, owned directly or indirectly by local branches of State
Administration of Radio, Film and Television in five different
municipalities to serve as a holding company of the relevant
businesses. China Cablecom now operates 28 cable networks with over
1.4 million paying subscribers. China Cablecom's strategy is to
replicate the acquisitions by operating partnership models in other
municipalities and provinces in the PRC and then introducing
operating efficiencies and increasing service offerings in the
networks in which it operates. Safe Harbor Statement The matters
discussed in this press release contain "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements contained in this
presentation and in the Company's other written and oral reports
are based on current Company expectations and are subject to risks
and uncertainties, which could cause actual results to differ
materially. Any forward-looking statements are not guarantees of
future performance and actual results of operations, financial
condition and liquidity, and developments in the industry may
differ materially from those made in or suggested by the
forward-looking statements contained herein. These forward-looking
statements are subject to numerous risks, uncertainties and
assumptions. The forward-looking statements herein speak only as of
the date stated herein and might not occur in light of these risks,
uncertainties, and assumptions. The Company undertakes no
obligation and disclaims any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. You should carefully
consider these factors as well as the additional risk factors
outlined in the filings that the Company makes with the U.S.
Securities and Exchange Commission, including the Registration
Statement on Form S-1 filed on April 18, 2008. CONTACT: China
Cablecom Holdings, Ltd. Debra Chen Phone: 917.499.8129 Email:
http://www.chinacablecom.net/ DATASOURCE: China Cablecom Holdings,
Ltd. CONTACT: Debra Chen of China Cablecom Holdings, Ltd.,
+1-917-449-8129, Web Site: http://www.chinacablecom.net/
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