China Cablecom Receives Going Concern Qualification
22 Luglio 2009 - 10:00PM
PR Newswire (US)
SHANGHAI, July 22 /PRNewswire-FirstCall/ -- China Cablecom
Holdings, Ltd. ("China Cablecom" or the "Company") (NASDAQ:CABL)
(NASDAQ:CABLW) (NASDAQ: CABLU), announced today that the audit
report of its independent accounting firm, UHY Advisors Inc.,
regarding the consolidated financial statements for the fiscal
years ended December 31, 2008 and 2007, and the related
consolidated statements of operations and comprehensive loss,
changes in stockholders' equity (deficiency) and cash flows for the
years then ended, included in the Company's Annual Report on Form
20-F filed with the Securities and Exchange Commission on July 15,
2009, contained a going concern qualification. The announcement is
being made in compliance with Nasdaq Marketplace Rule 5250(b)(2)
which requires a public announcement through the news media
disclosing the receipt of an audit opinion containing a going
concern qualification. This announcement does not represent any
change or amendment to the Company's financial statements or to its
Form 20-F for the year ended December 31, 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
numerous risks, uncertainties and assumptions, Any forward-looking
statements are not guarantees of future performance and actual
results of operations, financial condition and liquidity.. The
forward-looking statements herein speak only as of the date stated
herein and might not occur or the actual results may differ
materially 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: DATASOURCE: China Cablecom Holdings, Ltd.
CONTACT: Debra Chen, China Cablecom Holdings, Ltd.,
+1-917-499-8129, Web Site: http://www.chinacablecom.net/
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