XFMedia Announces Divestment to Focus on Sports and Entertainment
31 Dicembre 2008 - 4:00AM
PR Newswire (US)
BEIJING, Dec. 30 /PRNewswire-Asia-FirstCall/ -- XFMedia
(NASDAQ:XFML), a leading media group in China, today announced the
divestment of its Hong Kong based outdoor advertising business,
Convey Advertising Company, Ltd. ("Convey"), to Pariya Holdings
Limited, a company controlled by the management and original
sellers of Convey, for a total purchase price of US$85 million. Ms.
Fredy Bush, XFMedia's Chief Executive Officer commented, "We are
pleased to announce this divestment, which is in line with our
strategy to focus on sports and entertainment content and
distribution in China as this sector continues to show strong
growth opportunities. Additionally, the divestment will improve our
liquidity position as we prepare the Company for future growth."
Ms. Bush continued, "Given current market conditions, we are very
pleased with the terms of the deal. Looking ahead, we will continue
to restructure our businesses to focus on sports and entertainment,
which could give rise to material one-time non-cash charges in the
fourth quarter of 2008." About XFMedia Xinhua Finance Media
("XFMedia"; Nasdaq: XFML) is a leading media group in China with
nationwide access to the upwardly mobile demographic. Through its
synergistic business groups, Broadcast, Print and Advertising,
XFMedia offers a total solution empowering clients at every stage
of the media process and connecting them with their target
audience. Its unique platform covers a wide range of media assets,
including television, radio, newspaper, magazine, outdoor, online
and other media assets. 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.xfmedia.cn/ . 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 annual report on Form 20. 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: Media Contact
Joy Tsang Tel: +86-21-6113-5999 Email: IR Contact Edward Liu Tel:
+86-21-6113-5978 Email: Howard Gostfrand American Capital Ventures
Tel: +1-305-918-7000 +1-877-918-0774 (Toll Free) Email: DATASOURCE:
Xinhua Finance Media CONTACT: Media Contact, Joy Tsang,
+86-21-6113-5999, or ; IR Contact, Edward Liu, +86-21-6113-5978, or
; or Howard Gostfrand, American Capital Ventures, +1-305-918-7000,
or +1-877-918-0774 (Toll Free), or Web site: http://www.xfmedia.cn/
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