BEIJING, Sept. 30 /PRNewswire-Asia-FirstCall/ -- China
Mass Media Corp. ("China Mass Media" or the "Company") (NYSE: CMM),
a leading television advertising company in China, today announced that its board of
directors has approved a share repurchase program.
Under the terms of the approved program, China Mass Media may
repurchase up to US$6.0 million worth
of its issued and outstanding American Depositary Shares ("ADSs").
Any repurchase will be made from time to time on the open market at
prevailing market prices, in negotiated transactions off the
market, in block trades, pursuant to a 10b5-1 plan or otherwise in
compliance with applicable laws. The timing and extent of any
repurchases will depend upon market conditions, the trading price
of ADSs and other factors, and be subject to the restrictions
relating to volume, price and timing under applicable laws,
including Rule 10b-18 under the United States Securities Exchange
Act of 1934, as amended. China Mass Media expects to implement this
share repurchase program over the next 12 months in a manner
consistent with market conditions and the interest of the
shareholders. China Mass Media's board of directors will review the
share repurchase program periodically and may authorize adjustments
of its terms and size accordingly. China Mass Media plans to fund
repurchases made under this program from available cash
balances.
Mr. Shengcheng Wang, Chairman and Chief Executive Officer of
China Mass Media, commented, "We are pleased that our Board
approved this new share repurchase program as it reflects
confidence in the future growth of our business and our ongoing
commitment to increase shareholder value. The company's healthy
balance sheet and strong operating cash flows will allow it to both
implement this program, and to invest in other projects in order to
achieve future growth and maximize value for our shareholders."
About China Mass Media Corp.
As a leading television advertising company in China, China Mass Media provides a full range
of advertising services, including advertising agency services,
creative production services, public service announcement
sponsorship services, and other value added services. The Company
currently offers approximately 482 minutes of advertising time
slots per day on CCTV Channels 1, 2, 4, E and F. CCTV is the
largest television network in China. The Company has produced over 380
advertisements and has won a number of prestigious awards in
China and across the world,
including the "Gold World Medal" at The New York Festivals(R)
International Television & Film Awards.
http://www.chinammia.com
For further information, contact:
China Mass Media International Advertising Corp.
China Mass Media
Julie Sun
Vice President of Corporate Development
Tel: +86-10-8809-1050
Email: juliesun@chinammia.com
Christensen
Beijing:
Tip Fleming
Tel: +852-9212-0684
Email: tfleming@ChristensenIR.com
United States:
Linda Bergkamp
Tel: +1-480-614-3004
Email: lbergkamp@christensenIR.com
SOURCE China Mass Media Corp.
Copyright . 30 PR Newswire