China Cablecom Announces Extension of Payment Deadline for Binzhou Broadcasting to January 31, 2009
26 Dicembre 2008 - 6:15PM
PR Newswire (US)
SHANGHAI, China, Dec. 26 /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 been granted a payment extension with
respect to $14 million owed to Binzhou Broadcasting until January
31, 2009 while the Company continues to explore its financing
opportunities. On September 2007, China Cablecom entered into a
joint venture to operate the cable network in Shandong Province
with Binzhou Broadcasting. The asset purchase and service
agreements covered a cable network with 411,246 paying subscribers
and entitled the Company to a 49% joint venture interest and 60%
economic interest in operations, financial positions and cash flows
generated by Binzhou Broadcasting for an initial duration term of
20 years. The original contract required completion of payments and
full asset transfer by August 2008, which was later extended to
December 31, 2008. The consented payment deadline of January 31,
2009 is subject to further extension granted by the Binzhou SOE and
local branches of SARFT. 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, China Cablecom Holdings, Ltd.,
+1-917-499-8129, Web Site: http://www.chinacablecom.net/
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