China Cablecom Announces Management Changes
04 Marzo 2009 - 2:30PM
PR Newswire (US)
Senior Vice President of Finance, Sikan Tong, appointed as the
Chief Financial Officer SHANGHAI, March 4 /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"), today announced the appointment of Sikan Tong as its
new Chief Financial Officer, to replace Colin Sung, the former
President and Chief Financial Officer of the Company, who has
tendered his resignation, effective March 31, 2009, in order to
pursue other professional opportunities. Mr. Tong will assume Mr.
Sung's role as Chief Financial Officer on March 31, 2009. Mr. Tong
began his career in the audit practice of the Shanghai office of
PriceWaterhouseCoopers where he served clients including Atlas
Copco, Ecolab, Nokia, AT&T, Unilever, and Bacardi. There he led
audit teams in the UK and Shanghai for various industries such as
telecom, shipping, energy, consumer, and textiles. Prior to serving
as the Senior Vice President of Finance at China Cablecom, Mr. Tong
was the Chief Financial Officer at Merrylin International Holding,
which manages Merrylin restaurants and Motel 168 hotel chains in
China. There, he spearheaded Merrylin's IPO and closely managed
fundraising activities through private placements. He also served
as Head of Accountancy Training at The Financial Training Company,
a leading provider of professional qualifications and business
training in the UK and Asia, which later became part of Kaplan Inc.
"On behalf of the Board, we would like to thank Colin for his
contributions and dedication to China Cablecom over the past year
as we wish him great success in his future endeavors," says Clive
Ng, Founder & Executive Chairman of China Cablecom. "We are
also excited about the new role that Sikan is assuming as part of
our executive team. In the short period of time he has served as
Senior Vice President of Finance, Sikan has demonstrated leadership
and an expertise in managing our financial operations. Under his
guidance, we are confident in being well-positioned in our
continuing focus on enhancing our value-added service platform,
reducing our debt, cutting expenses, and improving margins." 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. China Cablecom
Holdings, Ltd. http://www.chinacablecom.net/ CONTACT: Debra Chen
(917-499-8129) Email: DATASOURCE: China Cablecom Holdings, Ltd.
CONTACT: Debra Chen of China Cablecom Holdings, Ltd.,
+1-917-499-8129, or Web Site: http://www.chinacablecom.net/
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