BEIJING, April 24, 2017 /PRNewswire/ -- China Digital TV
Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the
"Company"), a leading provider of cable TV technology which enables
China's cable TV and IPTV network
operators to offer diversified TV content services, today provided
a further update on the sale of its interests in Beijing Super TV
Co., Ltd. ("Super TV"), as held by Golden Benefit Technology
Limited ("Golden Benefit"), an indirect wholly-owned subsidiary of
the Company.
As referred to in a press release dated January 11, 2017, pursuant to the previously
disclosed Equity Transfer Agreement dated November 7, 2016 (the "ETA") and Supplemental
Agreement to Equity Transfer Agreement dated December 28, 2016 (the "SA"), the Company has
received, through its Chinese affiliate, an amount equal to
RMB610 million less the previously
received deposit from Changxing Bao Li Rui Xin Technology Co., Ltd.
(the "Buyer"). Pursuant to the SA, the Buyer is required to
exchange the total proceeds under the ETA deducting the tax
withheld by the Buyer into US dollars and pay such exchanged amount
to an offshore account designated by Golden Benefit.
So far, the Company's offshore account has received a portion of
the proceeds in US dollars equivalent to 100 million Renminbi. The
remaining proceeds are still in the procedures of currency exchange
from Renminbi to US dollar. There is no assurance as to when the
Company's offshore account will receive the remaining proceeds in
US dollars.
China Digital TV's press releases regarding its sale of its
interests in Super TV and SEC filings can be found on the Investor
Relations section of China Digital TV's website at
http://ir.chinadtv.cn.
About China Digital TV
Founded in 2004, China Digital TV is a leading provider of cloud
platforms, with gaming and other applications embedded, to PRC
digital television and telecommunication network operators,
enabling them to bring these applications to household television
sets and other mobile devices.
For more information please visit the Investor Relations section
of China Digital TV's website at http://ir.chinadtv.cn.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended. Such forward-looking
statements are made under the "safe harbor" provisions of the
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," "may," "should" and
similar expressions. Such forward-looking statements include,
without limitation, statements regarding the expected closing of
the sale of the Company's interests in Super TV and statements
regarding the outlook and comments by management about trends in
the CA systems, digital television, cable television and related
industries in the PRC and China Digital TV's strategic and
operational plans and future market positions. China Digital TV may
also make forward-looking statements in its periodic reports filed
with the Securities and Exchange Commission, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about China Digital TV's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from projections contained or
implied in any forward-looking statement, including but not limited
to the following: competition in the CA systems, digital
television, cable television and related industries in the PRC and
the impact of such competition on prices, our ability to implement
our business strategies, changes in technology, the progress of the
television digitalization in the PRC, the structure of the cable
television industry or television viewer preferences, changes in
PRC laws, regulations or policies with respect to the CA systems,
digital television, cable television and related industries,
including the extent of non-PRC companies' participation in such
industries, and changes in political, economic, legal and social
conditions in the PRC, including the government's policies with
respect to economic growth, foreign exchange and foreign
investment.
Further information regarding these and other risks and
uncertainties is included in our annual report on Form 20-F and
other documents filed with the Securities and Exchange Commission.
China Digital TV does not assume any obligation to update any
forward-looking statements, which apply only as of the date of this
press release.
For investor and media inquiries, please contact:
China Digital TV Holding Co., Ltd.
Investor Relations
Tel: +86-10-6297-1199 x 9780
Email: ir@chinadtv.cn
ICR, Inc.
Xueli Song
Tel: +1 (646) 328-1950
Email: stv@icrinc.com
SOURCE China Digital TV Holding Co., Ltd.