BEIJING, Jan. 11, 2017 /PRNewswire/ -- China Digital TV
Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the
"Company"), one of the leading providers of cloud-based application
platforms and conditional access systems which enable China's digital cable television market to
offer and secure diversified content services, today provided a
further update on the pending 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.
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"). Super TV has also completed the
change of its business registration with the Beijing Administration
for Industry and Commerce, as provided in the SA.
Pursuant to the SA, the Buyer is required to proceed with the
procedures for converting the RMB610
million into US dollars and paying such converted amount to
an offshore account designated by Golden Benefit, as soon as
possible but in any event no later than September 30, 2017. Until the completion of
the currency exchange and payment, the amount is required to be
held in the onshore account of the Company's Chinese
affiliate.
The transaction is expected to close once the Buyer coverts the
RMB610 million into US dollars and
pays such amount to an offshore account designated by Golden
Benefit. The closing of the transaction (the "Closing") is subject
to certain conditions precedent, including the approval required
under policies of the State Administration of Foreign Exchange.
There is no assurance that all conditions precedent to the Closing
will be satisfied or waived.
China Digital TV's press releases regarding its proposed 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 enables television network
operators to manage, extend and diversify content services across
households and public areas in China. China Digital TV is the leading
provider of cloud-based application platforms to Chinese cable
operators, helping them to effectively bring mobile gaming apps and
other entertainment options to household television sets, and
extend cable programming outside the home to any mobile device.
China Digital TV is also the leading provider of Conditional Access
("CA") systems in China's digital
television market. CA systems enable television network operators
to secure the delivery of content to their subscribers. The Company
has existing cooperation with nearly all of China's cable television operators.
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.
Nan Hao
Investor Relations Manager
Tel: +86-10-6297-1199 x 9780
Email: ir@chinadtv.cn
ICR, Inc.
Xueli Song
Tel: +1 (646) 328-1950
Email: stv@icrinc.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-digital-tv-provides-update-on-the-sale-of-its-interests-in-super-tv-300389277.html
SOURCE China Digital TV Holding Co., Ltd.