China MediaExpress Holdings, Inc. Updates Market Regarding Listing Status
October 29 2009 - 8:29PM
Business Wire
China MediaExpress Holdings, Inc. (NYSE Amex: TMI; TMI/U;
TMI/WS) (“CME” or “Company”), China’s largest television
advertising operator on inter-city express buses, today announced
that it has received further communications from NYSE Amex LLC
(“AMEX”) indicating that AMEX is considering the matters raised in
a delisting determination letter previously issued to the Company
and is likely to be rescinding that determination based on more
recent stockholder information that CME has provided to the
AMEX.
As previously described, on October 23, 2009 AMEX had determined
that CME did not meet the standards for initial listing upon the
closing of its business combination earlier this month. Based on
the growth in CME’s stockholder base, the Company now meets those
standards. CME believes it should be able to resolve this matter to
the satisfication of AMEX and is working closely with AMEX to
achieve prompt resolution of the matter. The Company has been
informed that upon issuance of the letter rescinding such
determination, which may be provided as early as Friday, no further
appeals will be required and it will be granted a new approval for
its listing status.
About CME
CME, through contractual arrangements with Fujian Fenzhong, an
entity majority owned by CME’S former majority shareholder,
operates the largest television advertising network on inter-city
express buses in China. While CME has no direct equity ownership in
Fujian Fenzhong, through the contractual agreements CME receives
the economic benefits of Fujian Fenzhong’s operations. Fujian
Fenzhong generates revenue by selling advertisements on its network
of television displays installed on over 18,000 express buses
originating in thirteen of China’s most prosperous regions,
including the five municipalities of Beijing, Shanghai, Guangzhou,
Tianjin and Chongqing and eight economically prosperous provinces,
namely Guangdong, Jiangsu, Fujian, Sichuan, Hebei, Anhui, Hubei and
Shandong which generate nearly half of China’s GDP.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 (the
“Securities Act”), as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Forward-looking statements include, but are not limited to
statements regarding expectations, hopes, beliefs, intentions or
strategies regarding the future. In addition, any statements that
refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements in this report may include, for example,
statements about the Company’s:
- Success in retaining or
recruiting, or changes required in, management or directors
following the acquisition;
- Public securities’ limited
liquidity and trading;
- The delisting of the Company’s
securities from the NYSE Amex or an inability to have the Company’s
securities listed on the NYSE Amex following a business
combination;
- The Company’s goals and
strategies;
- The Company’s future prospects
and market acceptance of its advertising network;
- The Company’s future business
development, financial condition and results of operations;
- Projected changes in revenues,
costs, expense items, profits, earnings, and other estimated
financial information;
- The Company’s ability to manage
the growth of its existing advertising network on inter-city
express buses and expansion to prospective advertising network on
high speed railways;
- Trends and competition in the
out-of-home advertising media market in China;
- Changes in general economic and
business conditions in China; and
- Chinese laws, regulation and
policies, including those applicable to the advertising
industry.
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