BEIJING, Nov. 8, 2019 /PRNewswire/ -- AirNet
Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or
the "Company") (Nasdaq: ANTE), an in-flight solution provider on
connectivity, entertainment, and digital multimedia in China,
today announced that Beijing Linghang Shengshi Advertising Co.,
Ltd., one of the variable interest entities of the
Company, Mr. Herman Guo, the Chairman and CEO of the Company,
and Mr. Qing Xu, the director and executive president of the
Company (together, the "Sellers") and Jiangsu Hongzhou Investment
Co., Ltd., an independent third party (the "Buyer") have
recently entered into a supplementary agreement (the "Supplementary
Agreement") to the equity transfer agreement on the sale of the
20.32% equity interest of Airmedia Group Co., Ltd. (the "AM
Advertising" or the "Target"), which was previously announced by
the Company on November 6, 2018.
The Supplementary Agreement was entered into on the outstanding
amount of RMB380 million out of the
total consideration of RMB580 million
that has not been paid by the Buyer. Under the Supplementary
Agreement, Buyer shall cause the RMB60
million out of the total outstanding amount of RMB380 million to be paid. Furthermore, after the
Target shall be successfully listed, the remaining consideration of
RMB320 million shall be paid in a
lump sum within 90 business days after the lock-up on the equity
held by the Buyer in the Target is lifted, on the condition that
the stock value held by the Buyer in the Target shall not be less
than RMB1.524 billion (i.e. the
valuation of the Target is not less than RMB7.5 billion) when the lock-up on the equity
held by the Buyer in the Target is lifted.
The foregoing summary descriptions of the Supplementary
Agreement does not purport to be complete, and is qualified in its
entirely by the Supplementary Agreement, a copy of which will be
filed as an exhibit to the Form 6-K to be filed by the Company.
About AirNet Technology Inc.
Incorporated in 2007 and headquartered
in Beijing, China, and formerly known as AirMedia Group
Inc, AirNet (Nasdaq: ANTE) provides in-flight solutions to
connectivity, entertainment and digital multimedia in China.
Collaborating with our partners, AirNet empowers Chinese airlines
with seamlessly immersive Internet connections through a network of
satellites and land-based beacons, provides airline travelers with
interactive entertainment and a coverage of breaking news, and
furnishes corporate clients with advertisements tailored to the
perceptions of the travelers. For more information, please visit us
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's business
strategies and initiatives as well as the Company's business plans;
the Company's future business development, results of operations
and financial condition; expected changes in the Company's revenue
and certain cost or expense items; trends and competition
in China; general economic and business conditions
in China; and other risks detailed in the Company's filings
with the Securities and Exchange Commission. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations and projections about future
events and financial trends that the Company believes may affect
its financial condition, results of operations, business strategy
and financial needs. Investors can identify these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar
expressions. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results.
For more information, please contact:
Director, Investor Relations
AirNet Technology Inc.
SOURCE AirNet Technology Inc.