BEIJING, Aug. 20, 2020 /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 Dragonpass Co., Ltd. ("Dragonpass"), an
independent third party, entered into a capital increase agreement
(the "Agreement") with relevant parties to subscribe for 1.61% of
the equity interests in one of the Company's subsidiaries providing
media contents on airplanes for a consideration of RMB 10,000,000. The Agreement further stated that
the committed subscription of equity would be the initial
installment of an intended aggregate investment of RMB 30,000,000, of which the terms of the next
installment of RMB 20,000,000 would
be pending for further negotiations.
Mr. Herman Guo, the Chairman and
CEO of the Company, commented "We are pleased to see that
Dragonpass is optimistic towards the growth of the Company's
business segment of providing media contents on airplanes as well
as the potential developments of the Company as a whole. The
synergies between the two companies shall inspire new business
opportunities beyond the subscription of equity interests."
About Dragonpass Co., Ltd.
Established in 2005, Dragonpass offers an extensive global suite
of products including airport/railway station lounge access,
airport restaurant programs, limousine and concierge services
(including VIP terminal access), and other premium benefits. With
coverage in over 140 countries and 700 airports/railway stations
globally, Dragonpass helps businesses including leading financial
institutions drive customer engagement and serves over 30 million
About AirNet Technology Inc.
Incorporated in 2007 and headquartered
in Beijing, China, AirNet provides in-flight solutions to
connectivity, entertainment and digital multimedia in China.
Collaborating with its 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 U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "is expected to," "anticipates," "aim," "future,"
"intends," "plans," "believes," "are likely to," "estimates,"
"may," "should" and similar expressions. The Company may also make
written or oral forward-looking statements in its reports filed
with, or furnished to, the U.S. Securities and Exchange Commission,
in its annual reports 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 the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements are based upon management's current expectations and
current market and operating conditions, and involve inherent risks
and uncertainties, all of which are difficult to predict and many
of which are beyond the Company's control, which may cause its
actual results, performance or achievements to differ materially
from those in the forward-looking statements. Potential risks and
uncertainties include, but not limited to the following: its
ability to achieve and maintain profitability; its ability to
continuously improve its solutions and services enabling inflight
connectivity; its ability to compete effectively against its
competitors; the expected growth in consumer spending, average
income levels and advertising spending levels; the growth of the
inflight connectivity industry in China; and government policies affecting the
inflight connectivity industry in China. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
SOURCE AirNet Technology Inc.