NEW YORK, Nov. 13, 2013
/PRNewswire/ -- YOU On Demand Holdings, Inc. (NASDAQ: YOD)
("YOU On Demand" or the "Company"), a leading multi-platform
entertainment and Video On Demand (VOD) company in China, announced today that the Company has
received early payment for the remaining outstanding balance of
RMB 24,000,000 (approximately
$4 million USD) due in connection
with the recent sale of its legacy asset, Jinan Broadband.
As previously disclosed, YOU On Demand entered into a definitive
agreement to sell all of its interest in Jinan Broadband to
Shandong Broadcast Network ("Shandong Broadcast") for total
consideration of RMB 29,000,000, subject to customary closing
conditions. The sale of Jinan Broadband to Shandong Broadcast
became final on July 31, 2013.
The first payment of RMB 5,000,000
was received by YOU On Demand on July 31,
2013 with the remaining balance previously scheduled to be
due in two separate payments: (i) RMB
10,000,000 by November 20,
2013, and (ii) RMB 14,000,000
by May 20, 2014.
Marc Urbach, President & CFO
of YOU On Demand stated, "The additional cash provided by the sale
and now early full payment for the Jinan Broadband asset will be
extremely beneficial to YOU On Demand from a cash flow and working
capital perspective. As previously stated, YOU On Demand
reduced its investment of financial and management resources in its
legacy business, Jinan Broadband, and re-deployed those assets for
the benefit of YOU On Demand's core VOD businesses."
For a more detailed summary of the previously disclosed asset
sale, please see the Company's Current Report on Form 8-K filed on
August 6, 2013, with the Securities
and Exchange Commission at www.sec.gov.
About YOU On Demand Holdings, Inc.
(www.yod.com)
YOU On Demand (NASDAQ: YOD), is a leading multi-platform
entertainment company delivering premium content, including leading
Hollywood and China-produced movie titles, to customers
across China via Subscription
Video On Demand and Transactional Video On Demand. The Company has
secured alliances with leading global media operators and content
developers. YOU On Demand has content distribution agreements
in place with many of Hollywood's top studios including Disney
Media Distribution, Paramount Pictures, NBC Universal, Warner
Bros., Miramax Films, Lionsgate and Magnolia Pictures, as well as a
broad selection of the best content from Chinese filmmakers. The
Company has a comprehensive end-to-end secure delivery system,
governmental partnerships and approvals and offers additional
value-added services. YOU On Demand has strategic partnerships with
the largest media entities in China, a highly experienced management team
with international background and expertise in Cable, Television,
Film, Digital Media, Internet and Telecom. YOU On Demand is
headquartered in New York, NY with
its China headquarters in
Beijing.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
|
|
Jason
Finkelstein
|
Robert Rinderman or
Norberto Aja
|
YOU On
Demand
|
JCIR – Investor
Relations/Corporate Communications
|
212-206-1216
|
212-835-8500
|
jason.finkelstein@yod.com
|
YOD@jcir.com
|
@youondemand
|
|
SOURCE YOU On Demand Holdings, Inc.