NEW YORK, Feb. 29, 2016 /PRNewswire/ -- YOU On Demand
Holdings, Inc. (NASDAQ: YOD) ("YOU On Demand" or "YOD" or the
"Company"), a Video On Demand ("VOD") service provider delivering
Hollywood movies & premium
content to TV and mobile screens in China, does not view its business to be
impacted by the Administrative Provisions on Online Publishing
Services ("New Publishing Services Rules") issued by China's Ministry of Industry and Information
Technology ("MIIT") and the State Administration of Press,
Publication, Radio, Film and Television ("SAPPRFT") on February 15, 2016.
On February 15, 2016, MIIT and
SAPPRFT released the codified New Publishing Services Rules, under
which foreign entities and Sino-foreign joint venture organizations
continue to be prohibited from operating online publishing services
and engaging in original or adapted content distribution, including
but not limited to: text, images, games, animation, audio records
and videos. The New Publishing Services Rules also emphasize
regulation of content publication through online mediums. The
effective date for the announced regulation is March 10, 2016. Based on management's assessment,
the New Publishing Services Rules will not have an impact on YOU On
Demand's business operations or financial position.
YOU On Demand, through its domestic entities, has historically
adopted processes that follow Chinese laws and regulations for
online publishing including obtaining the proper content approval
from SAPPRFT, or its designated agencies, to ensure that the
relevant government clearances have been obtained for any and all
content distributed by the Company. Bruno
Wu, Chairman of YOU On Demand, commented: "The codified
regulation is not introducing any new rules for the media industry
in China. It has simply
re-affirmed that YOU On Demand has been operating correctly and in
compliance by implementing consistent business practices that
adhere to the SAPPRFT approval process. As the Company moves
forward to develop its strategy from a content distribution
business to a fully-integrated media services ecosystem, we believe
that these strengthened regulations will evolve into new business
opportunities for YOU On Demand."
Mingcheng Tao, CEO of the
Company, stated: "YOU On Demand is not, and has never been, a
company that exploits gray areas in the Chinese regulations and
therefore, our business operations are not affected by
announcements from government authorities on the implementation of
rules that were already in place. We will continue to work within
the guidelines mandated by SAPPRFT to ensure we remain compliant
with industry rules and regulations and we will frequently review
the Company's business practices to minimize our risks and maximize
value for our shareholders."
About YOU On Demand Holdings, Inc.
(http://corporate.yod.com)
YOU On Demand (NASDAQ: YOD), is a leading multi-platform
entertainment service company delivering premium content, including
leading Hollywood 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, Twentieth Century Fox Television Distribution,
Miramax, 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 both New York, NY
and Beijing, China.
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", "will", "may", "anticipate", "estimate", "project",
"would", "could" or similar expressions or the negative of these
terms, involve known and unknown risks and uncertainties. The
forward-looking statements in this release include statements
regarding the impact of the New Publishing Services
Rules on the Company's operations or financial position, the
continued compliance with applicable industry rules and regulations
as well as statements regarding new business opportunities for the
Company due to the strengthened regulations. 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 risk factors, uncertainties and other
factors 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
YOU On
Demand
212-206-1216
jason.finkelstein@yod.com
@youondemand
corporate.yod.com
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SOURCE YOU On Demand Holdings, Inc.