BEIJING, April 29, 2016 /PRNewswire/ -- VisionChina Media
Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN),
China's largest out-of-home
digital television and advertising network on mass transportation
systems and the leading provider of urban mass transit Wi-Fi, today
announced that it has filed a Form 12b-25 (the "Form 12b-25") with
the U.S. Securities and Exchange Commission to extend the due date
by fifteen days for filing its annual report on Form 20-F for the
fiscal year ended December 31, 2015
(the "2015 Form 20-F"), and disclose certain preliminary unaudited
financial results for the fiscal year ended December 31, 2015.
The Company is unable to file its 2015 Form 20-F on or before
the prescribed due date of May 2,
2016, as it needs additional time to prepare and review its
consolidated financial statements as of and for the year ended
December 31, 2015 and notes thereto,
as well as to complete the assessment of the effectiveness of its
internal control over financial reporting. The Company's management
anticipates that the 2015 Form 20-F will be filed on or before
May 16, 2016.
As disclosed in the Form 12b-25, while the Company has not yet
finalized its consolidated financial statements as of and for the
year ended December 31, 2015 to be
included in the Form 20-F, nor the other disclosures required
therein as of the date hereof, it anticipates the following
significant changes in results of operations from the last fiscal
year will be reflected in the consolidated financial statements to
be included in the Form 20-F. The Company estimates that
revenues for the year ended December 31,
2015 were approximately in the range of $78.5 million to $79.5 million, a decrease of
approximately 24.4% to 23.4% from the year ended December 31, 2014. The decrease was primarily a
result of the Company's termination of certain unprofitable
exclusive concession contracts related to advertisements in mass
transportation systems. The Company estimates that net loss
attributable to its shareholders for the year ended December 31, 2015 was approximately in the range
of $19.3 million to $19.9 million,
compared with a net loss attributable to shareholders of
$31.1 million in 2014. The decrease
in net loss attributable to shareholders was primarily a result of
the Company's termination of certain unprofitable exclusive
concession contracts related to advertisements in mass
transportation systems.
The financial data presented above are subject to revision based
upon the completion of the Company's consolidated financial
statements as of and for the year ended December 31, 2015.
About VisionChina Media Inc.
VisionChina Media Inc. (Nasdaq: VISN) operates an out-of-home
advertising network on mass transportation systems, including buses
and subways. As of September 30,
2015, VisionChina Media's advertising network included
approximately 97,757 digital television displays on mass
transportation systems in 18 of China's economically prosperous cities,
including Beijing, Guangzhou and Shenzhen, as secured by exclusive agency
agreements or joint venture contract. VisionChina Media has the
ability to deliver real-time, location-specific broadcasting,
including news, stock quotes, weather and traffic reports, and
other entertainment programming.
In addition, VisionChina Media, through its consolidated
affiliate Qianhai Mobile, has secured exclusive concession rights
for bus Wi-Fi services in 30 cities across China,
including Shanghai, Shenzhen,
Guangzhou and Tianjin, covering approximately 80,000
buses. Currently, Qianhai Mobile provides free Wi-Fi Internet
services on over 30,000 buses under the brand name "VIFI," with
approximately 10 million registered users.
For more information, please
visit http://www.visionchina.cn.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates" and similar statements.
Among other things, the quotations from management in this press
release contain forward-looking statements. Such statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
Further information regarding these and other risks is included in
the Company's filings with the U.S. Securities and Exchange
Commission, including its registration statement on Form F-1 and
its annual report on Form 20-F. 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 applicable law.
For investor and media inquiries, please contact:
In China:
Ms. Shuning Yi
Investor Relations Department
VisionChina Media Inc.
Tel: +86 134-2090-9426
E-mail: shuning.yi@visionchina.cn
In the United
States:
The Piacente Group, Inc.
Mr. Don Markley
Tel: +1 212-481-2050
E-mail: visionchina@tpg-ir.com
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SOURCE VisionChina Media Inc.