NEW YORK, July 20, 2016 /PRNewswire/ -- YOU On Demand
Holdings, Inc. (NASDAQ: YOD) ("YOU On Demand" or "YOD" or the
"Company"), a premium content Video On Demand service provider in
China evolving into a global,
mobile-driven, consumer management platform for both enterprises
and consumers, announced today that the Company closed on a
strategic investment from Seven Stars Works Co., Ltd., a Korea
company ("SSW") and an affiliate of Beijing Sun Seven Stars Culture
Development Limited, a PRC company ("SSS"). SSS is controlled by
the chairman of YOU On Demand's Board of Directors, Bruno Wu.
Pursuant to the terms of the Security Purchase Agreement
("SPA"), which was filed with the U.S. Securities and Exchange
Commission on July 13, 2016 by YOU On
Demand in its current report on Form 8-K, the Company has agreed to
sell and issue 2,272,727 shares of the Company's common stock to
SSW for $1.76 per share, or a total
purchase price of $4.0 million USD.
The SPA contains customary representations, warranties and
covenants.
YOU On Demand intends to use the net proceeds of the transaction
for M&A activity, licensed content procurement and general
working capital purposes.
About YOU On Demand Holdings, Inc.
(http://corporate.yod.com)
YOU On Demand (NASDAQ: YOD) is leveraging and optimizing
its current operations as a premium content Video On Demand service
provider in China to evolve into a
global, B2B2C, mobile-driven, consumer management platform for both
enterprises and consumers. By aiming to establish the world's
premier multimedia, social networking and e-commerce-enabled
network with the largest global effective connected user base, YOU
On Demand, through this expanded, cloud-based, ecosystem of
connected screens combined with strong partnerships with leading
global providers, will be capable of delivering a vast array of
YOD–branded products and services to enterprise customers and
end-use consumers - anytime and anywhere, across multiple platforms
and devices.
YOU On Demand has content distribution agreements in place with
many of Hollywood's top studios including Disney Media
Distribution, Paramount Pictures, NBC Universal and Twentieth
Century Fox Television Distribution, Miramax, as well as a broad
selection of the best content from Chinese filmmakers. In
addition, the Company has governmental partnerships and licenses as
well as numerous JV partnerships and strategic cooperation
agreements with an array of distribution and content partners in
the global new media space. 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" 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
YOU On Demand
212-206-1216
jason.finkelstein@yod.com
@youondemand
corporate.yod.com
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SOURCE YOU On Demand Holdings, Inc.