ChinaNet Online Holdings Announces Information Relating to Conversion of Preferred Shares Into Common Shares Completed in Aug...
November 23 2011 - 4:15PM
ChinaNet Online Holdings, Inc. ("ChinaNet" or the "Company"),
(Nasdaq:CNET), a leading B2B (business to business) Internet
technology company providing online-to-offline ("O2O") sales
channel expansion services for small and medium-sized enterprises
(SMEs) and entrepreneurial management and networking services for
entrepreneurs in the People's Republic of China, today issued a
statement regarding the conversion of the final 2,367,792 shares of
the outstanding Series A preferred shares into common shares which
occurred as of August 21, 2011 and the notice of the final dividend
payment with respect to its Series A preferred shares.
The statement is to advise that, pursuant to the Certificate of
Designations, Preferences and Rights of the 10% Series A
Convertible Preferred Stock of the Company, all outstanding shares
of Preferred Stock were automatically converted into shares of the
Company's common stock (the "Common Stock") as of August 21,
2011.
This conversion represents the remaining outstanding Series A
preferred shares, bringing ChinaNet's common shares outstanding to
approximately 20.04 million as of September 30 2011.
"This conversion will additionally reinforce ChinaNet's
financial position and will greatly enhance shareholder value, as
well as increase the availability of CNET common shares in the open
market," said Mr. Handong Cheng, Chairman and CEO of the Company.
"The conversion will result in a simpler and more transparent
equity structure and will reduce our quarterly dilution and
preferred dividend costs."
The final preferred dividend payments were mailed on November
22nd, 2011 to the preferred shareholders' address of record as of
September 30th 2011. If you have any questions or did not receive
the payment please contact the Company's IR department:
Yasmine Wei |
ChinaNet Online Holdings, Inc. |
IR Department |
Phone: +86 (10) 8885-0393 |
Email: investors@chinanet-online.com |
Web: http://investor.chinanet-online.com/contactus.cfm |
About ChinaNet Online Holdings,
Inc.
The Company, a parent company of ChinaNet Online Media Group
Ltd., incorporated in the BVI ("ChinaNet"), a leading B2B (business
to business) Internet technology company focusing on providing
online-to-offline ("O2O") sales channel expansion service for small
and medium-sized enterprises (SMEs) and entrepreneurial management
and networking service for entrepreneurs in China. Founded in 2003
and based in Beijing, PRC, the Company's services include its
Liansuo.com and 28.com portals to connect SME franchisors with new
franchisees, Internet advertising and marketing with other
value-added communication channels, brand management & sales
channel solutions, and cloud-based management tools (introduced in
2011). Website: http://www.chinanet-online.com.
Safe Harbor
This release contains certain "forward-looking statements"
relating to the business of ChinaNet Online Holdings, Inc., which
can be identified by the use of forward-looking terminology such as
"believes," "expects," "anticipates," "estimates" or similar
expressions. Such forward-looking statements involve known and
unknown risks and uncertainties, including business uncertainties
relating to government regulation of our industry, market demand,
reliance on key personnel, future capital requirements, competition
in general and other factors that may cause actual results to be
materially different from those described herein as anticipated,
believed, estimated or expected. Certain of these risks and
uncertainties are or will be described in greater detail in our
filings with the Securities and Exchange Commission. These
forward-looking statements are based on ChinaNet's current
expectations and beliefs concerning future developments and their
potential effects on the company. There can be no assurance that
future developments affecting ChinaNet will be those anticipated by
ChinaNet. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond the control of the
Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. ChinaNet undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
CONTACT: MZ Group
Ted Haberfield, Managing Partner
MZ North America
Direct: +1-760-755-2716
Email: thaberfield@hcinternational.net
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