ChinaNet Online Holdings Announces Issuance of Awards Under 2011 Omnibus Securities and Incentive Plan
December 01 2011 - 5:20PM
ChinaNet Online Holdings, Inc. ("ChinaNet"), (Nasdaq:CNET), 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 the People's Republic of China, today announced that the Company
has issued restricted stock and stock option awards under its 2011
Omnibus Securities and Incentive Plan to management, employees and
directors of the Company, effective November 30, 2011. The
awards were reviewed and approved by the Compensation Committee of
the Board of Directors.
"ChinaNet's past and future success is predicated on our ability
to attract and retain talented employees," stated Mr. Handong
Cheng, Chairman and CEO of ChinaNet. "With our Company entering a
transformational period, it is imperative that we properly
compensate our employees for their loyalty and contributions. We
believe this plan provides us with an added advantage in an
increasingly competitive market for talent in China."
The awards were comprised of 2,000,000 shares of
restricted stock and options to purchase 885,440 shares of common
stock at an exercise price of $1.20. All staff employed by
the Company on September 30, 2011 were eligible to receive awards.
Senior management received approximately 7% of the total
awards.
The restricted stock is subject to a strict lock-up for an
initial six-month period, and the stock options may not be
exercised during an initial six-month period. Following the
initial six-month period, the restricted stock will continue to be
locked up until the earlier of (i) the date upon which the closing
price of the Company's common stock equals or exceeds $2.50 for
five consecutive trading days, and (ii) November 30, 2013. In
addition, both the restricted stock and the stock options are
subject to forfeiture upon an employee's cessation of employment at
the discretion of the Company.
About ChinaNet Online Holdings, Inc.
The Company, a parent company of ChinaNet Online Media Group
Ltd., incorporated in the BVI ("ChinaNet"), is a leading B2B
(business to business) Internet technology company focusing on
providing O2O (online to offline) sales channel expansion service
for small and medium-sized enterprises (SMEs) and entrepreneurial
management and networking service for entrepreneurs in China. The
Company, through certain contractual arrangements with operating
companies in the PRC, provides Internet advertising and other
services for Chinese SMEs via its portal websites, 28.com,
Liansuo.com and Chuangye.com, TV commercials and program production
via China-Net TV, and in-house LCD advertising on banking kiosks
targeting Chinese banking patrons. 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 North America
Ted Haberfield, President
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
Web: www.mz-ir.com
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