AirMedia Announces US$50 Million Share Repurchase Program
December 29 2008 - 8:30AM
PR Newswire (US)
BEIJING, Dec. 29 /PRNewswire-Asia-FirstCall/ -- AirMedia Group Inc.
(NASDAQ:AMCN), operator of the largest digital media network in
China dedicated to air travel advertising, today announced that its
board of directors has approved a share repurchase program.
AirMedia's board of directors has authorized, but not obligated,
AirMedia to repurchase up to US$50 million worth of its own
outstanding American Depositary Shares ("ADSs") throughout 2009.
The repurchases will be made from time to time on the open market
at prevailing market prices, in negotiated transactions off the
market, in block trades or otherwise. AirMedia may execute its
repurchase program pursuant to a plan in conformity with Rule
10b5-1 under the Securities Exchange Act of 1934, as amended, which
allows AirMedia to repurchase its ADSs pursuant to the
pre-determined terms under the plan at any time, including during
periods in which it may be in possession of material non-public
information. The timing and extent of any purchases will depend
upon market conditions, the trading price of ADSs and other
factors, and be subject to the restrictions relating to volume,
price and timing in accordance with applicable laws. AirMedia
expects to implement this share repurchase program in a manner
consistent with market condition and the interest of its
shareholders. AirMedia's board of directors will review the share
repurchase program periodically, and may authorize adjustment of
its terms and size accordingly. AirMedia plans to fund repurchases
made under this program from its available cash balance. Safe
Harbor Statement This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expect," "anticipate," "future,"
"intend," "plan," "believe," "estimate," "confident" and similar
statements. Among other things, the quotations from management in
this announcement, as well as AirMedia Group Inc.'s strategic and
operational plans, contain forward-looking statements. AirMedia may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission on
Forms 20-F and 6-K, etc., in its annual report to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about AirMedia's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, if advertisers or the viewing
public do not accept, or lose interest in, our air travel digital
media network, we may be unable to generate sufficient cash flow
from our operating activities and our prospects and results of
operations could be negatively affected; we derive substantially
all of our revenues from the provision of air travel advertising
services, and if there is a downturn in the air travel advertising
industry, we may not be able to diversify our revenue sources; if
our customers reduce their advertising spending due to an economic
downturn in China and/or elsewhere or for any other reason, our
revenues and results of operations may be materially and adversely
affected; if we are unable to retain existing concession rights
contracts or obtain new concession rights contracts on commercially
advantageous terms that allow us to place or operate the digital TV
screens in airports or on airplanes, we may be unable to maintain
or expand our network coverage and our business and prospects may
be harmed; a substantial majority of our revenues are currently
concentrated in the five largest airports and three largest
airlines in China, and if any of these airports or airlines
experiences a material business disruption, our ability to generate
revenues and our results of operations would be materially and
adversely affected; AirMedia's limited operating history makes it
difficult to evaluate our future prospects and results of
operations; and other risks outlined in AirMedia's filings with the
U.S. Securities and Exchange Commission. AirMedia does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law. About AirMedia Group Inc.
AirMedia Group Inc. (NASDAQ:AMCN) operates the largest digital
media network in China dedicated to air travel advertising.
AirMedia has contractual concession rights to operate digital TV
screens in 53 airports, including all of the 30 largest airports in
China. AirMedia also has contractual concession rights to operate
TV-attached digital frames ranging from 46 to 52 inches and
stand-alone digital frames ranging from 63 to 82 inches in 19 major
airports. In addition, AirMedia has contractual concession rights
to place its programs on the routes operated by 9 airlines,
including the three largest airlines in China, and the exclusive
rights in mainland China to sell advertisements on Cathay Pacific
Airline and Dragonair's routes. AirMedia also offers advertisers
other media platforms in airports, such as 360-degree LED displays,
mega display screens, shuttle bus displays and billboards on gate
bridges. For more information about AirMedia, please visit
http://www.airmedia.net.cn/ . For more information, please contact:
Investor Contact: Raymond Huang Investor Relations Director
AirMedia Group, Inc. Tel: +86-10-8460-8678 Email: Cynthia He
Brunswick Group Tel: +86-10-6566-9504 Email: DATASOURCE: AirMedia
Group, Inc. CONTACT: Investor Contact, Raymond Huang, Investor
Relations Director of AirMedia Group, Inc., +86-10-8460-8678, or ;
or Cynthia He of Brunswick Group, +86-10-6566-9504, , for AMCN Web
Site: http://www.airmedia.net.cn/
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