BEIJING, Jan. 28, 2011 /PRNewswire-Asia-FirstCall/ --
AirMedia Group Inc. ("AirMedia") (Nasdaq: AMCN), a leading
operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers,
today announced the appointment of Ms. Ping
Sun as Chief Financial Officer of AirMedia, effective
February 1, 2011.
"Ping has valuable financial and operational experience in both
Fortune 500 and start-up companies. She also has financial
expertise and best-practice experience in the United States as well as in China. We expect she will be instrumental for
us in driving the Company's operational efficiency and pursuing
profitable growth and strategic opportunities. We're pleased to
have Ping on board and look forward to benefiting from the valuable
financial and operational experience she brings to AirMedia,"
remarked Mr. Herman Guo, chairman
and chief executive officer of AirMedia.
"I am excited to join AirMedia at this stage of the Company's
growth," said Ms. Ping Sun. "I
look forward to working with Herman and the entire team to
continually improve AirMedia's operational efficiency and
profitability."
Prior to joining AirMedia, Ms. Sun founded Orilily LLC, an
e-commerce start-up of branded fine jewelry boutique, and served as
its managing director from January
2007 to January 2011. Prior to
that, Ms. Sun was a finance director of Kodak (China) Investment Company Limited for Digital
Capture & Home Printing, Greater Asia Region from January 2005 to December
2006. Prior to that, Ms. Sun worked in the United States as a financial reporting
director and financial analyst of Eastman Kodak Company from 1999
to 2004. Ms. Sun also worked at various positions at China National
Machine Tool Corporation from 1992 to 1997 and was vice president
of a major subsidiary when she left. Ms. Sun received an MBA in
finance, competitive & organizational strategy from
University of Rochester in New York and a Bachelor of Engineering in
automation from Tsinghua University in Beijing, China.
AirMedia today also announced the resignation of Mr.
Xiaoya Zhang as president and acting
chief financial officer, effective February
1, 2011. Mr. Zhang will also step down as a board member of
AirMedia's Board of Directors, effective February 1, 2011. Mr. Zhang is resigning to
pursue other entrepreneurial opportunities. "As one of our
founders, Xiaoya successfully led our first- and second-round
private placements and played a critical role in our initial public
offering. He also led our finance team through the transition
period after the departure of our former CFO. We thank Xiaoya for
all his contributions and wish him the very best in his new
endeavors," continued Mr. Herman
Guo.
About AirMedia Group Inc.
AirMedia Group Inc. (Nasdaq: AMCN) is a leading operator of
out-of-home advertising platforms in China targeting mid-to-high-end consumers.
AirMedia operates the largest digital media network in China dedicated to air travel advertising.
AirMedia operates digital frames in 34 major airports, including
the 15 largest airports in China.
AirMedia also operates digital TV screens in 38 major airports,
including 26 out of the 30 largest airports in China. In addition, AirMedia sells
advertisements on the routes operated by nine airlines, including
the four largest airlines in China. In selected major airports, AirMedia
also operates traditional media platforms, such as billboards and
light boxes, and other digital media, such as mega LED screens.
In addition, AirMedia has obtained exclusive contractual
concession rights until the end of 2014 to develop and operate
outdoor advertising platforms at Sinopec's service stations located
throughout China.
For more information about AirMedia, please visit
http://www.airmedia.net.cn.
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's strategic and operational plans, contain
forward-looking statements. AirMedia may also make written or oral
forward-looking statements in its reports to the U.S. Securities
and Exchange Commission, 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
advertising 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 most of our
revenues from the provision of air travel advertising services, and
any slowdown in the air travel advertising industry in China may materially and adversely affect our
revenues and results of operations; our strategy of expanding our
advertising network by building new air travel media platforms and
expanding into traditional media in airports may not succeed, and
our failure to do so could materially reduce the attractiveness of
our network and harm our business, reputation and results of
operations; if we do not succeed in our expansion into gas station
and other outdoor media advertising, our future results of
operations and growth prospects may be materially and adversely
affected; if our customers reduce their advertising spending or are
unable to pay us in full, in part or at all for a period of time
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; we face risks related to health epidemics,
which could materially and adversely affect air travel and result
in reduced demand for our advertising services or disrupt our
operations; if we are unable to retain existing concession rights
contracts or obtain new concession rights contracts on commercially
advantageous terms that allow us to operate our advertising
platforms, we may be unable to maintain or expand our network
coverage and our business and prospects may be harmed; a
significant portion of our revenues has been derived from 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; our 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.
Investor Contact:
Raymond Huang
Senior Director of Investor
Relations
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email:
ir@airmedia.net.cn
Caroline Straathof
IR Inside
Tel: +31-6-54624301
Email: info@irinside.com
|
|
|
SOURCE AirMedia Group Inc.