BEIJING, Sept. 28, 2018 /PRNewswire/ -- AirMedia
Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an
operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as
well as a first-mover in the travel Wi-Fi market, today announced
an update on the US$5 million share
purchase plan of the Company's Chairman and CEO, Mr. Herman Man Guo (the "Plan"), which was previous
announced by the Company on March 28,
2018.
As disclosed on March 28, 2018,
Man Guo intends to purchase the
Company's ordinary shares in the form of American depositary shares
("ADS") in an aggregate value not exceeding US$5 million in the subsequent six months. As of
September 28, 2018, Mr. Guo has not
made any purchase of the ADSs in the absence of current SEC filings
by the Company. Despite this postponement, Mr. Guo informed the
Company of his anticipation to carry out the purchase plan once the
Company regains its disclosure compliance. Furthermore, Mr. Guo
reaffirmed his expectation to fund the purchase with his own
resources.
The proposed share purchase may be effected on the open market
at prevailing market prices and/or in negotiated transactions off
the market from time to time as market conditions warrant in
accordance with applicable requirements of Rule 10b5-1 and/or Rule
10b-18 under the U.S. Securities
Exchange Act of 1934, as amended.
About AirMedia Group Inc.
Incorporated in 2007 and headquartered in Beijing, China, AirMedia Group Inc. (AMCN) is
an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as
well as a first-mover in the travel Wi-Fi market. AirMedia sells
advertisements on the routes operated by several Chinese airlines
and at Sinopec's service stations in China. AirMedia also has concession rights to
operate the Wi-Fi systems on trains administered by eight railway
administrative bureaus in China as
well as on many long-haul buses in China. For more information, please visit
http://www.airmedia.net.cn.
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's business
strategies and initiatives as well as the Company's business plans;
the Company's future business development, results of operations
and financial condition; expected changes in the Company's revenue
and certain cost or expense items; trends and competition in
China; general economic and
business conditions in China; and
other risks detailed in the Company's filings with the Securities
and Exchange Commission. These forward-looking statements involve
known and unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
For more information, please contact:
Company Contact:
Yan Liu
Director, Investor Relations
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@ihangmei.com
Investor Contact:
Tina Xiao
President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE AirMedia Group Inc.