China Cablecom Board of Directors Grants Authorization to Transfer Funds
July 20 2009 - 12:15PM
PR Newswire (US)
SHANGHAI, July 20 /PRNewswire-FirstCall/ -- China Cablecom
Holdings, Ltd. ("China Cablecom" or the "Company") (NASDAQ:CABL)
(NASDAQ:CABLW) (NASDAQ: CABLU), announced that the Company has
approved an internal transfer of funds in the amount of RMB 65
million from Heze Cablecom Network Technology Company Ltd., a
subsidiary of China Cablecom, to an account maintained by Jinan
Youxiantong Network Technology Co., Ltd. and controlled by China
Cablecom's management team. In May 2009, the Company announced that
the funds had been segregated into a separate account on behalf of
the holders of the promissory notes, and is now being transferred
at the request of its joint venture partner in Hubei province as
part of China Cablecom's negotiations regarding the Hubei
operations. These discussions involve the restructuring of the
Company's debt and assets and obligations of its joint venture
partners with Hubei Chutian Broadcasting and Television Network
Company. "The transfer of funds into our Hubei joint venture
account moves us one step closer to our goal of restructuring China
Cablecom as we continue on-going negotiations with our Hubei SOEs,"
states China Cablecom's Chief Executive Officer, Pu Yue. "This
progress will allow us to continue our focus on growing our Hubei
cable assets." About China Cablecom China Cablecom is a
joint-venture provider of cable television services in the People's
Republic of China, operating in partnership with a local
state-owned enterprise ("SOE") authorized by the PRC government to
control the distribution of cable TV services through the
deployment of analog and digital cable services. In June 2008,
China Cablecom consummated an agreement to acquire a 60 percent
economic interest in a cable network in Hubei province with paying
subscribers exceeding 800,000. The Company originally acquired
operating rights of the Binzhou Broadcasting network in Binzhou,
Shandong Province in September 2007 by entering into a series of
asset purchase and services agreements with a company organized by
SOEs, owned directly or indirectly by local branches of State
Administration of Radio, Film and Television in five different
municipalities to serve as a holding company of the relevant
businesses. China Cablecom now operates 28 cable networks with over
1.4 million paying subscribers. China Cablecom's strategy is to
replicate the acquisitions by operating partnership models in other
municipalities and provinces in the PRC and then introducing
operating efficiencies and increasing service offerings in the
networks in which it operates. Safe Harbor Statement The matters
discussed in this press release contain "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements contained in this
presentation and in the Company's other written and oral reports
are based on current Company expectations and are subject to
numerous risks, uncertainties and assumptions, Any forward-looking
statements are not guarantees of future performance and actual
results of operations, financial condition and liquidity.. The
forward-looking statements herein speak only as of the date stated
herein and might not occur or the actual results may differ
materially in light of these risks, uncertainties, and assumptions.
The Company undertakes no obligation and disclaims any obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise. You should carefully consider these factors, as well as
the additional risk factors outlined in the filings that the
Company makes with the U.S. Securities and Exchange Commission,
including the Registration Statement on Form S-1 filed on April 18,
2008. CONTACT: China Cablecom Holdings, Ltd. Debra Chen Phone:
917.499.8129 Email: DATASOURCE: China Cablecom Holdings, Ltd.
CONTACT: Debra Chen of China Cablecom Holdings, Ltd.,
+1-917-499-8129, Web Site: http://www.chinacablecom.net/
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