Xinhua Finance Board Announcement
May 19 2007 - 6:19AM
PR Newswire (US)
SHANGHAI, May 19 /Xinhua-PRNewswire/ -- Xinhua Finance Ltd.
(TSE:9399) (OTC ADRs: XHFNY) and Xinhua Finance Media (NASDAQ:XFML)
announced today that Mr. Shelly Singhal has resigned from the
Boards of both companies, as well as from all executive and
managerial positions. His departure is immediate. "Mr. Singhal
provided important assistance throughout the development of Xinhua
Finance Ltd. and Xinhua Finance Media," commented Chairman and CEO
Fredy Bush, "He remains a strong supporter of both companies, and
he has our thanks for his tireless efforts in contributing to our
successes to date." "It is a difficult decision to leave these two
companies that I have helped to grow. Unfortunately, recent
allegations against me in the press concerning my activities prior
to joining Xinhua Finance have created a situation where my
continued involvement with Xinhua Finance has become a distraction
to management, so it is clearly the right thing to do now," Mr.
Singhal commented. "There is a deep pool of entrepreneurial and
managerial talent in place to insure continued progress. I remain a
loyal and long-term follower and shareholder, and wish the two
companies well." Mr. Singhal is currently the subject of a civil
suit which is unrelated to Xinhua Finance. Mr. Singhal has advised
that he believes this claim to be without merit and that he intends
to dispute it vigorously. Fredy Bush added, "We wish Shelly the
best and are grateful to him for his efforts on behalf of Xinhua
Finance. During his time with Xinhua Finance, we believe Shelly has
conducted himself with integrity and professionalism. In the
meantime, we look forward to putting this matter behind us and
focusing on what we do best-continuing to build our business in
China and creating value for our shareholders". About the companies
Xinhua Finance Limited Xinhua Finance Limited is China's premier
financial information and media service provider and is listed on
the Mothers Board of the Tokyo Stock Exchange (symbol: 9399) (OTC
ADRs: XHFNY). Bridging China's financial markets and the world,
Xinhua Finance serves financial institutions, corporations and
re-distributors through five focused and complementary service
lines: Indices, Ratings, Financial News, Investor Relations, and
Distribution. Founded in November 1999, the Company is
headquartered in Shanghai, with offices and news bureaus spanning
14 countries worldwide. For more information, please visit
http://www.xinhuafinance.com/. About Xinhua Finance Media Limited
Xinhua Finance Media ("XFMedia"; Nasdaq: XFML) is China's leading
diversified financial and entertainment media company targeting
high net worth individuals nationwide. The company reaches its
target audience via TV, radio, newspapers, magazines and other
distribution channels. Through its five synergistic business
groups, Advertising, Broadcast, Print, Production and Research,
XFMedia offers a total solution empowering clients at every stage
of the media process and keeping people connected and entertained.
Headquartered in Beijing, the company has offices and affiliates in
major cities of China including Beijing, Shanghai, Guangzhou,
Shenzhen and Hong Kong. For more information, please visit
http://www.xinhuafinancemedia.com/. 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,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates," 'confident' and similar statements. Among other
things, quotations from management in this announcement contain
forward-looking statements. XFMedia 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 XFMedia's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties that could
cause actual results to differ materially from those contained in
any forward-looking statements. Potential risks and uncertainties
are risks outlined in XFMedia's filings with the U.S. Securities
and Exchange Commission, including its registration statement on
Form F-1. All information provided in this press release is as of
May 19, 2007, and XFMedia undertakes no duty to update such
information, except as required under applicable law. DATASOURCE:
Xinhua Finance Limited and Xinhua Finance Media Limited CONTACT:
Joy Tsang of Xinhua Finance, , +86-136-2179-1577, +852-948-64364
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