ChinaNet Online Holdings Provides Clarification to Recently Announced Strategic Investment
August 17 2012 - 7:30AM
ChinaNet Online Holdings, Inc. (Nasdaq:CNET) (the "Company"), a
leading B2B (business to business) Internet technology company
focusing on providing online-to-offline ("O2O") sales channel
expansion services for small and medium-sized enterprises ("SMEs")
and entrepreneurial management and networking services for
entrepreneurs in the People's Republic of China, today provided
clarification to the press release distributed on August 13, 2012
titled "ChinaNet Online Holdings Adds New Strategic Investor".
The original release stated that one of the Company's founding
shareholders entered into a stock purchase agreement with the
founder and Chairman of Ever Bright Investment Capital (the "EBI")
and another accredited investor, pursuant to which the founding
shareholder sold 1,279,080 shares of common stock of the Company
for $3 million, or approximately $2.35 per share. To clarify, Star
(China) Holdings Limited ("Star Holdings") entered into a stock
purchase agreement with the founder and Chairman of Ever Bright
Investment Capital (the "EBI") and another accredited investor,
pursuant to which Star Holdings sold 1,279,080 shares of common
stock of the Company for $3 million, or approximately $2.35 per
share. Please note that Management and founding shareholders of
ChinaNet are not affiliated with Star Holdings and did not sell any
share in this transaction.
About ChinaNet Online Holdings, Inc.
The Company, a parent company of ChinaNet Online Media Group
Ltd., incorporated in the BVI ("ChinaNet"), is a leading B2B
(business to business) Internet technology company focusing on
providing O2O (online to offline) sales channel expansion service
for small and medium-sized enterprises (SMEs) and entrepreneurial
management and networking service for entrepreneurs in China. The
Company, through certain contractual arrangements with operating
companies in the PRC, provides Internet advertising and other
services for Chinese SMEs via its portal websites, 28.com,
Liansuo.com and Chuangye.com, TV commercials and program production
via China-Net TV, and in-house LCD advertising on banking kiosks
targeting Chinese banking patrons. Website:
http://www.chinanet-online.com.
Safe Harbor
This release contains certain "forward-looking statements"
relating to the business of ChinaNet Online Holdings, Inc., which
can be identified by the use of forward-looking terminology such as
"believes," "expects," "anticipates," "estimates" or similar
expressions. Such forward-looking statements involve known and
unknown risks and uncertainties, including business uncertainties
relating to government regulation of our industry, market demand,
reliance on key personnel, future capital requirements, competition
in general and other factors that may cause actual results to be
materially different from those described herein as anticipated,
believed, estimated or expected. Certain of these risks and
uncertainties are or will be described in greater detail in our
filings with the Securities and Exchange Commission. These
forward-looking statements are based on ChinaNet's current
expectations and beliefs concerning future developments and their
potential effects on the company. There can be no assurance that
future developments affecting ChinaNet will be those anticipated by
ChinaNet. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond the control of the
Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. ChinaNet undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
CONTACT: MZ North America
Ted Haberfield, President
Tel: +1-760-755-2716
Email: thaberfield@mzgroup.us
Web: www.mzgroup.us
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