BEIJING, Sept. 1, 2011 /PRNewswire via COMTEX/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") /quotes/zigman/108568/quotes/nls/visn VISN -5.58% , one of China's largest out-of-home digital television advertising networks on mass transportation systems, today announced that its board of directors has approved a share repurchase program.
The Company has been authorized, but is not obligated, to repurchase up to US$15 million worth of its own American depositary shares ("ADSs") by December 31, 2012. The repurchases will be made from time to time on the open market or in block trades in accordance with the "safe harbor" requirements of Rule 10b - 18 under the U.S. Securities Exchange Act of 1934, as amended. The timing and extent of any repurchases under the share repurchase program will also depend upon market conditions, the trading price of the Company's ADSs and other factors. VisionChina Media expects to implement the share repurchase program in a manner consistent with the market conditions and in the best interest of its shareholders. VisionChina Media plans to fund the repurchases made under this program from its available cash balance.
"The board's decision to repurchase VisionChina Media's ADSs reflects our firm belief that our ADSs are significantly undervalued in the stock market," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer. "Having generated record high quarterly revenue in the second quarter of 2011 and building on the strong momentum of our growing operating results, we believe this repurchase program is in the best interest of VisionChina Media and our shareholders, and it demonstrates our continuing confidence in our company's ongoing business growth and our commitment to delivering long-term shareholder value."
About VisionChina Media Inc.
VisionChina Media Inc. /quotes/zigman/108568/quotes/nls/visn VISN -5.58% operates an out-of-home advertising network on mass transportation systems, including buses and subways. As of June 30, 2011, VisionChina Media's advertising network included 136,522 digital television displays on mass transportation systems in 21 of China's economically prosperous cities, including Beijing, Shanghai, Guangzhou and Shenzhen. VisionChina Media has the ability to deliver real-time, location-specific broadcasting, including news, stock quotes, weather and traffic reports, and other entertainment programming. For more information, please visit http://www.visionchina.cn .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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" and similar statements. Among other things, the quotations from management in this press release contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statements on Form F-1 and its annual reports on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.