China MediaExpress Holdings, Inc. Announces Receipt of Delisting Notice
October 29 2009 - 4:29PM
Business Wire
China MediaExpress Holdings, Inc. (NYSE Amex: TMI; TMI/U;
TMI/WS) (“CME” or “Company”), China’s largest television
advertising operator on inter-city express buses, today announced
that on October 23, 2009 it received a letter from NYSE Amex LLC
(“AMEX”) indicating that as it had undergone through a reverse
merger for purposes of Section 341 of the AMEX Company Guide (which
required the satisfaction of AMEX’s initial listing standards at
the time of closing), the post-reverse merger entity failed to
satisfy one or more of such criteria, and its securities are
therefore subject to being delisted from AMEX. Specifically,
Section 102 (a) of the Company Guide requires a minimum public
distribution of 500,000 shares of common stock together with a
minimum of 800 public shareholders or a minimum public distribution
of 1,000,000 shares of common stock together with a minimum of 400
public shareholders.
The Company's common stock is now subject to immediate delisting
proceedings, unless it requests a hearing before a NYSE Amex panel
not later than October 30, 2009. The Company is planning to appeal
this determination and request such a hearing before a committee of
AMEX. There can be no assurance CME’s request for continued listing
will be granted.
About CME
CME, through contractual arrangements with Fujian Fenzhong, an
entity majority owned by CME’S former majority shareholder,
operates the largest television advertising network on inter-city
express buses in China. While CME has no direct equity ownership in
Fujian Fenzhong, through the contractual agreements CME receives
the economic benefits of Fujian Fenzhong’s operations. Fujian
Fenzhong generates revenue by selling advertisements on its network
of television displays installed on over 18,000 express buses
originating in thirteen of China’s most prosperous regions,
including the five municipalities of Beijing, Shanghai, Guangzhou,
Tianjin and Chongqing and eight economically prosperous provinces,
namely Guangdong, Jiangsu, Fujian, Sichuan, Hebei, Anhui, Hubei and
Shandong which generate nearly half of China’s GDP.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 (the
“Securities Act”), as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Forward-looking statements include, but are not limited to
statements regarding expectations, hopes, beliefs, intentions or
strategies regarding the future. In addition, any statements that
refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements in this report may include, for example,
statements about the Company’s:
- Success in retaining or
recruiting, or changes required in, management or directors
following the acquisition;
- Public securities’ limited
liquidity and trading;
- The delisting of the Company’s
securities from the NYSE Amex or an inability to have the Company’s
securities listed on the NYSE Amex following a business
combination;
- The Company’s goals and
strategies;
- The Company’s future prospects
and market acceptance of its advertising network;
- The Company’s future business
development, financial condition and results of operations;
- Projected changes in revenues,
costs, expense items, profits, earnings, and other estimated
financial information;
- The Company’s ability to manage
the growth of its existing advertising network on inter-city
express buses and expansion to prospective advertising network on
high speed railways;
- Trends and competition in the
out-of-home advertising media market in China;
- Changes in general economic and
business conditions in China; and
- Chinese laws, regulation and
policies, including those applicable to the advertising
industry.
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