BEIJING, Feb. 2, 2016 /PRNewswire/ -- Ku6 Media
Co., Ltd. ("Ku6 Media" or the "Company," NASDAQ: KUTV), a
leading internet video company focused on User Generated Content in
China, today announced that in
response to the preliminary non-binding proposal letter dated
February 1, 2016 (the "Proposal")
received by the Company's Board of Directors (the "Board") from
Shanda Interactive Entertainment Limited, the controlling
shareholder of the Company (the "Proposing Buyer"), to acquire the
Company in a "going private" transaction, the Board has formed a
special committee (the "Special Committee") of independent
directors who are not affiliated to any member of the Proposing
Buyer consisting of Mr. Qingmin Dai,
Mr. Yong Gui and Ms. Jun Deng to evaluate the Proposal. The Special
Committee intends to retain its own independent financial advisor
and legal counsel to assist it in its evaluation.
The Company cautions its shareholders and others considering
trading its securities that neither the Board nor the Special
Committee has made any decision with respect to the Company's
response to the Proposal. There can be no assurance that any
definitive offer will be made by the Proposing Buyer or any other
person, that any definitive agreement will be executed relating to
the proposed transaction, or that the proposed transaction or any
other transaction will be approved or consummated.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (NASDAQ: KUTV) is a leading internet
video company in China focused on
User Generated Content ("UGC"). Through its premier online brand
and online video website, www.ku6.com, Ku6 Media provides
online video uploading and sharing services, video reports,
information and entertainment in China. For more information about Ku6 Media,
please visit http://ir.ku6.com.
Forward-looking Statements
This news release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "believes," "could," "expects," "may," "might,"
"should," "will," or "would," and by similar statements.
Forward-looking statements are not historical facts, but instead
represent only the Company's beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
its control. It is possible that the Company's actual results and
financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these
forward-looking statements. Some of the risks and important factors
that could affect the Company's future results and financial
condition include: continued competitive pressures in China's internet video portal market; changes
in technology and consumer demand in this market; the risk that Ku6
Media may not be able to control its expenses in the future;
regulatory changes in China with
respect to the operations of internet video portal websites; the
ability of the Company to consistently derive revenues from its
renewed agreement with Huzhong; the success of Ku6 Media's ability
to sell advertising and other services on its websites; and other
risks outlined in the Company's filings with the Securities and
Exchange Commission, including the Company's annual report on
Form 20-F. Ku6 Media does not undertake any obligation to
update this forward-looking information, except as required under
law.
Contact:
For further information, please contact:
At the Company:
Ms. Wendy Xuan
Investor Relations Manager
Telephone: +86 10 5758 6819
ir@ku6.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao,
Senior Associate
+86-10-6587-6435
kyao@equityny.com
In U.S.
Adam Prior,
Senior Vice President
(212) 836-9606
aprior@equityny.com
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SOURCE Ku6 Media Co., Ltd.