Xinhua Finance Board Announcement
May 18 2007 - 7:35PM
PR Newswire (US)
SHANGHAI, May 18 /PRNewswire-FirstCall/ -- The Boards of Directors
of 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, but there are other priorities that will require my full
attention, so it is clearly the right thing to do now," Mr. Singhal
wrote in a letter to the Boards, "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." 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. Xinhua
Finance Media is a subsidiary of Xinhua Finance Limited ("XFL"; TSE
Mothers: 9399), China's premier financial information and media
service provider. XFL owns 36.9% of the equity and 85.4% of the
voting rights of XFMedia through its holding of class B common
shares, which have ten votes per share. The investing public, the
company's China partners, executives and staff own class A common
shares in the company with one vote per share. The dual-class
common share structure was created to accommodate the regulatory
landscape of China's media sector. For more information, please
visit http://www.xinhuafinancemedia.com/. For further information,
Media Contacts China Xinhua Finance Media Ms. Joy Tsang, +86 21
6113 5999, United States Taylor Rafferty John Dudzinsky, +1 212 889
4350, IR Contacts China Xinhua Finance Media Jennifer Chan Lyman,
+86 21 6113 5960, United States Ms. Dana E. Johnston, +1 212 889
4350, Ms Jessica McCormick, +1 212 889 4350, DATASOURCE: Xinhua
Finance Ltd. and Xinhua Finance Media CONTACT: Media: China, Ms.
Joy Tsang of Xinhua Finance Media, +86 21 6113 5999, or , or United
States, John Dudzinsky of Taylor Rafferty, +1-212-889-4350, or ; or
IR: Jennifer Chan Lyman of China Xinhua Finance Media, +86 21 6113
5960, or , or United States, Ms. Dana E. Johnston, +1-212-889-4350,
, or Ms Jessica McCormick, +1-212-889-4350, , both of Taylor
Rafferty Web site: http://www.xinhuafinance.com/
http://www.xinhuafinancemedia.com/
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