YOU On Demand Sells Its Interest In Jinan Broadband For $4.7 Million
NEW YORK, Aug. 6, 2013
NEW YORK, Aug. 6, 2013 /PRNewswire/ --YOU On Demand Holdings, Inc. (NASDAQ:
YOD) ("YOU On Demand" or the "Company"), the first national Video On Demand
(VOD) platform in China, today announced that the Company has entered into a
definitive agreement to sell its interest in Jinan Broadband to Shandong
Broadcast Network for total consideration of RMB 29,000,000 (approximately
$4.7 million in cash), subject to customary closing conditions.
YOU On Demand Chairman, Shane McMahon, said, "With our senior management team
and additional financing in place, it is time for YOU On Demand to reduce its
investment of financial and management resources in its legacy business, Jinan
Broadband, and re-deploy those assets for the benefit of YOU On Demand's core
businesses. Following completion of the transaction, YOU On Demand will be
focused exclusively on growing its media distribution platform across China
and executing on growth initiatives through continued investments in new
content delivery platforms."
For a more detailed summary of the material provisions of the agreement,
please see the Company's current report on Form 8-K that will be filed with
the Securities and Exchange Commission today atwww.sec.gov.
About YOU On Demand Holdings, Inc. (www.yod.com)
YOU On Demand (NASDAQ: YOD) is the first national Video On Demand platform in
China. The Company offers premium content, including leading Hollywood and
China-produced movie titles, to customers across China through its
Transactional Video On Demand (TVOD), Subscription Video On Demand (SVOD) and
Near Video On Demand (NVOD) services. YOU On Demand has secured alliances with
leading global media operators and content developers. The Company has a
comprehensive end-to-end secure delivery system, governmental partnerships and
approvals and offers additional value-added services. YOU On Demand has
strategic partnerships with the largest media entities in China, a highly
experienced management team with international background and expertise in
Cable, Television, Film, Digital Media, Internet and Telecom. YOU On Demand is
headquartered in New York, NY with its China headquarters in Beijing.
Safe Harbor Statement
This press release contains certain statements that may include "forward
looking statements." All statements other than statements of historical fact
included herein are "forward-looking statements." These forward looking
statements are often identified by the use of forward-looking terminology such
as "believes," "expects" or similar expressions, involve known and unknown
risks and uncertainties. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may prove to be
incorrect. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. The
Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that are filed
with the Securities and Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking statements.
Jason Finkelstein Robert Rinderman or Norberto Aja
YOU On Demand JCIR – Investor Relations/Corporate Communications
SOURCE YOU On Demand Holdings, Inc.
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