YOU On Demand Receives Remaining $4 Million USD Balance for Jinan Broadband
NEW YORK, Nov. 13, 2013
NEW YORK, Nov.13, 2013 /PRNewswire/ --YOU On Demand Holdings, Inc. (NASDAQ:
YOD) ("YOU On Demand" or the "Company"), a leading multi-platform
entertainment and Video On Demand (VOD) company in China, announced today that
the Company has received early payment for the remaining outstanding balance
of RMB 24,000,000 (approximately $4 million USD) due in connection with the
recent sale of its legacy asset, Jinan Broadband.
As previously disclosed, YOU On Demand entered into a definitive agreement to
sell all of its interest in Jinan Broadband to Shandong Broadcast Network
("Shandong Broadcast") for total consideration ofRMB 29,000,000, subject to
customary closing conditions. The sale of Jinan Broadband to Shandong
Broadcast became final on July 31, 2013.
The first payment of RMB 5,000,000 was received by YOU On Demand on July 31,
2013 with the remaining balance previously scheduled to be due in two separate
payments: (i) RMB 10,000,000 by November 20, 2013, and (ii) RMB 14,000,000 by
May 20, 2014.
Marc Urbach, President & CFO of YOU On Demand stated, "The additional cash
provided by the sale and now early full payment for the Jinan Broadband asset
will be extremely beneficial to YOU On Demand from a cash flow and working
capital perspective. As previously stated, YOU On Demand reduced its
investment of financial and management resources in its legacy business, Jinan
Broadband, and re-deployed those assets for the benefit of YOU On Demand's
core VOD businesses."
For a more detailed summary of the previously disclosed asset sale, please see
the Company's Current Report on Form 8-K filed on August 6, 2013, with the
Securities and Exchange Commission atwww.sec.gov.
About YOU On Demand Holdings, Inc. (www.yod.com)
YOU On Demand (NASDAQ: YOD), is a leading multi-platform entertainment company
delivering premium content, including leading Hollywood and China-produced
movie titles, to customers across China via Subscription Video On Demand and
Transactional Video On Demand. The Company has secured alliances with leading
global media operators and content developers. YOU On Demand has content
distribution agreements in place with many ofHollywood's top studios
including Disney Media Distribution, Paramount Pictures, NBC Universal, Warner
Bros., Miramax Films, Lionsgate and Magnolia Pictures, as well as a broad
selection of the best content from Chinese filmmakers. 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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