China Digital TV Holding Co., Ltd., the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today provided a further update on its asset restructuring (the "Restructuring") with Shanghai Tongda Venture Capital Co., Ltd ("Tongda Venture").
On November 30, 2015, Tongda Venture announced in a press release titled "Tongda Venture Terminates Non-public Offering" that it did not obtain the approval of the China Securities Regulatory Commission ("CSRC") for the Non-public Offering within the validity period of its shareholders' approval. Tongda Venture decided to terminate its non-public offering related to the Restructuring and applied to withdraw its submitted materials from the CSRC.
As provided for in the transaction agreements pertaining to the Restructuring, one of the conditions for the completion of the Restructuring is the CSRC's approval of Tongda Venture's non-public offering. Unless the parties mutually agree to an extension, the Restructuring will automatically terminate if it has not been completed by December 31, 2015.
About China Digital TV :
Founded in 2004, China Digital TV enables television network operators to manage, extend and diversify content services across households and public areas in China. China Digital TV is the leading provider of cloud-based application platforms and network broadcasting platform ("NBP") services to Chinese cable operators, helping them to effectively bring mobile gaming apps and other entertainment options to household television sets, and extend cable programming outside the home to any mobile device. China Digital TV is also the leading provider of CA systems in China's digital television market. CA systems enable television network operators to secure the delivery of content to their subscribers. The Company cooperates with nearly all of China's cable television operators.
Safe Harbor Statement :
This announcement contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "may", "should" and similar expressions. China Digital TV may also make forward-looking statements in its periodic reports filed with the Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about China Digital TV's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from projections contained or implied in any forward-looking statement, including but not limited to the following: competition in the CA systems, digital television, cable television and related industries in the PRC and the impact of such competition on prices, our ability to implement our business strategies, changes in technology, the progress of the television digitalization in the PRC, the structure of the cable television industry or television viewer preferences, changes in PRC laws, regulations or policies with respect to the CA systems, digital television, cable television and related industries, including the extent of non-PRC companies' participation in such industries, and changes in political, economic, legal and social conditions in the PRC, including the government's policies with respect to economic growth, foreign exchange and foreign investment.
Further information regarding these and other risks and uncertainties is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. China Digital TV does not assume any obligation to update any forward-looking statements, which apply only as of the date of this press release.
China Digital TV Holding Co., Ltd.
Investor Relations Manager
Tel: +86-10-6297-1199 x 9780
Tel: +1 (646) 328-1950