VisionChina Media (Nasdaq: VISN), China’s largest out-of-home digital television and advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced that it has been informed by Ledman Optoelectronic Co., Ltd. (“Ledman”) that the proposed purchase of 49% equity interests in the Company’s subway mobile TV advertising business (the “Transaction”) by Ledman was approved at the Ledman shareholders’ meeting on September 5, 2016.
As previously announced on August 22, 2016, the Company’s consolidated variable interest entity, VisionChina Media Group Co., Ltd. (“VisionChina Media Group”) entered into a new equity transfer agreement (the “Equity Transfer Agreement”) and a new profit compensation agreement with Ledman in connection with the Transaction.
The Company expects to consummate the Transaction in the fourth quarter 2016. The consummation of the Transaction remains subject to the other conditions provided in the Equity Transfer Agreement. There is no assurance that all of such conditions will be satisfied within the expected time frame, or at all.