BEIJING, Nov. 16, 2011 /PRNewswire-Asia/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), one of China's largest out-of-home digital television advertising networks on mass transportation systems, today announced its Board of Directors (the "Board") has, by way of formal resolution, given a vote of confidence in support of the Company's co-founder, chairman and chief executive officer, Mr. Limin Li.
The Board's resolutions come in response to a letter contained in a press release dated November 15, 2011 issued by two of the Company's shareholders, Oak Investment Partners XII, L.P. ("Oak") and Gobi Partners, Inc. ("Gobi"), both of which received common shares of the Company as part of the Company's acquisition of Digital Media Group Company Limited ("DMG") completed in January 2010, and, both of which are currently engaged in litigation with the Company in the Supreme Court of the State of New York related to that acquisition.
The letter from Oak and Gobi was addressed to the Board of VisionChina Media and alleged that the chairman and chief executive officer of the Company, Mr. Limin Li, has mismanaged the Company and requested that the Board make major changes in the Company's management, including the replacement of Mr. Limin Li.
It was also noted that Oak and Gobi disseminated their letter to the Company's Board through a public press release even before such letter was received by certain directors. The Board believes the contents of the letter and the public nature of its release have negatively affected the reputation of the Company and its management team as well as the Company's daily operations, which could cause irreparable damages to the Company and its shareholders.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV