Chairman of the Board of Directors of the Company Robert Fried commented, “We expect the share issuances will not only eliminate substantially all of our earnout liability, but will better align the interests of our subsidiaries and shareholders.” Chief Executive Officer Peter Tan commented, “In addition to the points raised by Rob, these milestone corporate actions allow us to better position the Company for new significant nationwide, traditional and new media concessions, which we expect to announce later this quarter. I also intend to deepen our shareholder base amongst Asian investors.”
SearchMedia is a leading nationwide multi-platform media company and one of the largest operators of integrated outdoor billboard and in-elevator advertising networks in China. SearchMedia operates a network of high-impact billboards and one of China’s largest networks of in-elevator advertisement panels in 50 cities throughout China. SearchMedia’s core outdoor billboard and in-elevator platforms are complemented by its transit advertising platform, which together enable it to provide multi-platform, “one-stop shop” services for its local, national and international advertising clients. Learn more at www.searchmediaholdings.com.
Forward-Looking StatementsAny statements contained in this press release that do not describe historical facts, including statements about SearchMedia’s beliefs and expectations, may constitute forward-looking statements as that term is defined by the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “confident” and similar statements. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. Potential risks and uncertainties include, but are not limited to, whether we fully convert and eliminate all remaining earnout obligations; whether the subsidiary earnout obligations will be fully eliminated by the 2012 second quarter; whether the issuance of the shares will achieve its desired results; whether the Company can execute its business strategy in capturing new nationwide concessions; integration of subsidiaries; the risks that there are uncertainties and matters beyond the control of management, and other risks outlined in the Company’s filings with the U.S. Securities and Exchange Commission. SearchMedia cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. SearchMedia does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.