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Dec. 20, 2012 /PRNewswire/ -- With
VisionChina Media's (Nasdaq: VISN) common stock having lost more than 95 percent of its value in the past two years, a new web site,
SaveVisionChina.com, has been launched that allows stakeholders to contact the Company's independent directors to press for meaningful change.
Those independent directors are:
Yanqing Liang, Director of Beijing Zhonghe Qingrun Investment Co., Ltd.
Xisong Tan, Chairwoman of Hairun Ogilvy Entertainment Distribution and Advertising Co.
Arthur Wong, CFO of GreenTree Inns Hotel Management Group and Director of Besunyen Holding Co.
Kit Leong Low, CFO of Focus Media
The plunge in VisionChina's market value has occurred despite robust growth in
China's digital media market, where VisionChina has an enviable position in key Tier-1 Chinese subway and bus-based advertising markets.
"It is absolutely untenable to maintain the
status quo at a company that has so clearly lost its way. VisionChina's independent directors need to take bold action to revive the company so that it can reach its full potential," said
Thomas G. Tsao, founder of
Shanghai-based Gobi Partners, which launched the site in partnership with Oak Investment Partners.
Oak and Gobi are major shareholders in VisionChina.
Published in both Chinese and English, the web site features an approximate running total of a portion of the damages that Gobi and Oak are seeking from VisionChina and Vision Best for their failure to pay for the acquisition of Digital Media Group (DMG) from Oak and Gobi.
"The counter on the home page of the web site estimates, in real time, the principal amount of
$60 million plus the accumulating interest, which represents only a portion of the damages sought by us from VisionChina," Mr. Tsao said. "The number is increasing rapidly and is another reminder of the urgent need for VisionChina's independent directors to take action."
Oak and Gobi plan to pursue additional damages in connection with VisionChina and Vision Best's breach of their agreements to purchase DMG. Oak and Gobi expect total damages to exceed
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm based in
the United States, with offices in
Palo Alto, CA;
Greenwich, CT; and
Minneapolis, MN. Oak's primary investment focus is on high-growth opportunities in Broadband Internet and Wireless Communications, Information Technology and Software Outsourced Services, Consumer Internet/New Media, Financial Services Technology, Healthcare Information and Services, Clean Energy, and Retail. Over a 33-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 475 companies at key points in their lifecycle.
About Gobi Partners
Founded in 2002, Gobi Partners is a venture capital firm with its headquarters and incubation center in
Shanghai and additional offices in
Hong Kong, and
Tianjin, as well as an overseas office in Singapore. A leading investor in early stage digital media and technology companies in
Greater China, Gobi currently manages five funds. Since its establishment, Gobi has funded dozens of early to traction stage companies and continues to invest actively in the region.