Visionchina Media, Inc. - Ameri (NASDAQ:VISN)

Third Quarter 2016 Financial Results

• VisionChina Media's total revenues from continuing operations[1] were $12.8 million in the third quarter of 2016, an increase of 8.5% from $11.8 million in the third quarter of 2015, and an increase of 3.5% from $12.4 million in the second quarter of 2016.
• Basic and diluted net income per ADS (GAAP) were $0.63 and $0.19, respectively, in the third quarter of 2016, compared with basic and diluted net loss per ADS of $0.98 in the third quarter of 2015, and basic and diluted net loss per ADS of $0.27 in the second quarter of 2016.

Mr. Limin Li, VisionChina Media's Chairman and Chief Executive Officer, commented, "In 2016, we remained focused on strengthening our leadership position in China's urban mass transit Wi-Fi market. The sale of our subway mobile TV advertising business is an important, strategic step for VisionChina Media. Moreover, we believe the transaction provides significant flexibility to satisfy our working capital needs and enables us to continue our focus on capturing market share in the fast growing Wi-Fi business."

"We are pleased to see the number of registered users on our Wi-Fi network reach 15 million as of September 30, 2016. Looking ahead, we remain committed to improving user experiences and providing a high quality free mass transit Wi-Fi service for China's urban commuters," Mr. Li continued.

"I would like to thank Mr. Wang for his significant contributions to VisionChina Media and leadership in various successful financing transactions. We wish him well in his future endeavors. In the meantime, I have full confidence in the ability of Mr. Johnson Chou and the rest of our management team to continue the development of our business," added Mr. Li.

Mr. Johnson Chou joined VisionChina Media in September 2016 and has extensive knowledge of U.S. GAAP and accounting-related rules and regulations applicable to U.S.-listed companies. Prior to joining VisionChina Media, Mr. Chou was a financial controller at SF Express and an audit manager at Baker Tilly Shenzhen. Mr. Chou has been involved in a number of initial public offerings and audits of U.S.-listed Chinese companies and managed the finance department of overseas companies. He is a member of the China Institute of Certified Public Accountants (CICPA).

BEIJING, Nov. 22, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (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 its Board of Directors has approved the appointment of Marcum Bernstein & Pinchuk LLP ("Marcum BP") as the Company's independent auditors. The proposed appointment is subject to approval by the Company's shareholders at the Company's annual general meeting scheduled on December 29, 2016, and the completion of Marcum BP's internal acceptance procedures. Upon shareholders' approval and Marcum BP's acceptance, Marcum BP will replace Deloitte Touche Tohmatsu ("Deloitte") as the independent auditors for the Company with immediate effect. The Company will work closely with Deloitte and Marcum BP to ensure a seamless transition.

The proposal to appoint Marcum BP was made after careful consideration and an extensive evaluation process by the Board of Directors, the Audit Committee and management of the Company and approved by the Board of Directors and the Audit Committee. During the two fiscal years ended December 31, 2014 and 2015, there were no (1) disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make references in connection with their opinion to the subject matter of the disagreement, or (2) reportable events. The audit reports of Deloitte on the Company's consolidated financial statements for the fiscal years ended December 31, 2014 and 2015 did not contain any adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles, except that the report for the year ended December 31, 2015 included an explanatory paragraph regarding the substantial doubt about the Group's ability to continue as a going concern and an explanatory paragraph regarding the retrospective adjustments to reflect discontinued operations.

"We are grateful for Deloitte's quality service, experience and dedication over the past couple years as the Company's external auditors," said Mr. Stanley Wang, Chief Financial Officer of VisionChina Media. "We selected Marcum BP as part of our recent cost management measures, and we look forward to maintaining our solid accounting and financial practice with them."

Marcum BP is an independent public accounting firm formed in January 2011 as a joint venture between Marcum LLP and Bernstein & Pinchuk LLP. It provides a full range of audit and assurance, tax and transaction advisory services for clients in a variety of industries throughout the world. With offices in New York, Beijing, Shanghai, Guangzhou, Hangzhou and Shenzhen, Marcum BP provides the expertise and support needed to efficiently serve and advise its clients.

BEIJING, Sept. 27, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (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 on September 26, 2016 it received a notice from The Nasdaq Stock Market, Inc. (the "NASDAQ") that the Company complies with Nasdaq Listing Rule 5250(c)(1) (the "Rule") because it filed its annual report on Form 20-F for the fiscal year ended December 31, 2015 ("2015 Form 20-F") with the Securities and Exchange Commission on September 20, 2016.

As previously reported, NASDAQ notified the Company on May 20, 2016 that the Company was not in compliance with the Rule because the Company did not timely file the 2015 Form 20-F.

About VisionChina Media Inc.

VisionChina Media Inc. (VISN) operates an out-of-home advertising network on mass transportation systems, including buses and subways. As of December 31, 2015, VisionChina Media's advertising network included approximately 88,844 digital television displays on mass transportation systems in 19 of China's economically prosperous cities, including Beijing, Guangzhou and Shenzhen, as secured by exclusive agency agreements or joint venture contract. VisionChina Media has the ability to deliver real-time, location-specific broadcasting, including news, stock quotes, weather and traffic reports, and other entertainment programming.

In addition, VisionChina Media, through its consolidated affiliate Qianhai Mobile, has secured exclusive concession rights for bus Wi-Fi services in 25 cities across China, including Shanghai, Shenzhen, Guangzhou and Tianjin, covering approximately 80,000 buses. Currently, Qianhai Mobile provides free Wi-Fi Internet services on over 35,000 buses under the brand name "VIFI," spanning over 12.0 million commuters and providing over 6.0 million Wi-Fi service sessions per day.

BEIJING, Sept. 14, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (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 its consolidated variable interest entity, VisionChina Media Group Co., Ltd. ("VisionChina Media Group" or the "Seller") has completed the sale of its 49% equity interests in VisionChina New Culture Media Co., Ltd. ("New Culture"), the operating entity of the Company's subway mobile TV advertising business, to Ledman Optoelectronic Co., Ltd. ("Ledman"). The terms of the transaction were previously announced on August 22, 2016. Ledman is a professional manufacturer in the Chinese LED industry and a leading Sports Resources Operator, listed on the Shenzhen Stock Exchange (300162.SZ). Both VisionChina Media and Ledman are official partners with the Chinese Football Super League.

Mr. Limin Li, VisionChina Media's Chairman and Chief Executive Officer commented, "The sale of our subway mobile TV advertising business is a critical and strategic step for VisionChina Media, and we remain open in the future to sell the remaining 51% of our equity position in New Culture. We believe the transaction will provide significant flexibility to satisfy our working capital needs and allow us to focus our resources on the fast growing Wi-Fi business, and to further strengthen our leading position in China's urban mass transit Wi-Fi. We are very excited about the future of our Company."

With the closing of the transaction, the Company has received the transaction proceeds of RMB61.0 million in cash and RMB321.2 million in the form of 17,085,100 shares of Ledman ("Ledman Shares"), valued at RMB18.8 per share, and VisionChina Media, through the Seller, indirectly owns approximately 4.88% of Ledman. The Ledman Shares are subject to a lock-up period until May 31, 2019 and VisionChina Media Group may not sell or otherwise dispose of more than 75% of the Ledman Shares during the 12 months following the lock-up period expiry.

BEIJING, Sept. 6, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (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.

BEIJING, Aug. 31, 2016 /PRNewswire/ -- VisionChina Media, Inc. ("VisionChina Media" or the "Company") (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 on August 30, 2016 it received a notification letter (the "Notification Letter") from The Nasdaq Stock Market, Inc. (the "NASDAQ") informing the Company that NASDAQ has granted the Company an exception to Nasdaq Listing Rule 5250(c)(1) (the "Rule") to enable the Company to regain compliance with the Rule.

As previously reported, the Company received a notification letter on May 20, 2016 from NASDAQ that the Company is not in compliance with the Rule because the Company did not timely file its annual report on Form 20-F for the fiscal year ended December 31, 2015 ("2015 Form 20-F") with the Securities and Exchange Commission (the "SEC").

The Notification Letter states that the Company must file the 2015 Form 20-F on or before September 20, 2016. In the event the Company does not satisfy such deadline, the NASDAQ staff will provide written notification that the Company's securities will be delisted. The Company is working diligently to complete the work necessary to file the 2015 Form 20-F and expects to file such report with the SEC on or before September 20, 2016.

BEIJING, Aug. 22, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (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 its consolidated variable interest entity, VisionChina Media Group Co., Ltd. ("VisionChina Media Group") has entered into a new equity transfer agreement and a new profit compensation agreement (the "New Agreements") with Ledman Optoelectronic Co., Ltd. ("Ledman") to sell 49% equity interests in VisionChina New Culture Media Co., Ltd. ("New Culture"), the operating entity of the Company's subway mobile TV advertising business, for an aggregate consideration of RMB382.2 million (the "New Transaction"). Concurrently with signing of the New Agreements, VisionChina Media Group, Shenzhen HDTV Industrial Investment Co., Ltd., another consolidated variable interest entity of the Company, and Ledman agreed to terminate the equity transfer agreement and profit compensation agreement entered into among the parties in February 2016 for sale of all of the Company's subway mobile TV advertising business to Ledman.

"The sale of our subway mobile TV advertising business is a critical and strategic step for VisionChina Media, and we remain open in the future to sell the remaining 51% of our equity position in New Culture. We believe the execution of the New Agreements with Ledman will provide significant flexibility to satisfy our working capital needs and allow us to focus our resources on the fast growing WiFi business, and to further strengthen our leading position in China's urban mass transit WiFi market," commented Mr. Limin Li, VisionChina Media's Chairman and Chief Executive Officer, "We expect this transaction will be closed in the near future and are confident that New Culture will be able to achieve the profit targets described in the profit compensation agreement."

BEIJING, July 22, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (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 provided an update on the proposed sale of the Company's subway mobile TV advertising business to Ledman Optoelectronic Co., Ltd. ("Ledman")("the Transaction"), a company listed on the Shenzhen Stock Exchange ("SSE") (stock code: 300162).

On July 22, 2016, Ledman advised the Company that it had submitted to the China Securities Regulatory Commission ("CSRC"), an application for suspension of the Transaction pending uncertainties surrounding government regulatory policies pertaining to foreign-listed Chinese companies relisting in China's domestic stock market.

Consummation of the Transaction remains subject to requisite approvals of the relevant parties and regulatory clearance by the CSRC. There is no assurance that these approvals and the regulatory clearance will be obtained within any expected time frame, or can be obtained at all.

BEIJING, July 20, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (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 ruling by the Grand Court of Cayman Islands (the "Cayman Islands Ruling"), concerning the Company's breach of the Settlement Agreement (the "Settlement Agreement") dated April 30, 2014 with Oak Investment Partners XII, Limited Partnership, Gobi Partners, Inc. n/k/a Gobi Ventures, Inc., Gobi Fund, Inc. and Gobi Fund II, L.P. (collectively, the "Plaintiffs"). The Cayman Islands Ruling orders VisionChina Media to pay the Plaintiffs a) approximately $59.4 million (the "Judgment Amount"), b) interest at the rate of 9% per annum calculated from November 16, 2010 as to $30 million and from November 16, 2011 as to the remaining portion of the Judgment Amount, until such Judgment Amount is paid in full and c) costs on the indemnity basis to be taxed if not agreed.

The Company acquired Digital Media Group Company Limited (the "Acquisition") from the Plaintiffs in November 2009 and entered into the Settlement Agreement with the Plaintiffs in April 2014 to settle all litigations arising from the Acquisition. Pursuant to terms of the settlement agreement, VisionChina Media agreed to pay the Plaintiffs an aggregate amount of US$70 million, including US$12 million in cash and US$58 million in six-year term convertible promissory notes issued by VisionChina Media, in addition to certain other consideration to satisfy a prior judgment of approximately US$71.8 million.

The Company seeks to enter into a new settlement agreement with the Plaintiffs to satisfy the Cayman Islands Ruling. The parties are currently in discussions regarding such settlement agreement.

BEIJING, May 25, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (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 on May 20, 2016 it received a notification letter (the "Notification Letter") from The Nasdaq Stock Market, Inc. (the "NASDAQ") indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it did not timely file its annual report on Form 20-F for the fiscal year ended December 31, 2015 ("2015 Form 20-F") with the Securities and Exchange Commission (the "SEC").

As previously reported, the Company is unable to complete and file its 2015 Form 20-F timely because it needs additional time to prepare and review its consolidated financial statements as of and for the year ended December 31, 2015 and notes thereto, as well as to complete the assessment of the effectiveness of its internal controls over financial reporting.

The Notification Letter provides that the Company has until July 19, 2016 to submit a plan with the NASDAQ to regain compliance. The Company is working diligently to complete the work necessary to file the 2015 Form 20-F and intends to file such report with the SEC as soon as practicable.

BEIJING, April 30, 2016 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (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 filed a Form 12b-25 (the "Form 12b-25") with the U.S. Securities and Exchange Commission to extend the due date by fifteen days for filing its annual report on Form 20-F for the fiscal year ended December 31, 2015 (the "2015 Form 20-F"), and disclose certain preliminary unaudited financial results for the fiscal year ended December 31, 2015.

The Company is unable to file its 2015 Form 20-F on or before the prescribed due date of May 2, 2016, as it needs additional time to prepare and review its consolidated financial statements as of and for the year ended December 31, 2015 and notes thereto, as well as to complete the assessment of the effectiveness of its internal control over financial reporting. The Company's management anticipates that the 2015 Form 20-F will be filed on or before May 16, 2016.

As disclosed in the Form 12b-25, while the Company has not yet finalized its consolidated financial statements as of and for the year ended December 31, 2015 to be included in the Form 20-F, nor the other disclosures required therein as of the date hereof, it anticipates the following significant changes in results of operations from the last fiscal year will be reflected in the consolidated financial statements to be included in the Form 20-F. The Company estimates that revenues for the year ended December 31, 2015 were approximately in the range of $78.5 million to $79.5 million, a decrease of approximately 24.4% to 23.4% from the year ended December 31, 2014. The decrease was primarily a result of the Company's termination of certain unprofitable exclusive concession contracts related to advertisements in mass transportation systems. The Company estimates that net loss attributable to its shareholders for the year ended December 31, 2015 was approximately in the range of $19.3 million to $19.9 million, compared with a net loss attributable to shareholders of $31.1 million in 2014. The decrease in net loss attributable to shareholders was primarily a result of the Company's termination of certain unprofitable exclusive concession contracts related to advertisements in mass transportation systems.

The financial data presented above are subject to revision based upon the completion of the Company's consolidated financial statements as of and for the year ended December 31, 2015.

Third Quarter 2015 Financial Results

• VisionChina Media's total revenues were $23.2 million in the third quarter of 2015, representing a decrease of 21.6% from $29.7 million in the third quarter of 2014, and a slight increase of 0.3% from $23.2 million in the second quarter of 2015.
• Net loss per ADS ⁽¹⁾:Basic and diluted was (0.98) vs last years same quarter of (0.56).

Mr. Limin Li, VisionChina Media's Chairman and Chief Executive Officer, commented, "As the leading free Wi-Fi service provider of China's urban mass transportation system, we are pleased to see the number of registered users on our Wi-Fi network grow to nearly 10 million. Looking ahead, we remain committed to providing a high quality free Wi-Fi service for the commuters, with a focus on our in-depth Big Data initiatives for China's urban mass transit system. In November, we announced our partnership with the Chinese Academy of Sciences (CAS) to develop an integrated Big Data management platform, which allows us to analyze the user behaviors and preferences of our large user base. By combining our strong research and development capabilities with the significant resources and experience from CAS, we remain focused on continually improving our service quality and user experience, while achieving the full value of our platform. "

Mr. Stanley Wang, VisionChina Media's Chief Financial Officer, added, "Under our recently implemented cost control initiatives, our subway business for the third quarter of 2015 achieved profitable levels, which gives us the confidence to extend these successful initiatives to additional business segments and improve the margins of our bus business. As the number of registered users for our Wi-Fi service continued to grow rapidly in the third quarter of 2015, we look forward to further growing our Wi-Fi business and capitalizing on future growth opportunities."

As of the date of this press release, VisionChina Media, through its consolidated affiliate Qianhai Mobile, has secured exclusive concession rights for bus Wi-Fi services in 30 cities across China, including Shanghai, Shenzhen, Guangzhou and Tianjin, covering approximately 80,000 buses. Currently, Qianhai Mobile provides free Wi-Fi Internet services on over 30,000 buses under the brand name "VIFI," with approximately 10 million registered users.

Business Outlook

For the fourth quarter of 2015, the Company expects to generate advertising service revenue in the range of $16.0 million to $16.5 million.

The guidance is based on an exchange rate of RMB6.3538 per $1.00.

The Company notes that its guidance is based on its current network that, as of the date of this press release, has been secured by exclusive agency agreements or joint venture contracts. If the number of cities in the Company's network expands or contracts, management's forecast could be affected.

XI'AN, China, October 8, 2015 /PRNewswire/ -- SkyPeople Fruit Juice, Inc. (NASDAQ: SPU) ("SkyPeople" or "the Company"), a producer of fruit juice concentrates, fruit juice beverages and other fruit-related products, today announced that on October 6, 2015, it received a written notice from the Listing Qualifications department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company is not in compliance with the minimum bid price requirement of $1.00 set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on the Nasdaq Global Market.

The Nasdaq Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price for the 30 consecutive days ended October 5, 2015, the Company did not meet this requirement. SkyPeople has been provided a 180 day period in which to regain compliance. During this period, the closing bid price of the Company's ordinary shares must be at least $1.00 for a minimum of ten consecutive business days to regain compliance. In addition, in the event the Company does not regain compliance within the 180 day period, it may be eligible for a second compliance period to regain compliance if so granted by Nasdaq staff.

The notification letter has no effect on the listing of the Company's ordinary shares at this time and the shares will continue to trade on the Nasdaq Global Market under the ticker "SPU".

BEIJING, October 8, 2015 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), China's largest out-of-home digital television advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced that it has been awarded exclusive concession contracts to install and operate its on-bus free Wi-Fi network on 6,600 urban buses in Chongqing City, a municipality directly under the central government, and 2,500 urban buses in Taiyuan City, the provincial capital of Shanxi province. With these new concession contracts, VisionChina Media becomes the sole urban mass transit Wi-Fi provider in both cities and expands its national network coverage to 23 cities and approximately 60,000 buses.

Mr. Limin Li, VisionChina Media's Chairman and Chief Executive Officer commented, "We are pleased to announce the recent two wins of exclusive bus Wi-Fi concession contracts in Chongqing City and Taiyuan City, which further enhances our leading position in China's urban mass transit Wi-Fi market and demonstrates our ability to deliver targeted content and an exceptional user experience. We will continue to work with Baidu in mass transit Wi-Fi and look forward to offering our high-quality free Wi-Fi service for more urban commuters in more cities."

Second Quarter 2015 Financial Results

Total revenues increased 51.2% sequentially to $23.2 million.

Basic and diluted net loss per American depositary share ("ADS") attributable to VisionChina Media shareholders in the second quarter of 2015 were $0.03. Each ADS represents 20 ordinary shares.

"We are delighted to see the rebound of our advertising business, while building strong growth momentum for gross and net margin improvement in the second half of the year," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer. "Our mass transit Wi-Fi business has established a leading position in the market. As we continue to make progress with our Baidu collaboration, we look forward to seizing the many monetization opportunities we have identified."

Mr. Stanley Wang, VisionChina Media's chief financial officer, added, "Our subway business outperformed our expectation through the success of a series of strategic initiatives. For the second half of the year, our primary focus is to improve the Company's operating efficiency by adjusting the cost structure for our advertising business."

Business Outlook

For the third quarter of 2015, the Company expects to generate advertising service revenue in the range of $22.6 million to $23.2 million, representing quarter-over-quarter growth of 1.8% to 4.5%.

The guidance is based on an exchange rate of RMB6.2500 per $1.00.

The Company notes that its guidance is based on its current network that, as of the date of this press release, has been secured by exclusive agency agreements or joint venture contracts. If the number of cities in the Company's network expands or contracts, management's forecast could be affected.

BEIJING, July 14, 2015 /PRNewswire/ -- 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 that it has entered into a definitive share purchase agreement (the "agreement") to raise approximately US$9.8 million in a private placement of Common Shares of the Company, par value US$0.0001 per share, (the "Common Shares"). VisionChina Media plans to use the proceeds to fund its working capital and out-of-home interactive media growth initiatives.

Pursuant to the agreement, China Special Situations Holdings (1) (BVI) Limited (the "Investor"), a leading investment company in the technology, media and telecommunications (TMT) and consumer electronics sectors in China, will purchase newly issued Common Shares of VisionChina Media for total consideration of approximately US$9.8 million, at a purchase price of US$12.90 per American depositary share of the Company, each representing 20 Common Shares (each an "ADS"), or the equivalent of approximately US$ 0.645 per Common Share. The purchase price represents a premium of approximately 7.5% over the closing price of the Company's ADSs for the previous trading day prior to the signing date of the agreement. Upon closing, the Investor will hold approximately 13.0% of the Company's issued and outstanding share capital and will become one of the Company's largest shareholders. The Investor has agreed not to sell, transfer or dispose of any Common Shares acquired in this transaction to any third parties for a period of six months after closing of this private placement. The Investor will have the right to appoint one director to the Company's board of directors after the transaction.

Mr. Limin Li, VisionChina Media's chairman and chief executive officer commented, "This transaction is another significant milestone in VisionChina's growth story, and we are proud to welcome China Special Situations Holdings as a significant shareholder. Our national digital mobile television network reaches hundreds of millions of commuters every day, and given the rapid growth of mobile Internet in China, we see significant opportunity to leverage this infrastructure to create new revenue streams for our Company and long-term value for our shareholders."

Under the terms of the agreement, VisionChina Media will receive 20% of the total proceeds in cash and a promissory note for the remaining 80% within ten business days after the signing of the agreement. Subject to customary closing conditions, the transaction is expected to close on or before September 11, 2015, when the full purchase price is received by VisionChina.

The share issuance is exempt from registration under the Securities Act of 1933, as amended pursuant to Section 4(2) of the Securities Act, as amended (the "Securities Act") regarding transactions not involving a public offering or is made in reliance on, and in compliance with, Regulation S under the Securities Act.

BEIJING, June 10, 2015 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), China's largest out-of-home digital television advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced the closing of the previously disclosed US$11.5 million Series A equity transaction for Shenzhen Qianhai VisionChina Mobile Interactive Co., Ltd. ("Qianhai Mobile"), a consolidated affiliate [1] of the Company. Over 90% of the transaction proceeds have been received from investors pursuant to the Series A purchase agreement. Qianhai mobile is now valued at over US$100 million.

VisionChina Media also announced that, with the closing of the transaction, Mr. Zhen Xiong, Baidu's vice general manager of mobile application distribution, joins the Company's board of directors. Mr. Xiong has more than 10 years of experience in the Internet sector, including senior positions at Xunlei Limited as well as Baidu's MP3 and video search business.

"We are delighted to successfully close the financing transaction with Baidu and additional top-tier private equity investors, and to welcome Mr. Zhen Xiong to our board of directors," said Mr. Limin Li, VisionChina Media's Chairman and Chief Executive Officer. "We look forward to Mr. Xiong's insights as we continue to grow our mass transit-based Wi-Fi network and provide an enhanced user experience for bus commuters across China."

BEIJING, June 8, 2015 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), China's largest out-of-home digital television advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced that it has been awarded exclusive concession contracts to install and operate its on-bus free Wi-Fi network on 5,000 urban buses in Hangzhou city, the provincial capital of Zhejiang province, and 1,614 urban buses and 58 bus rapid transit ("BRT") stations in Jinan city, the provincial capital of Shandong province. With these new concession contracts, VisionChina becomes the leading urban mass transit Wi-Fi provider in both cities, and its national network coverage expands to 20 cities and approximately 42,000 buses, up from 18 cities and approximately 35,000 buses as of the date of the Company's previous press release on June 4, 2015.

Mr. Limin Li, VisionChina Media's Chairman and Chief Executive Officer commented, "These recent wins of exclusive bus Wi-Fi concession contracts in Hangzhou City and Jinan City reflect our ability to deliver targeted content and an exceptional user experience. By leveraging our expertise, as well as our recently-announced collaboration with Baidu, we will offer the high-quality free Wi-Fi service for which we are known to millions of additional urban commuters in these two cities. Our mass transit Wi-Fi initiative creates significant new growth opportunities for our Company, and we will continue to pursue additional concession contracts to further expand coverage to new cities."

First Quarter 2015 Financial Results

• VisionChina Media's total revenues were $15.3 million in the first quarter of 2015, representing a decrease of 30.5% from $22.0 million in the first quarter of 2014 and a decrease of 29.2% from $21.6 million in the fourth quarter of 2014.
• Basic and diluted net loss per ADS (GAAP) was $1.66 in the first quarter of 2015 vs. $1.44 from the previous years quarter.

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "One year ago we announced our vision and strategy to develop the largest public mass transit Wi-Fi network in China to serve as the country's primary mobile Internet entry point outside of the home. We quickly achieved the leading position in the market, and we remain focused on the continued expansion of our network to serve the needs of a rapidly growing mobile Internet user base. Our collaboration with Baidu, one of China's leading Internet companies, represents a transformational event for our Company and provides resources and expertise that will help us realize our long-term vision. We would also like to welcome Mr. Zhen Xiong, Baidu's vice general manager of mobile application distribution, to our Board of Directors. We look forward to Mr. Xiong's contributions and insights as we seek to capitalize on the substantial growth opportunities before us."

Mr. Stanley Wang, VisionChina Media's chief financial officer, added, "We are pleased with the disciplined cost control that we demonstrated in our core business pending the restructuring of our subway contracts in Guangzhou and Beijing during the first quarter. While these restructurings resulted in temporary volatility in our advertising business revenue, we expect a strong rebound in the second quarter. Additionally, with the transition to our "Mobile Internet + TV Media" platform, we are exploring new growth opportunities to realize the unique value of our core advertising business in our local markets."

Business Outlook

For the second quarter of 2015, the Company expects to generate advertising service revenue in the range of $21.5 million to $22.5 million, representing quarter-over-quarter growth of 29.0% to 32.0%.

The guidance is based on an exchange rate of RMB6.1090 per $1.00.

The Company notes that its guidance is based on its current network that, as of the date of this press release, has been secured by exclusive agency agreements or joint venture contracts. If the number of cities in the Company's network expands or contracts, or if there is any development that affects management's assessment of the expected settlement arrangement, management's forecast could be affected.

BEIJING, June 4, 2015 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), China's largest out-of-home digital television advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced the signing of a definitive Equity Subscription Agreement (the "Agreement") for approximately US$11.5 million of Series A equity for Shenzhen Qianhai VisionChina Mobile Interactive Co., Ltd. ("Qianhai Mobile"). Qianhai Mobile is a consolidated affiliate[1] of the Company engaged in the research, development and operation of mass transit Wi-Fi networks and the provision of mobile Internet value-added services in the PRC. The transaction was led by Beijing Baidu Netcom Science Technology Co., Ltd., a consolidated affiliate of Baidu Inc. (Nasdaq: BIDU) and also included Guangdong Zhongke Baiyun New Industry Venture Investment Co., Ltd. and Dongguan Zhongke Zhongguang Venture Investment Co., Ltd., both of which are reputable national private equity investors in the PRC. The transaction is subject to customary closing conditions.

As part of the transaction, Qianhai Mobile and Baidu have entered into a Business Cooperation Agreement to jointly develop and monetize mobile app distribution and other mobile passenger services powered by Baidu Map.

Mr. Limin Li, VisionChina Media's Chairman and Chief Executive Officer commented, "This transaction represents another important milestone for our Company, and a significant step in our strategy to develop the largest transit-based Wi-Fi network in China. We are proud to have Baidu and other investors demonstrating confidence in our vision, business model and execution capabilities. We believe that our collaboration with Baidu will yield meaningful technology synergies and future monetization opportunities."

Mr. Peter Fang, Senior Director of Baidu Corporate Development commented, "We are very impressed with VisionChina Media's many years of experience operating the leading public transit-based media platform in China, and the Company's ongoing transition to an Internet-focused business. We are excited about the opportunity to work with VisionChina Media to truly address the needs of urban commuters and realize the significant long-term value of the Company's public transit Wi-Fi network."

As of date of this press release, VisionChina Media, through its Qianhai Mobile affiliate, has secured exclusive concession rights for bus Wi-Fi services in 18 cities across China, including Shanghai, Shenzhen, Guangzhou and Tianjin, covering approximately 35,000 buses. Currently, Qianhai Mobile provides free Wi-Fi Internet services on approximately 15,000 buses under the brand name "VIFI," spanning over 7.5 million commuters and providing over 3 million Wi-Fi service sessions per day. The Company will use the proceeds from this transaction to pursue additional concession rights and further expand its Wi-Fi network infrastructure to solidify its leading position in this market.

BEIJING, June 4, 2015 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (VISN), China's largest out-of-home digital television advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced the signing of a definitive Equity Subscription Agreement (the "Agreement") for approximately US$11.5 million of Series A equity for Shenzhen Qianhai VisionChina Mobile Interactive Co., Ltd. ("Qianhai Mobile"). Qianhai Mobile is a consolidated affiliate[1] of the Company engaged in the research, development and operation of mass transit Wi-Fi networks and the provision of mobile Internet value-added services in the PRC. The transaction was led by Beijing Baidu Netcom Science Technology Co., Ltd., a consolidated affiliate of Baidu Inc. (BIDU) and also included Guangdong Zhongke Baiyun New Industry Venture Investment Co., Ltd. and Dongguan Zhongke Zhongguang Venture Investment Co., Ltd., both of which are reputable national private equity investors in the PRC. The transaction is subject to customary closing conditions.

Fourth Quarter 2014 Financial Results

• VisionChina Media reported total revenue of $21.6 million in the fourth quarter of 2014, representing a decrease of 33.4% from $32.5 million in the fourth quarter of 2013 and a decrease of 27.0% from $29.7 million in the third quarter of 2014.
• Basic and diluted net loss per ADS was $4.56 and $4.56, respectively, in the fourth quarter of 2014.

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "While our results for the fourth quarter came in below expectations, we strive to maximize the long-term media value of our existing networks. Currently, our national networks cover approximately 570 million mobile Internet users and commuters spend an average of 45 minutes on public transportation systems every day. With the increasing availability of free Wi-Fi services on public transit systems, we are confident that our new business model, 'media plus mobile Internet,' will unlock new revenue growth opportunities for the company. We are also vigorously working with our bus partners, along with leading Internet companies, to explore additional ways of monetizing our networks amid the growing popularity of mobile Internet."

Stanley Wang, VisionChina Media's chief financial officer, added, "Our fourth quarter results reflect our media cost control initiatives in the Guangzhou subway. The variable media cost structure that we have strategically introduced in certain regions where fixed media costs are unreasonably high will help to improve our overall profitability and provide a solid basis for the Company's long-term growth."

Third Quarter 2014 Financial Results

• Total revenues in the third quarter of 2014 were $29.7 million, an increase of 4.0% compared to $28.5 million in the third quarter of 2013.
• Basic and diluted net loss per American depositary share ("ADS") attributable to VisionChina Media shareholders in the third quarter of 2014 was $0.56 and $0.56, respectively, compared with $0.73 and $0.73, respectively, in the year-ago period.

"Despite an uncertain macroeconomic outlook during the second half of 2014, we achieved notable year-over-year growth in our advertising business," said Mr. Limin Li, Chairman and Chief Executive Officer of VisionChina Media. "We restructured the historically unprofitable Beijing subway concession contract into a non-exclusive deal, and we will continue to implement additional cost control measures across our subway businesses to substantially lower the fix media cost of our network. We believe these measures will create a healthy cost structure and position us for continued long-term margin improvement."

Second Quarter 2014 Financial Results

• Total revenues increased by 14.2% year-over-year to $30.5 million.
• Basic and diluted net income per American depositary share ("ADS") attributable to VisionChina Media shareholders in the second quarter of 2014 was $0.48 and 0.42 respectively vs. last years loss of ($1.42) (one ADS represents 20 ordinary shares).

"I'm very pleased with the momentum we've built since the fourth quarter of last year and throughout the first half of this year," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer. "Our core advertising business produced a notable year-over-year profit and both our gross and operating margin expansion indicate strong operating leverage. We also continue to move forward with respect to key initiatives, including building the largest Wi-Fi network in China's mass transit system, with a goal of making it the primary mobile Internet point in China's urban outdoor space. I'm encouraged by this effort and our results to date, and am looking forward to finishing the second half of the year on a strong note."

Stanley Wang, VisionChina Media's chief financial officer, added, "Cost-control was one of our key areas of focus in the second quarter and contributed greatly to our bottom-line results. I'm excited about the direction in which we're heading, particularly as it comes on the back of a traditionally slower first quarter. In the second half of the year, we will place a keen focus on increasing the Company's operational efficiency by adjusting our cost structure, especially in the subway advertising market."

Business Outlook

The Company estimates its advertising service revenue for the third quarter of 2014 will be between $30.0 million and $31.5 million, representing year-over-year growth of 6.5% to 11.8%.

These estimates are based on an exchange rate of RMB 6.1614 per $1.00.

The Company notes that its guidance is based on its current network that, as of the date of this press release, has been secured by exclusive agency agreements or joint venture contracts. If the number of cities in the Company's network expands or contracts, or if there is any development that affects management's assessment of the expected settlement arrangement, management's forecast could be affected.

BEIJING, July 25, 2014 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), Oak Investment Partners XII, Limited Partnership ("Oak"), Gobi Partners, Inc. n/k/a Gobi Ventures, Inc., Gobi Fund, Inc. and Gobi Fund II, L.P. (collectively "Gobi") and Shareholder Representative Services, LLC (collectively with Oak and Gobi, the "Selling Shareholders") and Thomas GaiTei Tsao, today jointly announced the closing of the settlement agreement of all litigations arising from VisionChina Media's November 16, 2009 acquisition of Digital Media Group Company Limited from the Selling Shareholders.

Under the terms of the settlement agreement, VisionChina Media agrees pay to the Selling Shareholders an aggregate amount of US$70 million, including US$12 million in cash and US$58 million in six-year term convertible promissory notes issued by VisionChina Media, in addition to certain other consideration to satisfy the judgment of US$71,800,047.46 entered in the 2011 Action on or about July 26, 2013.

By the date of this joint press release, all claims in these pending lawsuits have been dismissed and all closing conditions of the settlement agreement have been met.

"The closing of the settlement agreement brings to an end a long and arduous process, but one which saw all parties work closely together in good faith efforts to help VisionChina Media move forward while positioning the company for future success," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer. "Oak and Gobi are leading venture capital firms with established track records investing in home-grown innovation and the next generation of disruptive growth companies emerging from IT, TMT convergence and the digital media revolution in China. Their involvement going forward as major shareholders of VisionChina Media reflects their recognition of the long-term value potential of our company. Along with expected improvements in the operating performance of our traditional digital mobile television business, we are vigorously implementing our mobile internet strategy by establishing a national public transportation WIFI network across our leading out-of-home advertising network. We are optimistic that the settlement agreement with, and counsel from, Oak and Gobi will allow us to focus on our ongoing efforts to enhance our competitive strengths to bring long-term value to our shareholders."

Oak and Gobi commented, "VisionChina Media has worked to improve its operating leverage and performance in recent years and is positioning itself to capitalize on emerging trends in China's digital out-of-home media market. We are pleased to have closed the settlement agreement and look forward to supporting the company as large shareholders."

BEIJING, July 28, 2014 /PRNewswire/ -- 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 it has formed a strategic partnership with Huawei Technology Co., Ltd. ("Huawei"), a leading global information and communications technology (ICT) solutions provider.

Under the terms of the new strategic partnership, VisionChina Media and Huawei will initiate joint research and development regarding domestic mass transit WIFI and potential overseas mass transit WIFI cooperation. The Company has also selected Huawei as its official supplier for customized and integrated WIFI technologies, including Huawei's Agile Network Solutions, to support the planned network.

VisionChina Media's national out-of-home advertising network on mass transportation systems covers more than 370 million urban commuters through both exclusive or outreach agency model, of which more than 50 percent, and growing, are mobile Internet users. The Company intends for its network to serve as the first mobile Internet entry point in China's public transit system and anticipates providing free Internet connections using 3G/LTE technology along with value added services including news, video, location-based services, third party app store access, and more. The strategic partnership with Huawei comes after the Company's recently announced partnership with China Unicom, as the Company moves forward in executing its national WIFI strategy to build one of the world's largest national WIFI networks for public transit and provide greater Internet connectivity to millions of riders across the Company's vast mass transit advertising network.

"We believe the establishment of a national WIFI network across China's mass transportation systems will deliver unique value to urban commuters and national and multinational advertisers alike," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer. "We aim to provide ubiquitous, high quality internet access that will make the daily commute for tens of millions of daily riders more enjoyable, while offering advertisers big data analytics and precision marketing opportunities that will help ensure ads reach their audiences more effectively."

Mr. Li added, "We see Huawei as the perfect choice to partner with us in making our ambitious plans for a national WIFI network a reality. Cost-efficiency and superior network management were the key criteria in our decision to work with Huawei and we look forward to working closely with the company to fully leverage our collective competitive strengths in pursuit of this unique business opportunity."

"We are impressed by VisionChina Media's national footprint in terms of both out-of-home and digital media, as well as its extensive operational experience," said Mr. Shaowei Liu, president of Enterprise Network Product Line of Huawei Enterprise Business Group. "We are also pleased to share the same vision with VisionChina Media regarding public transit WIFI and believe Huawei's Agile Network Solution can help the Company to maintain its leading position in public transit WIFI technology."

First Quarter 2014 Financial Results

• VisionChina Media's total revenues were $22.0 million in the first quarter of 2014, representing an increase of 29.1% from $17.1 million in the first quarter of 2013.
• Net (loss)/income per ADS (1): Basic and diluted (1.41) vs. last years same quarterly loss of (2.87)

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "The first quarter of 2014 represented a new start for VisionChina. We were delighted to see strong year-over-year improvement in performance of our core advertising business despite seasonal weakness. We also saw recognition from our advertisers to our diversified advertising products. We expect even stronger results for the rest of this year. As previously announced, we entered into a constructive settlement arrangement with the selling shareholders of Digital Media Group, which enables our management team to re-focus on bringing long-term value to our shareholders. With that goal in mind, VisionChina is taking great strides to build up the largest Wi-Fi network in China's mass transit system as the primary mobile internet entry point in China's urban outdoor space."

Stanley Wang, VisionChina Media's chief financial officer, added, "Our core advertising business demonstrated its unique value in China's advertising market despite the overall cautious sentiment of the advertisers. With continuous improvement in our core advertising business and the expected settlement of what had been long-running litigation, the Company is ready for the next step to even more exciting mobile internet business opportunities."

Business Outlook

The Company estimates its advertising service revenue for the second quarter of 2014 will be between $30.0 million and $31.6 million, representing year-over-year growth of 12.4% to 18.3%.

These estimates are based on an exchange rate of RMB 6.1145 per $1.00.

The Company notes that its guidance is based on its current network that, as of the date of this press release, has been secured by exclusive agency agreements or joint venture contract. If the number of cities in the Company's network expands or contracts, or if there is any development that affects management's assessment of the expected settlement arrangement, management's forecast could be affected.

BEIJING, April 11, 2014 /PRNewswire/ -- 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 it has entered into a strategic partnership with China United Network Communications Group Co., Ltd. ("China Unicom"), China's second largest mobile communications operator. The signing represents a key milestone in VisionChina's mobile internet strategic initiative to establish its national WIFI service networks on the public transit platform in China.

"With hundreds of millions of passengers across China's public transit systems and over 50 minutes of average daily commuting time on buses and subways, we see enormous opportunities for mobile internet networks, with the aim of creating a primary entry point for mobile internet traffic that closely links consumer demand and market supply through our designated media platform," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer, "VisionChina Media has secured a series of exclusive concession agreements in various major cities and is ready to further expand our national footprint. Our partnership with China Unicom is a significant step in the implementation of our mobile internet strategy allowing public transit system passengers to enjoy a wide range of interactive activities via their mobile devices. Moreover, we expect our WIFI service networks will become a vibrant and important market space for O2O service providers and are excited about the long-term growth potential of this new business model."

VisionChina Media and China Unicom have agreed to establish a long-term, strategic cooperation across a number of areas, including mobile communications and mobile broadband, with the ultimate goal of establishing WIFI service networks on public transit across China. With its extensive knowledge and experience in mobile communication and the operation of smart cities, China Unicom will devote its advanced 3G and 4G mobile communication networks nationwide to support the development of VisionChina Media's designated national WIFI networks, which VisionChina Media will build independently on its existing nationwide mobile television media networks. By fully leveraging the Company's unique advantages in content creation, VisionChina Media plans to provide commuters with enhanced interactive experiences along with high-speed mobile internet access and other value-added mobile communication services.

Mr. Wenke Tian, China Unicom's general manager of corporate customer service, said, "We will take full advantage of our established WCDMA 3G and coming 4G networks to assist VisionChina Media in establishing its next generation of media networks. Both parties will leverage their core competencies to continuously strengthen this cooperation while fueling other related business opportunities to provide customers with quality and convenient mobile internet service, along with the delivery of differentiated information and content."

BEIJING, March 31, 2014 /PRNewswire/ -- VisionChina Media Inc. (the "Company") and its affiliate Vision Best Limited (collectively, "VisionChina") (Nasdaq: VISN), along with Oak Investment Partners XII, Limited Partnership ("Oak"), Gobi Partners, Inc. n/k/a Gobi Ventures, Inc., Gobi Fund, Inc. and Gobi Fund II, L.P. (collectively "Gobi") and Shareholder Representative Services, LLC (collectively with Oak and Gobi, the "Selling Shareholders"), and Thomas GaiTei Tsao today announced that they have reached a confidential settlement ("proposed settlement") of related lawsuits filed in the New York State Supreme Court and the Grand Court of the Cayman Islands, Financial Services Division, arising out of the 2009 acquisition by VisionChina from the Selling Shareholders of Digital Media Group Ltd. The Settlement agreement is expected to be signed and executed in the second quarter of 2014, subject to approval by VisionChina Media's shareholders and other customary closing conditions.

The proposed settlement was reached through good faith efforts of all parties to resolve all proceedings and claims, including all claims by the Selling Shareholders against VisionChina for breach of contract with respect to post-closing consideration for the acquisition. Under the terms of the settlement, VisionChina would pay the Selling Shareholders $70 million, consisting of $12 million in cash and $58 million in six-year term convertible promissory notes issued by VisionChina, in addition to certain other consideration.

Under the terms of the proposed settlement, the closing of the Settlement Agreement is subject to approval by VisionChina Media shareholders. The Company plans to hold an Extraordinary General Meeting on April 24, 2014 and to publish a notice of the meeting soon. Having thoroughly analyzed the Settlement Agreement and other alternatives available, the Board of Directors of the Company ("Directors") was in the opinion that the settlement is in the best interest of the Company's shareholders. The Directors have decided to enter into the Settlement Agreement and recommend that VisionChina shareholders vote to confirm and approve the Settlement Agreement with the Selling Shareholders.

BEIJING, March 28, 2014 /PRNewswire/ -- 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 the renewal of an exclusive contract to continue operations of the Company's mobile digital television advertising network in Wuhan, the capital city of China's Hubei Province.

The new contract is effective from April 1, 2014 to December 31, 2018 and provides that the Company will continue to operate the digital mobile television advertising on buses in the city of Wuhan as an exclusive operator for international and national advertising placement, which accounts for more than 90% of total advertising revenue in the Wuhan market. The rearrangement will result in a reduction in the company's media costs in Wuhan associated with the agreement of 46.7% year over year, with no decrease in anticipated revenue.

"This contract extension creates a more favorable cost structure for us and is the result of our ongoing media resource optimization initiatives," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer. "Under the new agreement, we will be able to optimize our advertising inventory and enhance our operating leverage while supporting our current revenue growth trajectory. We will continue to pursue our proven cost-control strategy to solidify a more competitive cost structure, while improving gross margin and operating efficiency in the long term."

According to the Wuhan Bureau of Statistics, in 2013 Wuhan ranked ninth in terms of GDP among all cities in China with a total GDP of RMB 900 billion, or approximately US$145 billion. The city has a population of over 10 million residents.

Fourth Quarter 2013 Financial Results

• Total revenues were $32.5 million in the fourth quarter of 2013, representing an increase of 24.3% from $26.1 million in the fourth quarter of 2012 and an increase of 13.9% from $28.5 million in the third quarter of 2013.
• Basic and diluted net income per American Depository Share ("ADS") attributable to VisionChina Media shareholders in the fourth quarter of 2013 was $0.03 and $0.03, respectively (one ADS[1] represents twenty ordinary shares), compared to basic and diluted net loss per ADS attributable to VisionChina Media shareholders of $3.45 and $3.45, respectively, in the fourth quarter of 2012.

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "We are pleased to report a profitable fourth quarter of 2013, which was the result of continued improvements in our operating efficiency along with strict cost-control measures. Also, the series of transitional strategies we implemented regarding promotional and marketing events, technological innovation, and programming production have yielded encouraging results and have significantly broadened our product and service offerings. We are also vigorously working with our bus partners, along with leading internet companies, to explore additional ways of monetizing our networks amid the popularity of the mobile internet. While we have come to expect seasonal weakness in the first quarter, I am confident that we are on the right track to continue to deliver improved operational and financial results in 2014."

Stanley Wang, the Company's chief financial officer, added, "The fourth quarter of 2013 marked a strong rebound for VisionChina Media, reflecting continued gains in our brand recognition among advertisers given our scale of coverage, high conversion rates, and highly cost-effective mobile TV networks, which hold particular appeal for mobile internet operators as a means to break through limitations in traditional online advertising. Going forward, we will continue to carefully manage costs and expenses in order to provide a solid foundation for sustainable and long-term bottom-line growth."

Business Outlook

The Company estimates its advertising service revenue in the first quarter of 2014 will be between $20.5 million and $21.5 million, excluding 6% Value Added Tax, representing year-over-year growth of 20.6% to 26.4%. The Company estimates that advertising service revenue during the first quarter of 2014 will be negatively affected by seasonality. The Company expects that the seasonal impact will be short-term in nature and that the Company's advertising service revenue will increase in subsequent quarters.

These estimates are based on an exchange rate of RMB 6.1232 per $1.00.

The Company notes that its guidance is based on its current network that, as of the date of this press release, has already been secured by exclusive agency agreements or joint venture contract, and is based on management's current assessment of the possible outcome of settlement discussions with the selling shareholders and former management of Digital Media Group. If the number of cities in the Company's network expands or contracts, or if there is any progress in the settlement discussions that affects management's assessment of the possible outcome, management's forecast could be affected.

BEIJING, January 16, 2014 /PRNewswire/ -- 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 that its consolidated variable interest entity, VisionChina Media Group Co., Ltd. ("VisionChina Media Group" or "Borrower"), has been granted an extension of its existing secured revolving credit facility (the "Credit") from China Construction Bank (Shenzhen branch) (the "Bank") until January 9, 2015. The total amount of the renewed credit facility is RMB 130.0 million (approximately US$21.5 million).

The Credit, which was originally scheduled to expire on January 13, 2014, is secured by the accounts receivable of VisionChina Media Group and carries an interest rate in a range between 95% to 160% of the People's Bank of China benchmark interest rate ("Benchmark Rate"). The interest rate of each borrowing via the Credit is determined at the time of each draw-down. The Credit is available for general corporate purposes and working capital, and is prohibited for use in repayment of merger consideration regarding the acquisition of Digital Media Group Company Limited or its related litigation settlement. The Credit contains a restrictive financial covenant that requires Visions China Media Group to maintain a leverage ratio of no higher than 65%. Violation of this financial covenant could result in a default under the Credit, which would permit the Bank to terminate this revolving credit facility and require immediate repayment from the Borrower of any outstanding loans advanced. As of the date of this press release, VisionChina Media Group had total borrowings of RMB 120.0 million via the Credit at an interest rate of 6.9%, representing 115% of Benchmark Rate.

Stanley Wang, VisionChina Media's chief financial officer, commented, "The extended credit facility will continue to provide adequate liquidity to our company. We believe our existing available banking credit facilities are sufficient to support our current business operations and future development."

Third Quarter 2013 Financial Results

• Total revenues in the third quarter of 2013 were $28.5 million, representing a 6.9% increase from $26.7 million in the second quarter of 2013, exceeding the Company's revenue guidance.
• Both basic and diluted net loss per ADS (GAAP) was $0.73 vs. last years loss of $ 1.15 in the third quarter of 2013.

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "In the third quarter of 2013, we saw signs of overall improvement in our operating efficiency and a positive trend in our gross margin thanks in part to our diligent efforts in promotional marketing campaigns and programming creativity. While advertising spending by fast-moving consumer brands again accounted for a significant portion of our revenue, mobile internet game advertisers have shown increased momentum in using our networks to reach their target audiences. We will continue to strengthen our brand recognition among mainstream advertisers and increase our penetration into new types of internet based businesses to seize incremental revenue opportunities. We are increasingly confident that our business will show a healthy recovery in terms of our bottom line for the remainder of 2013 and into next year."

Stanley Wang, VisionChina Media's chief financial officer, added, "We were delighted to see a very positive trend with respect to the Company's gross margin in the third quarter, which demonstrates our strong operating leverage. Given our outlook for increased advertising revenue in the fourth quarter, along with our ongoing cost-control efforts, we believe our operating efficiency will continue to improve."

Business Outlook

The Company estimates its advertising service revenue in the fourth quarter of 2013 will be in the range from $30.0 million to $31.5 million, excluding 6% Value Added Tax, representing year-over-year growth of 17.6% to 20.7% or quarter-over-quarter growth of 6.5% to 11.8%.

These estimates are based on an exchange rate of RMB 6.1364 per $1.00.

The Company notes that its guidance is based on its current network that, as of the date of this press release, has already been secured by exclusive agency agreements or joint venture contract, and is based on management's current assessment of the possible outcome of settlement discussion with the selling shareholders and former management of Digital Media Group. If the number of cities in the Company's network expands or contracts, or if there is any progress in the settlement discussion that affects management's assessment of the possible outcome, management's forecast could be affected.

Second Quarter 2013 Financial Results

• Total revenues in the second quarter of 2013 were $26.7 million, representing a 56.3% increase from $17.1 million in the first quarter of 2013, in line with the Company's revenue guidance.
• Basic and diluted net loss per American depositary share ("ADS^[1]") attributable to VisionChina Media shareholders in the second quarter of 2013 was -$1.15 vs. last years loss of -$38.20 (one ADS represents 20 ordinary shares).

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "Despite uncertainty in the advertising market, our substantial financial improvements in the second quarter reflect the Company's progress in returning to profitability. Moreover, we are encouraged to see increased demand for our advertising products, along with good execution by our sales force, and we have great confidence as we look to finish 2013 with an even better performance."

Stanley Wang, VisionChina Media's chief financial officer, added, "We will continue to execute on our cost-control measures, especially with respect to our subway business, to further improve our performance and liquidity."

Business Outlook

The Company estimates its advertising service revenue in the third quarter of 2013 to be between $27.0 million and $28.0 million, excluding 6% VAT. Third quarter 2013 net loss attributable to VisionChina Media shareholders, excluding share-based compensation expenses, is estimated to be less than $4.0 million.

These estimates are based on an exchange rate of RMB 6.2025 per $1.00.

The Company notes that its guidance is based on its current network that, as of the date of this press release, has already been secured by exclusive agency agreements or joint venture contract, and is based on management's current assessment of the possible outcome of settlement discussion with the selling shareholders and former management of Digital Media Group. If the number of cities in the Company's network expands or contracts, or if there is any progress in the settlement discussion that affects management's assessment of the possible outcome, management's forecast could be affected.

BEIJING, Sept. 6, 2013 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), one ofChina's largest out-of-home digital television advertising networks on mass transportation systems, today provided updates regarding a number of appeals and cross-appeals before the Supreme Court of the State of New York, Appellate Division, as well as enforcement proceedings in the Cayman Islands, as detailed below.

On June 11, 2013, the Appellate Division, First Department of the Supreme Court of the State of New York entered a Decision and Order (the "Appellate Division Ruling"), determining appeals and cross-appeals from rulings by Hon. Charles E. Ramos of the Supreme Court, New York County (the "Trial Court").  The Appellate Division Ruling (a) affirmed the Trial Court's orders of November 3, 2011 granting the motions of the Selling Shareholders to dismiss the claims and counter-claims of VisionChina Media and Vision Best (collectively, "VisionChina") for fraud, unjust enrichment and declaratory judgment, (b) reversed that part of the Trial Court's order of June 15, 2012 that denied the Selling Shareholders' motion for partial summary judgment on the defense asserted by VisionChina to the Selling Shareholders' claims for breach of contract, including the defense based on allegations of intentional destruction of certain electronic data that was to be conveyed as part of the sale of DMG's assets, and (c) affirmed the Trial Court's denial of the Selling Shareholders' motion to dismiss the breach of contract and indemnity claim asserted by VisionChina, seeking an amount not less than US$2,785,633, based on alleged inaccuracies in the representations and warranties within the Merger Agreement.

With respect to the orders entered by the Trial Court regarding the attachment of VisionChina's assets, the Appellate Division Ruling (d) reversed the Trial Court's order entered on November 4, 2011, granting the motion by the Selling Shareholders for pre-judgment attachment of assets of VisionChina, (e) reversed the Trial Court's order entered on June 15, 2012, granting the motion by the Selling Shareholders to confirm the two ex parte orders of attachment they previously obtained in the aggregate amount of US$60 million (the "Attachment Orders"), and (f) reversed the Trial Court's order entered on August 13, 2012, granting the motion of the Selling Shareholders' to compel VisionChina to transfer US$60 million into New York pursuant to the Attachment Orders (the "Turnover Order").

Neither VisionChina nor the Selling Shareholders sought leave to appeal the Appellate Division Ruling, which therefore became final.  On July 15, 2013 the Trial Court entered an order requested by the Selling Shareholders granting summary judgment on two of their causes of action in the amount of $60 million plus interest and certain costs and permitting execution on such judgment.  OnJuly 26, 2013 the Clerk of the Trial Court entered judgment in favor of the Selling Shareholders pursuant to the July 15, 2013 order, directing that they shall recover from VisionChina the sum of $71,800,047.46 and have execution thereof (the "New York Judgment").

On July 29, 2013 proceedings were begun in the Cayman Islands against VisionChina Media, Inc. for the enforcement of the New York Judgment entered on July 26, 2013 (the "Cayman Islands Proceeding"). VisionChina Media, Inc. filed its defense on August 28, 2013, and those proceedings are progressing.

The Company is currently in the process of settlement discussions with the Selling Shareholders in connection with the New York Judgment and the Cayman Islands Proceeding.

First Quarter of 2013 Financial Results

• Total revenues in the first quarter of 2013 were $17.1 million.
• Gross loss in the first quarter of 2013 was $5.1 million.
• Operating loss in the first quarter of 2013 was $14.4 million.
• Net loss attributable to VisionChina Media shareholders in the first quarter of 2013 was $14.6 million.
• Basic and diluted net loss per American Depositary Share ("ADS[1]") attributable to VisionChina Media shareholders in the first quarter of 2013 was $2.87 and $2.87, respectively (one ADS represents twenty ordinary shares).

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "The first quarter of 2013 was the start of a transition year, and a series of strategic adjustments surrounding promotional marketing events, technological innovation and programming production have shown encouraging initial results. While the first quarter of each year is typically marked by seasonal weakness, we are confident that our integrated mobile TV network, now enhanced with a wider range of product offerings, will provide advertisers with a comprehensive all-in-one media solution and improve our operations throughout the remainder of 2013. "

Stanley Wang, VisionChina Media's chief financial officer, added, "Sequential decreases in various cost and expense items indicate that our cost control measures have effectively built up a very healthy cost structure on which we can implement our operating strategies for the rest of 2013. With an expected rebound in our top line in the second quarter and further revenue improvement in second half of the year, we believe we are on the right track to make significant improvements in our performance as compared to that of 2012."

Business Outlook

The Company estimates its advertising service revenue in the second quarter of 2013 to be between $26.0 million and $27.0 million, excluding 6% VAT. Second quarter 2013 net loss attributable to VisionChina Media shareholders excluding share-based compensation expenses, contingent loss in connection with litigation, with the impairment loss (non-GAAP) is estimated to be between $6.0 million and $7.0 million.

These estimates are based on an exchange rate of RMB 6.2666 per $1.00.

The Company noted that its guidance is based on its current network that, as of the date of this press release, has already been secured by exclusive agency agreements or joint venture contract, and based on management's current assessment of the possible outcome of pending litigation with the selling shareholders and former management of Digital Media Group. If the number of cities in the Company's network expands or contracts, or if there is any progress in the pending litigation that affects management's assessment of the possible outcome, management's forecast could be affected.

Total Damages Could Exceed US$108 million

NEW YORK, June 13, 2013 /PRNewswire/ -- The Appellate Division of the New York State Supreme Court has granted partial summary judgment in favor of Gobi Partners and Oak Investment Partners in their breach of contract claims against VisionChina Media Inc. (Nasdaq: VISN) and its subsidiary ("VisionChina"). In the same ruling, the appellate court affirmed the dismissal of VisionChina's claims of fraud and reversed the lower court's grant of a motion to attach $60m in assets.

In reaction to this ruling, Thomas J. Kavaler, a partner at Cahill Gordon & Reindel LLP and counsel to Gobi and Oak, stated that, "With this legal victory, plaintiffs now can proceed to collect their judgment of $60 million from VisionChina and also to continue to pursue their other claims."

With this grant of partial summary judgment, Gobi and Oak have prevailed on most of the claims in their lawsuit against VisionChina relating to VisionChina's acquisition of a promising digital advertising company called Digital Media Group (DMG), previously owned by Gobi and Oak. Gobi and Oak plan to take all measures to enforce over US$108 million in contractual obligation and damages against VisionChina.

BEIJING, May 20, 2013 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN), one ofChina's largest out-of-home digital television advertising networks on mass transportation systems, today announced that on May 16, 2013, the Company received a letter (the "Letter") from NASDAQ Stock Market LLC ("NASDAQ") indicating that it was not in compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c)(1). The Letter, which the Company expected, was issued in accordance with NASDAQ procedures because the Company did not file its annual report on Form 20-F for the year ended December 31, 2012 with the Securities and Exchange Commission by the extended May 15, 2013 deadline.

Pursuant to the NASDAQ listing standards, the Company has 14 calendar days, or until May 30, 2013, to submit a plan to NASDAQ to regain compliance with the NASDAQ Listing Rules, and if NASDAQ accepts the Company's plan of compliance, NASDAQ may grant an extension of up to 180 calendar days from the due date of the annual report on Form 20-F, or until November 12, 2013, to regain compliance with the continued listing rules. If NASDAQ determines that the Company's plan is not sufficient to regain compliance, NASDAQ will send written notice of such decision, and the Company may appeal the decision to a NASDAQ Hearings Panel.

The Company plans to submit a plan to NASDAQ by May 30, 2013 to show that the Company will be able to return to compliance with the NASDAQ Listing Rules. The Company is still in the process of confirming the availability of certain loans that would affect its sources of liquidity, which could have an effect on the audit opinion from the Company's independent auditors. The Company is working diligently on this matter and intends to file its annual report on Form 20-F as soon as practicable.

NEW YORK, Oct. 29, 2012 /PRNewswire/ -- Oak Investment Partners and Gobi Partners issued the following statement today in response to a press release issued last week by VisionChina Media Inc. (Nasdaq: VISN):

"VisionChina's most recent press release is a clumsy attempt to obscure its own misconduct.

"The New York Supreme Court dismissed VisionChina's fraud claims against our firms a year ago, on Nov. 3, 2011, and concluded: '... it is plain that Visionchina is unable to maintain a viable cause of action for fraud.'  Despite the Court having considered and dismissed VisionChina's allegations, the company attempted to revive its fraud claims in its Oct. 24, 2012 press release by rehashing false allegations against us.

"VisionChina's press release is another step in its desperate campaign to avoid its contractual obligation to pay the remaining purchase price owed to us for the acquisition of a promising digital media company.  VisionChina has blatantly ignored the Court's most recent order to transfer $60 million into New York State by Aug. 21, 2012, so we recently filed a motion asking the Court to hold VisionChina in contempt.  We will continue to pursue this case to its just conclusion."

BEIJING, August 28, 2012 /PRNewswire-Asia/ -- VisionChina Media, Inc. ("VisionChina" or the "Company") (Nasdaq: VISN), one of China's largest out-of-home digital television advertising networks on mass transportation systems, today announced the appointment of Mr. Stanley Yan Wang as the Company's chief financial officer, effective immediately.

Mr. Limin Li, chairman and chief executive officer of VisionChina Media commented, "I'm pleased to announce the appointment of Stanley as our new chief financial officer. Having worked with Stanley for more than three years, I know firsthand his significant contributions to the Company. His deep understanding of the Company's operations, extensive knowledge of accounting-related rules and regulations applicable to U.S.-listed companies and his long-term commitment to the Company and its goals make him the most suitable person to take on this important role."

Mr. Stanley Yan Wang joined the Company as financial controller in March 2009, and later served as senior vice president of finance, taking charge of the Company's daily financial operations. Prior to joining VisionChina Media, Mr. Wang was an audit manager at KPMG Guangzhou. He was involved in a number of initial public offerings and audits of U.S.-listed Chinese companies. Mr. Wang holds a bachelor's degree from Guangdong University of Foreign Studies in Guangdong, China.

The Company also announced the resignation, due to personal reasons, of Mr. Daniel Shih as member of the Company's board of directors, chairman of the Corporate Governance and Nominating Committee, and member of the Audit Committee and the Compensation Committee, effective fromAugust 21, 2012.

Mr. Li concluded, " We are sorry to see Daniel Shih leave us and we would like to thank him for his significant contributions as an independent director."

After above change of the board of directors, VisionChina Media's current board members are Mr. Limin Li, founder, chairman and chief executive officer of VisionChina Media; Mr. Kit Leong Low, director; Mr. Arthur Wong, independent director; Ms. Yanqing Liang, independent director and Ms. Xisong Tan, independent director. The board of directors shall appoint new members to fill the vacancies of various committees due to Mr. Daniel Shih's resignation as soon as practicable.

Second Quarter of 2012

• Total revenues, consisting entirely of advertising service revenue, in the second quarter of 2012 were $28.1 million.
• Gross loss in the second quarter of 2012 was $5.4 million.
• Basic and diluted net loss per share attributable to VisionChina Media shareholders in the second quarter of 2012 was $1.91 and $1.91, respectively (each ADS representing one common share) vs break even in prior year period.

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "Lingering macroeconomic uncertainty in China has impacted advertiser spending and subsequently our second quarter revenues. In addition, continuous increases in media cost also negatively impacted our company's profitability. To combat these challenges, we are striving to improve our execution capabilities and efficiencies by fully leveraging the government's support on cost reduction, enhancing team organization, optimizing our incentive scheme for sales staff, improving program content, as well as recruiting experienced salespeople from the traditional TV sector to expand our customer verticals. Furthermore, we are in the process of negotiation for early termination or cost reduction of certain exclusive agency agreements unfavorable to our profitability. Our underlying business development pipeline remains strong and we remain confident in our ability to capitalize on opportunities for our company's long-term growth."

Business Outlook

The Company estimates its advertising service revenue in the third quarter of 2012 to be between $33.0 million and $35.0 million.

These estimates are based on an exchange rate of RMB6.3089 per $1.00.

The Company noted that its guidance is based on its current network that, as of the date of this press release, has already been secured by exclusive agency agreements or joint venture contract and based on management's current assessment of the possible outcome of pending litigation with the selling shareholders and former management of Digital Media Group. If the number of cities in the Company's network expands or contracts, or if there is any progress in the pending litigation that affects management's assessment of the possible outcome, management's forecast could be affected.

BEIJING, July 18, 2012 /PRNewswire-Asia/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN) today announced that the Company has received a letter from The Nasdaq Stock Market LLC ("Nasdaq") informing the Company that its American depositary shares ("ADSs") have not met the $1.00 minimum bid price requirement for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). The Company did not meet Nasdaq's minimum bid price requirement because the closing bid price for its ADSs for each trading day in the 30 business day period from May 31, 2012 to July 12, 2012 was less than$1.00 per share.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, or until January 9, 2013, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's ADSs must meet or exceed $1.00 per ADS for a minimum of ten consecutive business days during this 180-day grace period.

The Company will consider available options to resolve the non-compliance with the minimum bid price requirement. The notification letter has no immediate effect on the listing of the Company's ADSs on The Nasdaq Global Market.

BEIJING, July 5, 2012 /PRNewswire-Asia/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN) today announced that its results for the second quarter of 2012 are estimated to be lower than the previous guidance provided in its May 8, 2012 first quarter earnings release.

For the second quarter of 2012, the Company estimates its advertising service revenue to be between $28.0 million and $29.0 million, compared to the previous guidance of $40.0 million to $43.0 million. The Company's non-GAAP financial measurement, net loss attributable to VisionChina Media shareholders excluding share-based compensation expenses, amortization of intangible assets, contingent loss in connection with litigation, and/or impairment loss and income tax credit in connection with the impairment loss for the second quarter of 2012, is estimated to be between $20.0 million and $22.0 million, compared to the previous guidance of $5.0 million to $8.0 million. The Company will also carry out an assessment to determine if there is any potential impairment loss against its goodwill and intangible assets.

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "We are committed to providing as much transparency around our results as possible, and in as timely a manner as we can. Several factors led to this revised guidance, including further declining contribution from the internet-based businesses sector, a slower-than-expected recovery in advertising spending by small- and medium-sized clients in reaction to rate-card increases across our network in the fourth quarter of 2011, and the cautious sentiment of the current advertising market. While it is disappointing to issue lower guidance, we are striving to improve our sales execution by enhancing team organization, optimizing our incentive scheme, as well as recruiting experienced salespeople from the traditional TV sector to expand our customer verticals. Our underlying business development pipeline remains strong and we remain a leading outdoor media choice for advertisers. As our company gains additional attention and support from the central government, our proven media cost-control strategy will help us capitalize on opportunities for our company's long-term growth."

Stanley Wang, VisionChina Media's senior vice president of finance, added, "Although the operating results of second quarter of 2012 are not as strong as we originally anticipated, we remain optimistic about the overall improving picture regarding the second half of 2012. Strong business opportunities during the upcoming London Olympic Games, combined with our continuous cost-reduction efforts and optimization of our media networks, give us confidence in our ability to perform in the second half of 2012."

The Company noted that its guidance is based on its current network that, as of the date of this press release, has already been secured by exclusive agency agreements or joint venture contract, as well as on management's current assessment of the possible outcome of pending litigation with the selling shareholders and former management of Digital Media Group Company Limited. If the number of cities in the Company's network expands or contracts, or if there is any progress in the pending litigation that affects management's assessment of the possible outcome, management's forecast could be affected.

BEIJING, June 19, 2012 /PRNewswire-Asia/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN) today reported that on Friday, June 15, 2012, a New York State trial court issued a ruling denying the motion of venture capital firms Gobi Partners ("Gobi") and Oak Investment Partners ("Oak") for summary judgment regarding their claim for $60 million in post-closing consideration in connection with the January 2010 sale to VisionChina Media of Digital Media Group (DMG).

Justice Charles E. Ramos of the New York State Supreme Court ruled that VisionChina Media adequately alleged that it is excused from future contractual performance by virtue of Gobi and Oak's breaches of the Merger Agreement. The decision states that VisionChina Media's "allegations of material breach," including claims of intentional destruction of electronic data that was required to be delivered to VisionChina Media pursuant to the parties' Merger Agreement, "raise triable issues of fact sufficient to defeat partial summary judgment."

In court filings made in December 2011 in opposition to Gobi and Oak's motion for partial summary judgment, VisionChina Media detailed the destruction of DMG's entire electronic database, including emails, customer contracts and other electronic data that comprised key assets to be delivered to the Company under the Merger Agreement and the loss of which crippled the ongoing business. The June 15 ruling enables VisionChina Media to pursue full discovery, or factual inquiry, from Gobi and Oak with respect to these and related issues.

The court's decision also addressed the issue of prejudgment attachment sought by Gobi and Oak with respect to orders of attachment they obtained in November and December 2011. The court confirmed those prior orders of attachment and said Gobi and Oak could proceed with discovery in aid of attachment. Because the levies based upon those orders expired after 90 days, however, those levies are void and ineffective. The court also required Gobi and Oak to pay an additional $500,000 in security pending the appeal that VisionChina Media is pursuing to overturn the November 2011 ruling that granted the initial request for attachment.

Although Gobi and Oak had sought to bring the trial court proceedings to an end and to obtain summary judgment that they were entitled to $60 million in post-closing consideration, the June 15 ruling denied that request. It permits VisionChina Media to compel Gobi and Oak to furnish information relevant to allegations of their material breach of the Merger Agreement. At the same time VisionChina Media will vigorously pursue its appeal to vacate the orders of attachment and to revive its affirmative claims against Gobi and Oak for fraud and other relief.

NEW YORK, June 18, 2012 /PRNewswire-Asia/ -- The New York State Supreme Court has confirmed Oak Investment Partners and Gobi Partners' motions to attach $60 million of VisionChina Media Inc. (Nasdaq: VISN) and Vision Best Limited assets, regardless of where those assets are located.  The requests for attachment were filed to secure VisionChina and Vision Best's final payments for a high-profile digital media company that they acquired from the investment funds in 2010.

In his June 15, 2012 ruling, Justice Charles E. Ramos also granted Oak and Gobi's motion to undertake discovery in aid of the asset attachment.  The Court also significantly limited the arguments that VisionChina can make going forward in defending against Oak and Gobi's breach of contract claims. 

Justice Ramos states in his ruling that "It is undisputed that VisionChina failed to remit the Deferred Payments."  The Court found that Oak and Gobi "have met [their] initial burden of establishing that VisionChina breached the Merger Agreement" between the parties, but Justice Ramos declined to grant summary judgment due to "triable issues of fact" with regard to the affirmative defense asserted by VisionChina. 

In response to the order, Mindy Morton, a partner at Bergeson, LLP and counsel for Oak and Gobi stated that, "We are gratified that the Court limited VisionChina's defenses and we now have the ability to attach $60 million of VisionChina's assets regardless of where they are located."

Oak and Gobi plan to pursue additional damages in connection with VisionChina's breach of its agreements to complete the purchase of Digital Media Group (DMG).  Oak and Gobi expect total damages to be at least $90 million.

VisionChina acquired DMG from the former shareholders of DMG in January 2010, pursuant to a Merger Agreement that required VisionChina to make an initial payment of $100 million in cash and stock and two deferred payments of $30 million each over the next two years.  DMG operated China's leading digital media network inside subway systems consisting of over 34,000 digital screens in 32 subway / high speed train lines and bus shelters.

On November 3, 2011, the Court dismissed VisionChina's principal claims and counterclaims for fraud, unjust enrichment, declaratory relief, and breach of contract against Gobi and Oak.  The Court's June 15 decision confirms two $30 million ex parte orders of attachment that were granted to Oak, Gobi and Shareholder Representative Services, LLC on November 18 and 29, 2012.

The case, Shareholder Representative Services, LLC, et al. v. VisionChina Media Inc., et al, was filed in the Supreme Court of the State of New York, New York County, index # 650526/2011.  There is also a related case, Visionmedia Inc. v. Shareholder Representative, index # 652390/2010. 

Key Quarterly Financial and Operating Data for the First Quarter of 2012

Total revenues, consisting entirely of advertising service revenue, in the first quarter of 2012 were $28.3 million, slightly exceeding the Company's guidance.

Gross loss in the first quarter of 2012 was $4.0 million.

Operating loss in the first quarter of 2012 was $22.5 million.

Net loss attributable to Vision China Media shareholders in the first quarter of 2012 was $21.1 million.

In the first quarter of 2012, the Company's non-GAAP financial measure, net loss attributable to VisionChina Media shareholders, excluding share-based compensation expenses, amortization of intangible assets and provision for contingent loss in connection with litigation, was $18.0 million, within the Company's guidance range.

Basic and diluted net loss per share attributable to Vision China Media shareholders in the first quarter of 2012 was $0.21 and $0.21, respectively (each ADS representing one common share).

The Company had cash and cash equivalents of $75.9 million as of March 31, 2012. Net cash used in operating activities was $11.1 million in the first quarter of 2012.

Total broadcasting hours in the Company's network in the first quarter of 2012 were 41,012 hours.

As of March 31, 2012, the Company's network covered 20 cities secured either by exclusive agency agreements or joint venture contracts, and included 135,762 digital displays on mass transit systems.

Average advertising revenue per broadcasting hour in the Company's network in the first quarter of 2012 was $679.

The Company sold an average of 6.31 advertising minutes per broadcasting hour in its network in the first quarter of 2012.

Mr. Limin Li, Vision China Media's chairman and chief executive officer, commented, "In the first quarter, seasonality was exacerbated by a decline in advertising spending by internet-based businesses that had recently experienced a slowdown in capital raising. The quarter was also impacted by a temporary pull-back in advertising spending by some of our small and medium size enterprise clients in reaction to rate card increases in the fourth quarter of 2011 across our network. We continue to be committed to the optimization of our management systems and media platform, to product and programming innovation, and to increased distribution of self-produced television programming. In light of the upcoming London Olympic Games, we remain confident in our ability to perform in the second half of 2012 and expect to attract incremental advertising spending."

Stanley Wang, VisionChina Media's senior vice president of finance, added, "Although seasonality and a delay in advertiser spending influenced our year-over-year and sequential revenue comparisons, we delivered advertising service revenue totals that exceeded our guidance. As in previous years, we expect to see a rebound in the second half of 2012, and our results in the second quarter of 2012 thus far are in line with those expectations. An improving revenue picture over the year, combined with our continuous cost-reduction efforts, should allow for improvement to our bottom line in the second half of 2012."

Business Outlook

The Company estimates its advertising service revenue in the second quarter of 2012 to be between $40.0 million and $43.0 million. Second quarter 2012 net loss attributable to VisionChina Media shareholders excluding share-based compensation expenses, amortization of intangible assets, contingent loss in connection with litigation, and/or impairment loss and income tax credit in connection with the impairment loss, (non-GAAP) is estimated to be between $5.0 million and $8.0 million.

These estimates are based on an exchange rate of RMB 6.3122 per $1.00.

The Company noted that its guidance is based on its current network that, as of the date of this press release, has already been secured by exclusive agency agreements or joint venture contract and based on management's current assessment of the possible outcome of pending litigation with the selling shareholders and former management of Digital Media Group. If the number of cities in the Company's network expands or contracts, or if there is any progress in the pending litigation that affects management's assessment of the possible outcome, management's forecast could be affected.

Key Quarterly Financial and Operating Data for the Fourth Quarter of 2011

Total revenues in the fourth quarter of 2011 were $53.4 million, a record high in VisionChina Media's operating history. Advertising service revenue, which accounted for 96.7% of total revenues in the fourth quarter of 2011, was $51.6 million, representing increases of 14.9% and 2.7% compared to the fourth quarter of 2010 and third quarter of 2011, respectively.

Gross profit in the fourth quarter of 2011 was $21.4 million, compared to gross profit of $17.8 million in the third quarter of 2011.

Operating profit in the fourth quarter of 2011 was $2.4 million, compared to operating profit of $0.8 million in the third quarter of 2011.

Net income attributable to VisionChina Media shareholders in the fourth quarter of 2011 was $1.7 million, compared to net loss of $0.8 million in the third quarter of 2011.

In the fourth quarter of 2011, the Company's non-GAAP financial measure, net income attributable to VisionChina Media shareholders, excluding share-based compensation expenses, amortization of intangible assets and provision for contingent loss in connection with a litigation ("non-GAAP net income") was $4.1 million, compared to non-GAAP net income of $3.7 million in the third quarter of 2011.

Basic and diluted net income per share attributable to VisionChina Media shareholders in the fourth quarter of 2011 were $0.02 and $0.02, respectively (each ADS representing one common share), compared to basic and diluted net loss per share attributable to VisionChina Media shareholders of $0.01 and $0.01, respectively, in the third quarter of 2011.

The Company had cash and cash equivalents of $80.3 million as of December 31, 2011. Net cash provided by operating activities was $7.0 million in the fourth quarter of 2011, compared to net cash used in operating activities of $10.7 million in the third quarter of 2011.

Total broadcasting hours in the Company's network in the fourth quarter of 2011 were 41,463 hours, compared to network capacity of 43,778 hours in the third quarter of 2011.

As of December 31, 2011, the Company's network covered 20 cities either secured by exclusive agency agreements or joint venture contracts, and included 137,423 digital displays on mass transit systems.

Average advertising revenue per broadcasting hour in the Company's network was $1,217 in the fourth quarter of 2011, compared to $1,122 in the third quarter of 2011.

The Company sold an average of 8.95 advertising minutes per broadcasting hour in the fourth quarter of 2011, compared to 10.64 advertising minutes per broadcasting hour in the third quarter of 2011.

Business Outlook

The Company estimates its advertising service revenue in the first quarter of 2012 to be between $27.0 million and $28.0 million. First quarter 2012 net loss attributable to VisionChina Media shareholders excluding share-based compensation expenses, amortization of intangible assets and provision for contingent loss in connection with a litigation (non-GAAP) is estimated to be between $17.0 million and $18.0 million. The Company estimates that advertising service revenue during the first quarter of 2012 will be negatively affected by seasonality. The Company expects that the seasonal impact will be short-term in nature and that the Company's advertising service revenue will increase in subsequent quarters.

These estimates are based on an exchange rate of RMB 6.3523 per $1.00.

The Company noted that its guidance is based on its current network that, as of the date of this press release, has already been secured by exclusive agency agreements or joint venture contract and based on management's current assessment of the possible outcome of pending litigation with the selling shareholders and former management of Digital Media Group. If the number of cities in the Company's network expands or contracts, or if there is any progress in the pending litigation that affects management's assessment of the possible outcome, management's forecast could be affected.

BEIJING, December 29, 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 it has obtained shareholder approval for all matters submitted for approval at the Company's 2011 annual general meeting, held in Hong Kong on December 28, 2011.

The following resolution proposed by the Company was approved by VisionChina Media's shareholders:

Ratification of the appointment of Deloitte Touche Tohmatsu CPA Ltd. as the Company's independent auditors for the year ending December 31, 2011.

Materials related to the annual general meeting of shareholders, including the proxy statement, are available on the Company's website at http://www.visionchina.cn

Third Quarter 2011 Results

First Quarter Results:

• Total revenues in the first quarter of 2011 were $32.5 million.
• Gross profit in the first quarter of 2011 was $0.2 million.
• Operating loss in the first quarter of 2011 was $14.3 million.
• Net loss attributable to VisionChina Media shareholders in the first quarter of 2011 was $13.0 million.
• Net loss attributable to VisionChina Media shareholders in the first quarter of 2011 excluding share-based compensation expenses and amortization of intangible assets (non-GAAP) was $10.9 million.
• Basic and diluted net loss per share attributable to VisionChina Media shareholders in the first quarter of 2011 were $0.13 and $0.13, respectively (each ADS representing one common share).

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "In the first quarter, we were delighted to see a new revenue stream emerge from new types of internet-based businesses such as social networking, group-buy and video sharing websites. These types of companies promote their brands and products aggressively and VisionChina Media has begun to benefit from their increased advertising spending. Furthermore, VisionChina Media is engaging in closer cooperation with China's leading satellite TV stations to further leverage their highly-rated programming and improve the commuting viewer experience while increasing our utilization. Our management team has focused on a continual effort to control media costs across our network. We have been pleased to see those efforts paying off and are confident that this year's annual media cost targets will be met. We welcome these developments as well as the growth in more authoritative third party research seen recently that highlights the effectiveness and reach of our platform and thereby enhances our growth prospects

The Company estimates total revenues, which consist of advertising service revenue only, in the second quarter of 2011 to be between $44.7 million and $46.2 million. Second quarter 2011 net income attributable to VisionChina Media shareholders excluding share-based compensation expenses and amortization of intangible assets (non-GAAP) is estimated to be between $0.5 million and $2.0 million.

BEIJING, April 28, 2011 /PRNewswire-Asia/ -- VisionChina Media Inc. today announced that the Company has renewed its exclusive contracts to operate its digital mobile television advertising network on Guangzhou subway for the next five years and on Shenyang buses for the next three years. Further, the Company announced that it has signed a contract to add three new subway lines to its existing subway network in Shenzhen for the next five years.

The new five-year exclusive contract in Guangzhou will be effective May 1, 2011. The new contract grants VisionChina Media the exclusive right to operate its digital mobile television advertising network on the five existing subway lines and new extensions of those lines, as well as on three new subway lines in Guangzhou. With this contract in place, VisionChina Media will operate on no less than 10,025 digital mobile television screens on all eight subway lines in Guangzhou.

Additionally, VisionChina Media renewed a contract with Liaoning Beidou Xingkong Digital Television Media Co., Ltd., granting the Company the exclusive right to operate its digital mobile television advertising on Shenyang's bus network for the next three years. This contract went into effect April 1, 2011.

The five-year contract for Shenzhen's three new subway lines will be effective July 1, 2011 and grants VisionChina Media the exclusive right to operate digital mobile television advertising on no less than 5,416  screens in Shenzhen's subway network.

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, said, "The Guangzhou and Shenzhen subway media platforms, which operate in two of China's four Tier 1 cities, are of great strategic importance to VisionChina Media as they represent a significant portion of mobile television advertising spending in China. The signing of two exclusive contracts in these cities once again solidifies our near 100% market share in China's subway mobile television sector."

Li continued, "Furthermore, the addition of three new subway lines to our subway network in Shenzhen greatly enhances our network coverage in that city. With the 2010 Guangzhou Asian Games behind us, we look forward to the opening of the 26th Universiade in Shenzhen in August 2011. As the mobile television media platform of choice in China's urban public transit system, VisionChina Media is once again poised to demonstrate our ability to broadcast real time television programming that commuters enjoy, as well as our ability to attract the world's finest advertisers. We are also pleased with the successful renewal of our bus contract in Shenyang, which serves as the center of China's northeastern region and is strategically important to us."

Li concluded, "While actively managing the quality and diversity of our media resources in key regions of China, VisionChina Media will continue to effectively execute ongoing media cost control measures in 2011."

Guangzhou, the capital city of Guangdong province, had 10.3 million residents as of the end of 2009. According to official statistics, Guangzhou's GDP reached RMB911.3 billion (approximately US$140.2 billion) in 2009, ranking the city number three among cities in mainland China.

Shenzhen, where VisionChina Media's headquarters are located, had 8.9 million residents as of the end of 2009. According to official statistics, Shenzhen's GDP reached RMB820.1 billion (approximately US$126.2 billion) in 2009, ranking the city number four among cities in mainland China. 

Shenyang, the capital city of Liaoning Province, had 7.9 million residents as of the end of 2009. According to official statistics, Shenyang's GDP reached RMB435.9 billion (approximately US$67.1 billion) in 2009, ranking the city number 15 among cities in mainland China.

Fourth Quarter Highlights:

• Total revenues in the fourth quarter of 2010 increased 18.4% quarter-over-quarter to $44.9 million, a record high in VisionChina Media's operating history.
• Gross profit in the fourth quarter of 2010 was $11.6 million, an increase of 69.8% from $6.8 million in the third quarter of 2010.
• The Company's fourth quarter net income attributable to VisionChina Media shareholders, excluding share-based compensation expenses, amortization of intangible assets, impairment loss and income tax credit in connection with impairment loss (non-GAAP net income), was $4.5 million, compared to $1.1 million in the third quarter of 2010.
• Basic and diluted net loss per share attributable to VisionChina Media shareholders in the fourth quarter of 2010 were $0.53 and $0.53, respectively (each ADS representing one common share), compared to basic and diluted net loss per share attributable to VisionChina Media shareholders of $0.02 and $0.02, respectively, in the third quarter of 2010.

Mr. Limin Li, VisionChina Media's chairman and chief executive officer, commented, "Even with the seasonality and integration challenges we faced in the first quarter, the 2010 fiscal year was one of growth and expansion for VisionChina Media with record high quarterly revenues in the fourth quarter. During 2009 and the beginning of 2010, we continued to build our network, connecting above-ground buses with underground subway systems across China, giving our advertisers the benefit of a vast network, hugely populated with Chinese consumers. In the second half of 2010, we began to focus on deeper penetration of existing cities and the further monetization of our network. We have also begun working with our bus and subway partners to reduce media costs in certain cities. While we have come to expect seasonal weakness in the first quarter, I am confident that with these efforts, VisionChina Media will achieve strong revenue growth and deliver promising results in 2011."

The Company estimates

• total revenues, which consist of advertising service revenue only, in the first quarter of 2011 to be between $32.0 million and $34.0 million.
• First quarter 2011 net loss attributable to VisionChina Media shareholders excluding share-based compensation expenses and amortization of intangible assets (non-GAAP) is estimated to be between $10.0 million and $12.5 million. The Company estimates that advertising service revenue during the first quarter will be negatively affected by seasonality. The Company expects that the seasonal impact will be short-term in nature and that the Company's advertising service revenue will increase in subsequent quarters.

BEIJING, March 2, 2011 /PRNewswire-Asia/ -- VisionChina Media Inc. today announced that it, together with its wholly-owned subsidiary Vision Best Limited ("Vision Best"), were named in a lawsuit commenced on February 25, 2011 by Shareholder Representative Services, LLC, Oak Investment Partners XII, Limited Partnership, Gobi Partners, Inc., Gobi Fund, Inc., and Gobi Fund II, L.P. (collectively, the "Former Digital Media Group Shareholders") in the Supreme Court of the State of New York, New York County, relating to VisionChina Media's November 16, 2009 acquisition of Digital Media Group Company Limited ("Digital Media Group").

The lawsuit is a counter-suit to a lawsuit filed by VisionChina Media and Vision Best on December 27, 2010 against the Former Digital Media Group Shareholders.  The Former Digital Media Group Shareholders' complaint alleges that VisionChina Media and Vision Best breached certain agreements related to the Company's acquisition of Digital Media Group, by allegedly declining to make certain installment payments that the Former Digital Media Group Shareholders claim they were entitled to receive, and allegedly declining to take other steps to facilitate the transfer of Company stock that the Former Digital Media Group Shareholders are entitled to receive in connection with the acquisition.  According to the complaint, the Former Digital Media Group Shareholders are seeking specific enforcement of the contracts at issue, compensatory damages in an amount to be determined at trial, permanent and preliminary injunctive relief and such other relief as the court deems just and proper.  

Also on February 25, 2011, the Former Digital Media Group Shareholders filed two motions against VisionChina Media and Vision Best in their newly-filed lawsuit.  They submitted a motion for attachment, seeking an order of attachment in the amount of $30 million against VisionChina Media and Vision Best and directing them to transfer assets into the State of New York to satisfy a prospective judgment.  They also filed a motion in the new lawsuit for a preliminary injunction, seeking a preliminary order that VisionChina Media and Vision Best remove the restrictive legend on certain VisionChina Media stock received by the Former Digital Media Group Shareholders in connection with the acquisition, and provide consents or authorizations required to convert the Company's stock that the Former Digital Media Group Shareholders are entitled to receive to American Depository Shares and make them freely tradable.

The Company and Vision Best believe that the Former Digital Media Group Shareholders' claims and related motions are without merit and intend to vigorously defend the claims and oppose the motions.  The motions are scheduled to be presented for the New York court's consideration on March 15, 2011.

BEIJING, Dec. 28, 2010 /PRNewswire-Asia/ -- VisionChina Media Inc. today announced that it, together with its wholly-owned subsidiary Vision Best Limited ("Vision Best"), commenced an action on December 27, 2010 against Shareholder Representative Services, LLC, Gobi Partners, INC., Gobi Fund, INC., Gobi Fund II, L.P., Oak Investment Partners XII, L.P., Sierra Ventures IX, LP, NIFSMBC-V2006S1 Investment Limited Partnership, NIFSMBC-V2006S3 Investment Limited Partnership, Thomas Gai Tei Tsao, and other as-yet unnamed defendants, arising from VisionChina Media's November 16, 2009 acquisition of Digital Media Group Company Limited. ("Digital Media Group"), by filing a summons with notice in the Supreme Court of the State of New York, New York County.

The summons and notice alleges that defendants Gobi Partners, Inc., Gobi Fund, Inc., Gobi Fund II, L.P. (collectively, "Gobi"), Oak Investment Partners XII, L.P. ("Oak"), Thomas Gai Tei Tsao and other as-yet unnamed participants engaged in an unlawful scheme to induce VisionChina Media and Vision Best, through false, deceptive, and misleading statements concerning Digital Media Group's financial condition and performance, to pay a grossly inflated price to purchase Digital Media Group's shares. The summons and notice alleges that each defendant named in the action has received, or is scheduled to receive, ill-gotten gains from this unlawful scheme. The summons and notice further alleges that VisionChina Media and Vision Best are owed indemnification from an escrow fund, established at the time of the purchase, as a result of breaches of representations and warranties contained in the merger agreement.

Key Quarterly Financial and Operating Data for the Third Quarter of 2010

• Total revenues in the third quarter of 2010 were $37.9 million.
• Gross profit in the third quarter of 2010 was $6.8 million.
• Operating loss in the third quarter of 2010 was $1.8 million.
• Net loss attributable to VisionChina Media shareholders in the third quarter of 2010 was $1.9 million.
• Net income attributable to VisionChina Media shareholders in the third quarter of 2010, excluding share-based compensation expenses and amortization of intangible assets (non-GAAP), was $1.1 million.

Business outlook

The Company estimates total revenues, which consist of advertising service revenue only, in the fourth quarter of 2010 to be between $41.1 million and $44.0 million. Fourth quarter 2010 net income attributable to VisionChina Media shareholders excluding share-based compensation expenses and amortization of intangible assets (non-GAAP) is estimated to be between $1.3 million and $3.5 million.

These estimates are based on an exchange rate of RMB6.6981 per $1.00.

The Company noted that its guidance is based on its current network of 23 cities that, as of the date of this press release, has already been secured by contracts. If the Company's network expands to additional cities, either organically or through acquisitions, management's forecast could be affected.