China Cablecom Elects to Voluntarily Delist From the NASDAQ Capital Market
July 18 2011 - 11:44AM
Marketwired
China Cablecom Holdings, Ltd. ("China Cablecom" or the "Company")
(NASDAQ: CABL), a joint-venture provider of cable television
services in the People's Republic of China ("PRC" or "China"),
today announces its intent to voluntarily de-list the Company's
common stock from the NASDAQ Capital Market ("NASDAQ").
The Board of Directors of the Company (the "Board") unanimously
determined that maintaining the listing has imposed difficult
burdens on the Company and seeks a voluntary de-listing based on
the Company's inability to maintain compliance of the minimum bid
price of NASDAQ. In addition, the Company is not in compliance with
NASDAQ listing requirements contained in Marketplace Rule
5250(c)(1), which requires timely filing of SEC periodic reports
and of its annual report on Form 20-F for the fiscal year ended
December 31, 2010, and the Company currently is not in compliance
with the requirements of NASDAQ Marketplace Rule 5605(c)(3)
regarding the need to have an audit committee comprised of
independent directors.
Upon delisting from NASDAQ and following the expected filing of
the annual report on Form 20-F, the Company expects that trading of
its common shares by shareholders may be effected through
quotations on the OTC Bulletin Board (OTCBB). This will require at
least one market maker to quote the Company's common shares on the
OTC BB Market after the market maker complies with OTC BB Market
rules. Notwithstanding any of the foregoing, the Company will
remain subject to the periodic reporting requirements of the
Exchange Act.
Following the expected filing of the annual report, China
Cablecom previously reported its receipt of a notice from NASDAQ
dated July 29, 2010 indicating that the Company is not compliant
with NASDAQ's $1.00 minimum bid price rule under NASDAQ Marketplace
Rule 5550(a)(2) and that the grace period regarding such
non-compliance will end on July 23, 2011.
About China Cablecom Holdings
China Cablecom is a joint-venture provider of cable television
services in the People's Republic of China, operating in
partnership with a local state-owned enterprise ("SOE") authorized
by the PRC government to control the distribution of cable TV
services through the deployment of analog and digital cable
services. China Cablecom has consummated the acquisition of a 55
percent economic interest in a cable network in Hubei province with
paying subscribers exceeding 1,200,000. The Company originally
acquired operating rights of the Binzhou Broadcasting network in
Binzhou, Shandong Province in September 2007 by entering into a
series of asset purchase and services agreements with a company
organized by SOEs, owned directly or indirectly by local branches
of State Administration of Radio, Film and Television in five
different municipalities to serve as a holding company of the
relevant businesses. China Cablecom now operates 28 cable networks
with over 1.7 million paying subscribers. China Cablecom's strategy
is to replicate the acquisitions by operating partnership models in
other municipalities and provinces in the PRC and then introducing
operating efficiencies and increasing service offerings in the
networks in which it operates.
Safe Harbor Statement
The matters discussed in this press release contain
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements contained
in this presentation and in the Company's other written and oral
reports are based on current Company expectations and are subject
to risks and uncertainties, which could cause actual results to
differ materially. Any forward-looking statements are not
guarantees of future performance and actual results of operations,
financial condition and liquidity, and developments in the industry
may differ materially from those made in or suggested by the
forward-looking statements contained herein. These forward-looking
statements are subject to numerous risks, uncertainties and
assumptions. The forward-looking statements herein speak only as of
the date stated herein and might not occur in light of these risks,
uncertainties, and assumptions. China Cablecom Holdings undertakes
no obligation and disclaims any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. You should carefully
consider these factors as well as the additional risk factors
outlined in the filings that China Cablecom Holdings makes with the
U.S. Securities and Exchange Commission, including the Annual
Report on Form 20-F filed with respect to the year ended December
31, 2009.
CONTACT: China Cablecom Holdings, Ltd. www.chinacablecom.net
212-837-7798 Email: ir@chinacablecom.net
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