China Cable Communications Engages German Counsel to De-list Its Shares From Berlin Exchange
July 20 2004 - 8:42AM
PR Newswire (US)
China Cable Communications Engages German Counsel to De-list Its
Shares From Berlin Exchange And Intends To Look into Potential
Damages Caused From Naked Short Selling Through These Outlets
BEIJING, July 20 /Xinhua-PRNewswire-FirstCall/ -- China Cable and
Communication, Inc. (OTC:CCCI) (BULLETIN BOARD: CCCI) , a leading
China-based cable TV company, today announced it has engaged legal
counsel in Germany to de-list its stock from any and all foreign
exchanges. Furthermore, the company announced it intends to seek
restitution from any of the violating exchanges on behalf of its
shareholders. Gareth Tang, President and CFO of China Cable said,
"It's completely absurd that our repeated attempts at de-listing
from an exchange -- an exchange we never listed on -- have gone
nowhere. It is key to point out that our stock price has been in
decline since the Berlin listing. We are not saying they are in
direct correlation. However, we have a fiduciary responsibility to
protect our shareholders from illegal stock manipulation, and being
listed on a single exchange in the United States is one way of
putting some protections in place." Company officers, as well as
company attorneys, issued a demand letter to the Berlin Exchange to
immediately de-list its securities from their Stock Exchange.
Officials from the Berlin Stock Exchange responded by saying while
the listing was never requested, it was legal and China Cable has
no jurisdiction in Germany. Based on that, Berlin Stock Exchange
officials denied the company's request to be de-listed. This
maneuver predicated retaining legal counsel in Germany. Mr. Tang
continued, "It's a shame when such drastic measures have been taken
just to protect ourselves from unwarranted exchange listings.
Public companies in the United States seem to be able to be
hijacked by this stock exchange rather easily, and with no regard
to US Securities laws. We find it particularly convenient that the
majority of these listings in Berlin occurred as the SEC stiffened
regulations against the short-selling practice on Over- The-Counter
Bulletin Board stocks. We have a real company with real
opportunities that are being hampered by the lack of regulations
that seems to run rampant on the OTCBB. We are the majority
shareholders of CCCI and we will take all necessary steps to
protect ourselves and our other shareholders," concluded Mr. Tang.
China Cable Communication has recently announced its intention to
acquire a Fiber Optics Network that spans throughout China. The
company was listed on the Berlin Stock Exchange and saw an
immediate decline in its stock price, recently hitting a 52 week
low. Many companies are currently fighting to get their shares
de-listed from this exchange. About China Cable and Communication
China Cable and Communication, Inc. is a China-based cable TV
company. Through its British Virgin Island subsidiary, the Company
is the first foreign company to own and operate a cable television
network in China. Located 85 miles south of Beijing, the network
currently offers 39 channels within the Baoding city limits and
eight additional channels to outer areas in the Baoding
metropolitan area. It transmits in both analog and digital over its
fiber optic network and through 22 substations. With its fiber
optic network, Baoding network is capable of transmitting 37 analog
television programs, six digital signals and one FM music program.
In addition to its cable television transmission services, Baoding
network offers Internet access and value added services, such as
broadband Internet access and on- demand services through its
proprietary set-top boxes. China Cable and Communication is well
positioned as a foreign investor approved by The State
Administration of Radio, Film and Television ("SARFT"), China's
national regulatory authority for the broadcasting industry, to own
interests in and provide operational management support to cable
television networks in the People's Republic of China (PRC). The
SARFT approval together with the trading of CCCI's common stock in
the US, provide CCCI with a favorable advantage in access to
foreign capital. China Cable and Communication, Inc. trades in the
United States, under the ticker symbol CCCI, in order to provide
U.S. investors with the opportunity to invest in a company that
owns interests in a PRC cable television network. For more
information, please visit http://www.chinacable.us/ . The
forward-looking statements contained herein are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
Some of these include, but are not limited to, our availability of
capital, political occurrences and events in China, the terms of
our 8% convertible preferred stock, operations of the Baoding joint
venture, demand for the products of the Baoding joint venture, the
economy of China, and other factors. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
reflect management's analysis only as of the date hereof. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof. Readers should carefully review the
risks described in other documents the Company files from time to
time with the Securities and Exchange Commission, including
Amendment No. 1 to the Form SB-2 registration statement filed with
the Securities and Exchange Commission on December 8, 2003, the
Annual Report on Form 10-KSB for the fiscal year ended December 31,
2003, as well as the Quarterly Reports and Current Reports on Form
8-K by the Company. CONTACT: George Raney, Executive Director,
China Cable & Communication, Inc. Tel: +1-310-301-0082
DATASOURCE: China Cable and Communication, Inc. CONTACT: George
Raney, Executive Director, China Cable & Communication, Inc.,
+1-310-301-0082 Web site: http://www.chinacable.us/
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