FUJIAN, China--(BUSINESS WIRE)--China MediaExpress Holdings, Inc. (NASDAQ GS: CCME) (“CME” or “Company”), China’s largest television advertising operator on inter-city and airport express buses, today announced its management has become aware of the negative statements contained in the stock blog "Citron Research" issued on January 31st.
CME confirms that they were never approached by Citron Research with respect to the Company, its growth, the advertising business in China or industry conditions generally and accordingly cannot comment on the reliability of their information or the thoroughness of their analytics.
Based on a review of the negative statements, however, CME strongly disagrees with the views expressed and believes that investors should rely on the Company's public reports filed with the Securities and Exchange Commission. The Company expects to announce its audited financial results for the year ended 12/31/10 on schedule and will host an earnings call during which management will answer investor questions.
About CME
CME, through contractual arrangements with Fujian Fenzhong, an entity majority owned by CME’s former majority shareholder, operates the largest television advertising network on inter-city and airport express buses in China. While CME has no direct equity ownership in Fujian Fenzhong, through the contractual agreements CME receives the economic benefits of Fujian Fenzhong’s operations. Fujian Fenzhong generates revenue by selling advertisements on its network of television displays installed on over 27,200 express buses originating in eighteen of China’s most prosperous regions, including the four municipalities of Beijing, Shanghai, Tianjin and Chongqing and fourteen economically prosperous regions, namely Guangdong, Jiangsu, Jiangxi, Fujian, Sichuan, Hebei, Anhui, Hubei, Shandong, Shanxi, Inner Mongolia, Zhejiang, Hunan and Henan.
CME is included in the Russell Global Index. For more information visit: www.ccme.tv.