BEIJING, Nov. 22, 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 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.
About VisionChina Media Inc.
VisionChina Media Inc. (Nasdaq: 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
million commuters and providing over 6 million Wi-Fi service
sessions per day.
For more information, please visit
http://www.visionchina.cn.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates" and similar statements.
Among other things, the quotations from management in this press
release contain forward-looking statements. Such statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
Further information regarding these and other risks is included in
the Company's filings with the U.S. Securities and Exchange
Commission, including its registration statement on Form F-1 and
its annual report on Form 20-F. The Company does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
For investor and media inquiries, please contact:
In China:
Ms. Shuning Yi
Investor Relations Department
VisionChina Media Inc.
Tel: +86 134-2090-9426
E-mail: shuning.yi@visionchina.cn
Mr. Ross Warner
The Piacente Group, Inc.
Tel: +86 (10) 6535-0149
E-mail: visionchina@tpg-ir.com
In the United
States:
Mr. Alan Wang
The Piacente Group, Inc.
Tel: +1 212-481-2050
E-mail: visionchina@tpg-ir.com
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SOURCE VisionChina Media Inc.