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VisionChina Media Inc. Announces Departure of CFO Scott Chen
Aug 06, 2010 (07:08 AM EDT)
BEIJING, Aug. 6 /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 that its chief financial officer, Mr. Scott Chen, is resigning from his current role for personal reasons, effective August 13, 2010. The search for his replacement has been initiated. In the interim, Mr. Stanley Wang, VisionChina Media's senior financial controller, will continue to manage the Company's daily financial operations, supported by the Company's strong finance team. Mrs. Helen Plummer, VisionChina Media's investor relations officer and Mr. Colin Wang, VisionChina Media's investor relations director, will continue to manage the Company's investor relations department. Mr. Stanley Wang, Mrs. Helen Plummer and Mr. Colin Wang will report directly to Mr. Limin Li, VisionChina Media's chairman and chief executive officer until a new chief financial officer is appointed.
"Mr. Chen has made significant contributions to VisionChina Media's financial management and investor relations. Additionally, he led our successful acquisition of Digital Media Group Limited in 2009 as well as the integration of the two companies. We are saddened by Mr. Chen's decision to resign, but respect his wish to further pursue his career in investment banking. We are grateful to Mr. Chen for his service to the Company and wish him well in his future endeavors," said Mr. Limin Li, VisionChina Media's chairman and chief executive officer. "The search for a new chief financial officer is a top priority. As we continue this search, I have full confidence in the ability of Mr. Stanley Wang, Mrs. Helen Plummer, Mr. Colin Wang and the rest of our management team to continue in the development of our business."
Mr. Stanley Wang joined VisionChina Media as senior financial controller in March 2009. Prior to joining VisionChina Media, Mr. Wang was an audit manager at KPMG Guangzhou. Mr. Wang has been involved in a number of initial public offerings and audits of U.S.-listed Chinese companies and has extensive knowledge of U.S. GAAP and accounting-related rules and regulations applicable to U.S.-listed companies. Mr. Wang holds a bachelor's degree from Guangdong University of Foreign Studies in Guangdong, China.
Mrs. Helen Plummer and Mr. Colin Wang will continue to be the primary points of contact for the investment community.
About VisionChina Media Inc.
VisionChina Media Inc. (Nasdaq: VISN) operates an out-of-home advertising network on mass transportation systems, including buses and subways that reaches over 40 million viewers each day in China, according to CTR Market Research. As of June 30, 2010 VisionChina Media's advertising network included 125,269 digital television displays on mass transportation systems in 23 of China's economically prosperous cities, including Beijing, Shanghai, Guangzhou and Shenzhen. VisionChina Media has the ability to deliver real-time, location-specific broadcasting, including news, stock quotes, weather and traffic reports and other entertainment programming. For more information, please visit http://www.visionchina.cn .
For investor and media inquiries, please contact: In China: Mrs. Helen Plummer Investor Relations Officer VisionChina Media Inc. Tel: +86-139-1167-2124 Email: email@example.com Mr. Colin Wang Investor Relations Director VisionChina Media Inc. Tel: +86-135-1001-0107 Email: firstname.lastname@example.org In the United States: Ms. Jessica Barist Cohen Ogilvy Financial, New York Tel: +1-646-460-9989 Email: email@example.com
SOURCE VisionChina Media Inc.