China video Media announced today

China Video Media (NASDAQ:VISN) announced today the company has entered into a confidential settlement with Oak Capital, the Gobi investment and the shareholders, with a view to properly resolving a series of legal actions by the Chinese media in the New York State High Court and the Cayman Grand Court for the acquisition of digital Media Group.

The following is the original text of the Chinese media announcement:

Hua-See media ("Company") and its subsidiaries Vision Best (hereinafter collectively referred to as "Chinese media"), with Oak Investment, 2¥q partnership ("Oak Capital"), Gobi Ventures, Inc., Gobi Fund, Inc., Gobi Fund II, L.P. (collectively known as "Gobi Investment") and shareholder representative Services, LLC (collectively known as "offering shareholder"), Together with Mr. Cao Jiatai today, the parties have unanimously agreed on a confidential reconciliation programme (the "Reconciliation Programme"), which aims to properly address a series of legal proceedings in the New York State High Court and the Cayman Grand Court by the Chinese media for the acquisition of digital media group transactions. The settlement agreement related to the settlement will be subject to the final vote of the company's shareholders and other conventional conditions of delivery. It is expected to be signed and executed within the second quarter of 2014, if approved by the shareholders of the company.

In view of the reconciliation, the Analysys analyst, Yi Ming, said previously affected by this lawsuit, the Chinese media in the business operations and share price performance has encountered a greater impact, and the settlement agreement is the outcome of long-term joint efforts, after which, reconciliation will be able to better guarantee the interests of advertisers, To make China see the business more healthy development, for China to see the long-term development of the media to lay a good foundation.

In accordance with the terms of the settlement programme, the programme will ultimately be based on the vote of China's media shareholders. The company plans to convene a special shareholder meeting on April 24, 2014 and will soon announce its notice. After a thorough analysis of the reconciliation programme and a comprehensive consideration of possible alternatives, the board of Directors considered that the settlement proposal was in the best interests of the shareholders of the company. The Board has approved the proposal and has suggested that China should vote to confirm the settlement through the media shareholders.