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The SI Report: Focus Media Announces Change in Board of Directors
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:16052008
Streetinvesting.com has now resumed our progressive Focus Media Holding
Ltd (NASDAQ:FMCN) as it opened up $0.47 on below average volume midday
trading Thursday, May 15, 2008. Based on the Company's most recent news
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May 15, 2008, -- Focus Media Holding Limited China's leading
multi-platform digital media company today announced changes in its
board members.
As was disclosed in our recently filed 20-F for 2007, SINA Corporation
and Focus Media were involved in transactions exceeding 5% of SINA's
revenues in the year ended December 31, 2007, which under Nasdaq rules
rendered Mr. Charles Chao no longer qualified as an independent
director of Focus Media. He will remain on the board as a
non-independent director of Focus Media. In addition, Mr. David Feng
Yu, a non-independent director and founder of Target Media, has
resigned from the Board. As Nasdaq requires that independent directors
must comprise the majority of the company's board of directors, Focus
Media has appointed Mr. Ying Wu as an independent director to its board
of directors. Mr. Ying Wu was a founder of UTStarcom and has many years
of experience in managing large organizations and investments in the
media and telecommunications industry.
Focus Media Holding Limited is China's leading multi- platform digital
media company, operating the largest out-of-home advertising network in
China using audiovisual digital displays, based on the number of
locations and number of flat-panel television displays in our network,
and is also a leading provider of mobile handset advertising and
Internet marketing solutions in China. Through Focus Media's
multi-platform digital advertising network, the company reaches urban
consumers at strategic locations and point-of-interests over a number
of media formats, including audiovisual television displays in
buildings and stores, advertising poster frames and other new and
innovative media, such as outdoor light-emitting diode or LED digital
billboard, mobile handset advertising networks and Internet advertising
platforms. As of December 31, 2007, Focus Media's digital out-of-home
advertising network had approximately 112,298 LCD display in its
commercial location network, approximately 49,452 LCD displays in its
in-store network and over 190,000 advertising in-elevator poster /
digital frames, installed in over 90 cities throughout China, and
approximately 200 outdoor LED billboard displays in Shanghai. For more
information about Focus Media, please visit our website at
http://ir.focusmedia.cn .
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