LOS ANGELES--(BUSINESS WIRE)--
Cinedigm Corp. (NASDAQ: CIDM) (the "Company" or "Cinedigm") today
announced that on November 20, 2017, Cinedigm received written
notification from the Committee on Foreign Investment in the United
States ("CFIUS") that it will not take action to prevent, unwind, or
require any modifications to, the transactions contemplated by the Stock
Purchase Agreement dated as of June 29, 2017 by and between the Company
and Bison Entertainment Investment Limited (the "Agreement"). CFIUS
approval was a condition to closing the transactions under the
Agreement, but the condition was waived and the transactions were
consummated on November 1, 2017. The review by CFIUS is now concluded.
Bison Capital now beneficially owns a majority of Cinedigm's outstanding
Class A Common Stock and Mr. Peixin Xu and Mr. Peng Jin, both Directors
of Bison Capital, have joined the Company's Board of Directors.
Bison Capital is a Hong Kong-based investment company with a focus on
the media and entertainment, healthcare and financial service
industries. Founded by Mr. Peixin Xu in 2014, Bison Capital has made
multiple investments in film and TV production, film distribution and
entertainment-related mobile Internet services, including Bona Film,
Xunlei and Weiying Technologies.
"We are very pleased to have received CFIUS approval, as we expected,"
said Chris McGurk, Cinedigm Chairman and CEO. "The Bison transaction has
strengthened our balance sheet and provided a strong partner with which
to build our content distribution and OTT channel businesses in China,
the world's fastest growing major entertainment market, while further
expanding those businesses in North America, the world's largest
Cinedigm powers custom content solutions to the world's largest retail,
media and technology companies. We provide premium feature films and
series to digital platforms including iTunes, Netflix, and Amazon, cable
and satellite providers including Comcast, Dish Network and DirecTV, and
major retailers including Walmart and Target. Leveraging Cinedigm's
unique capabilities, content and technology, the Company has emerged as
a leader in the fast-growing over-the-top channel business, with four
channels under management that reach hundreds of millions of devices
while also providing premium content and service expertise to the entire
OTT ecosystem. Learn more about Cinedigm at www.cinedigm.com.
Cinedigm™ and Cinedigm Digital Cinema Corp™ are trademarks of Cinedigm
Safe Harbor Statement
Investors and readers are cautioned that certain statements contained in
this document are "forward-looking" statements within the meaning of the
Private Securities Litigation Reform Act of 1995 (the "Act").
Forward-looking statements include statements that are predictive in
nature, which depend upon or refer to future events or conditions, which
include words such as "expects," "anticipates," "intends," "plans,"
"could," "might," "believes," "seeks," "estimates" or similar
expressions. In addition, any statements concerning completion of the
transactions described in this document, future financial performance
(including future revenues, earnings or growth rates), ongoing business
strategies or prospects, and possible future actions, which may be
provided by Cinedigm's management, are also forward-looking statements
as defined by the Act. Forward-looking statements are based on current
expectations and projections about future events and are subject to
various risks, uncertainties and assumptions about Cinedigm, its
technology, economic and market factors and the industries in which
Cinedigm does business, among other things. These statements are not
guarantees of future performance and Cinedigm undertakes no specific
obligation or intention to update these statements after the date of
View source version on businesswire.com: http://www.businesswire.com/news/home/20171121005314/en/
Jill Newhouse Calcaterra, 310-466-5135
Source: Cinedigm Corp.
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