BEIJING, Sept. 30, 2011 /PRNewswire-Asia/ -- Ku6 Media
Co., Ltd., (Nasdaq: KUTV) ("Ku6" or the "Company"), a leading
Internet television company in China, announced today that it agreed to
redeem senior convertible bonds of US$50,000,000 from Shanda Interactive
Entertainment Limited (Nasdaq: SNDA) ("Shanda").
Ku6 issued to Shanda US$50,000,000
of senior convertible bonds at face value on June 29, 2011. The bonds were to mature in
three years after issuance and will bear an interest of 3% per
annum, payable semi-annually. Based on the working capital position
of the Company, Ku6 agreed to redeem the bonds on September 30, 2011 at its issue price.
The redemption and the relevant transaction agreements have been
approved by the board of directors of Ku6 and a special committee
comprised of three independent directors.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (Nasdaq: KUTV) is a leading Internet
television company in China.
Through its two premier online brands and online video websites,
www.ku6.com and www.juchang.com, Ku6 provides video information
services and entertainment in China.
As a leading online video portal, www.ku6.com provides a video
platform for sharing and watching user-generated content. It also
provides online video reports and other interactive entertainment
programs for its users. For more information about Ku6, please
visit http://ir.ku6.com.
Forward-looking Statements
This news release may contain statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "believes," "could," "expects," "may," "might,"
"should," "will," or "would," and by similar statements. The
accuracy of these statements may be affected by a number of
business risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks related to: continued competitive pressures in China's internet video and audio portal
market; changes in technology and consumer demand in this market;
the risk that Ku6 Media may not be able to control its expenses in
future periods; changes in the policies in China or the laws governing the operations and
content of internet video and audio portal websites; the success of
Ku6 Media's ability to sell brand advertising and other services on
its websites; and other risks outlined in Ku6 Media's (and the
former Hurray!'s) filings with the Securities and Exchange
Commission, including the Company's (filed as Hurray!) annual
report on Form 20-F. Ku6 Media does not undertake any obligation to
update this forward-looking information, except as required under
law.
SOURCE Ku6 Media Co., Ltd.