SHANGHAI, CHINA--(Marketwire - Nov 15, 2012) - China Cablecom Holdings, Ltd. ("China Cablecom" or the "Company") (OTCBB: CABLF) announced that it has completed the redemption on the Company's principal note obligations. The notes paid in full include $19.1 million in senior secured, $16.2 million in junior secured, and $4.2 million in unsecured notes.
The Board was pleased with the conclusion of the redemption and feel that their job as board members has been fulfilled upon the repayment of its notes. As a result, the Company announced the resignation of three of its Board members effective immediately. Mr. Robi Hartman, Mr. David Kratochvil, and Mr. Jacob Weiss have agreed to step down following the liquidation of China Cablecom's Hubei assets.
"The Company appreciates the contributions made by Mr. Hartman, Mr. Kratochvil, and Mr. Weiss," says Pu Yue, Chief Executive Officer of China Cablecom. "They have individually served the Board with invaluable and insightful guidance and we wish them the best in their future success."
About China Cablecom
China Cablecom was a joint-venture provider of cable television services in the People's Republic of China, operating in partnership with a local state-owned enterprise ("SOE") authorized by the PRC government to control the distribution of cable TV services through the deployment of analog and digital cable services. China Cablecom formerly operated 28 cable networks with over 1.67 million paying subscribers.
Safe Harbor Statement
The matters discussed in this press release contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this presentation and in the Company's other written and oral reports are based on current Company expectations and are subject to numerous risks, uncertainties and assumptions, Any forward-looking statements are not guarantees of future performance and actual results of operations, financial condition and liquidity.. The forward-looking statements herein speak only as of the date stated herein and might not occur or the actual results may differ materially in light of these risks, uncertainties, and assumptions. The Company undertakes no obligation and disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should carefully consider these factors, as well as the additional risk factors outlined in the filings that the Company makes with the U.S. Securities and Exchange Commission, including the Annual Report on Form 20-F filed on July 28, 2011.
China Cablecom Holdings, Ltd.