VisionChina Media renews 3-year contract with Hangzhou

Oct. 22, 2009 (China Knowledge) - VisionChina Media Inc<VISN>, which operates an out-of-home advertising network, on Tuesday announced that it has renewed and extended its exclusive three-year contract with Hangzhou New & Mobile Media to display mobile television advertisements on all buses and ferries in Hangzhou, Zhejiang Province, sources reported.

According to the contract, which will come into effect on Jan. 1, the Nasdaq-listed firm will continue displaying digital advertisements on 3,425 buses and 101 ferries, reaching an audience of around 3 million people per day.

Chairman and CEO Li Limin said that the firm's excellent performance enabled the group to acquire the extended and exclusive contract with the city of Hangzhou.

On Monday, VisionChina Media announced that it plans to post its financial statement for the third quarter on Oct. 30.

The mobile digital TV operator earlier this month entered into an agreement to acquire Digital Media Group for US$160 million to be paid in three installments over two years, China Knowledge reported earlier.