Airnet Technology Inc. (NASDAQ:ANTE)

BEIJING, May 7, 2019 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that based on a notice recently received from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq"), the Company has regained compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules.

On May 8, 2018, the Company received a notification letter from the Nasdaq that the minimum bid price per American depositary share ("ADS"), each representing two ordinary shares of the Company, was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement. To regain compliance with such requirement, the Company executed a ratio change for its American Depositary Receipt ("ADR") program on March 29, 2019. Effective on April 11, 2019, the ratio of the Company's ADSs to ordinary shares changed from one ADS representing two (2) ordinary shares to one ADS representing ten (10) ordinary shares.

Beginning April 11, 2019, the closing bid price of the Company's ADS has been raised above $1.00 per ADS. Accordingly, the Company has regained compliance with the Nasdaq's minimum bid price requirement.

BEIJING, April 5, 2019 /PRNewswire/ -- AirMedia- Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that the Company, through its depositary bank, JPMorgan Chase Bank, N.A., filed with the Securities and Exchange Commission (the "SEC") a Form F-6 on March 29, 2019 to change the ratio of its American depositary shares ("ADSs") to ordinary shares from one (1) ADS representing two (2) ordinary shares to one (1) ADS representing ten (10) ordinary shares (the "Ratio Change"), which had been approved by the board of directors of the Company.

Each AirMedia's ADS holder of record will be required to exchange every five (5) ADSs then held for one (1) new ADS. There is no change to AirMedia's underlying ordinary shares, and AirMedia's ADS will continue to trade on Nasdaq under the symbol "AMCN".

The Company anticipates that the Ratio Change will bring its average ADS price above $1.00 per ADS in compliance with the Nasdaq minimum bid price listing requirement. The Company further anticipates that the Ratio Change will be effective on or around April 11, 2019, subject to the SEC having declared the Form F-6 to be effective on or before that date.

BEIJING, March 19, 2019 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that one of its subsidiaries, Air Esurfing Co. Ltd. ("ARE"), has been selected as the sole distributor of Honeywell's next-generation JetWave TM satellite communications hardware in China, enabling Chinese airlines to have access to an all-in-one solution that provides high-speed, in-flight Wi-Fi service. Honeywell's JetWave TM satellite communications hardware provides high-speed in-flight Wi-Fi service worldwide by seamlessly establishing Ka-band communication links with the Global Xpress Network of the International Maritime Satellite Organization (Inmarsat Aviation) and satellite ChinaSat 16 and ChinaSat 18.

Tailored to benefit both passengers and airlines, the cooperation is devoted to increasing the availability of fast, consistent, KA-band connectivity for passengers traveling with airlines originated in China and generating new revenues for airlines.

"China plays a significant role in our global growth and we are committed to working with local partners to help advance the country's aviation industry," said Steven Lien, president, Asia Pacific, Honeywell Aerospace. "This exciting cooperation with ARE gives Chinese airlines a competitive edge in a globalized market – providing them with hardware and connectivity that delivers in-flight Wi-Fi with in-office speed."

"ARE is the leading provider of in-flight entertainment and connectivity in the region. We are pleased to establish cooperation with Honeywell to provide our customers with proven solutions to high-speed, in-flight connectivity to meet an increasing demand of passengers," Mr. Grant Zhou, COO of AirMedia, commented. "This cooperation will further advance our ability to provide customized solutions to meet the growth of high-speed connectivity in aviation industry in China."

Mr. Herman Guo, CEO of AirMedia commented, "As the leading provider of in-flight connectivity, the Company's strategic cooperation with Honeywell will empower Chinese airlines with high-speed in-flight Internet services to deliver passengers the same experience as it would've been otherwise on the ground." Mr. Guo continues, "With extended experiences and strategic alignments in both in-flight entertainment and in-flight connectivity, the Company, while providing high-speed in-flight Internet connectivity, is capable of maintaining and operating an in-flight mobile platform and interactive products benefiting from the platform." Mr. Guo believes that while enhancing the compatibility of Chinese airlines worldwide, the high-speed in-flight connectivity will present new and innovative opportunities to both Chinese airlines and AirMedia.

BEIJING, Feb. 19, 2019 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that its subsidiary Guangzhou Meizheng Online Network Technology Co., Ltd. (the "Subsidiary") has filed a lawsuit aiming to resolve disputes arising out of the non-performance of the Franchising Operation Agreement of Wi-Fi Wireless Network on High-speed trains Administered under Beijing Railway Administration (the "Agreement") signed on August 29, 2014 with China Railway Century Media Advertising Co., Ltd. and China Railway Beijing Group Co., Ltd. The lawsuit was filed with the Beijing High People's Court (the "Court") and the first court appearance is set for March 14, 2019.

According to the Agreement, China Railway Century Media Advertising Co., Ltd. authorized the Subsidiary exclusive on-train concession rights to provide digital advertising media for high-speed trains for 6 years. The Agreement was subjected to an automatic renewal should there be no significant breach of the Agreement from either party. In the duration of the Agreement, the Subsidiary would be exclusively entitled to, among other rights, install and operate Wi-Fi systems on the high-speed trains operated by Beijing Railway Bureau. According to the lawsuit, since the consummation of the Agreement, China Railway Century Media Advertising Co., Ltd. delayed and eventually refused to perform the obligations under the Agreement. The Subsidiary is applying to the Court to terminate the Agreement and release the Subsidiary's obligations. The Subsidiary will also be seeking approximately RMB829 million as liquidated damages. As the trial has not started yet, it is not possible at this stage to determine the impact of this lawsuit on the company's profits in the current period or afterwards.

BEIJING, Feb. 1, 2019 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that its Chairman, Chief Executive Officer and Chief Financial Officer Herman Man Guo had continuously proceeded with his share purchase plan (the "Share Purchase Plan"), which was previous announced by the Company on March 28, 2018 and updated on September 28, 2018. As of January 30, 2019, Mr. Guo had purchased an aggregate of 1,724,922 American depositary shares (ADSs) over the period of Dec. 7, 2018 to Jan. 30, 2019 at an average purchase price of approximately US$0.35 per ADS. Due to the restrictions on insider trading starts on January 31st, 2019, Mr. Guo would temporarily stop his repurchase from January 31st, 2019 till 48 hours after the Company files its 2018 Form-20F.

BEIJING, Dec. 28, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that its Chairman, Chief Executive Officer and Chief Financial Officer Herman Man Guo had continuously proceeded with his share purchase plan (the "Share Purchase Plan"),which was previous announced by the Company on March 28, 2018 and updated on September 28, 2018. As of December 27, 2018, Mr. Guo had purchased an aggregate of 541,273 American depositary shares (ADSs) over the period of Dec. 7, 2018 to Dec. 27, 2018 at an average purchase price of approximately US$0.24 per ADS.

BEIJING, Dec. 17, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that its Chairman and Chief Executive Officer Herman Man Guo had proceeded with his previously announced share purchase plan (the "Share Purchase Plan"), which was previous announced by the Company on March 28, 2018 and updated on September 28, 2018. As of December 14, 2018, Mr. Guo had purchased an aggregate of 228,352 American depositary shares (ADSs) over the period of Dec. 7, 2018 to Dec. 14, 2018 at an average purchase price of approximately US$0.25 per ADS.

Furthermore, Mr. Guo had advised the Company that future purchases under the Share Purchase Plan would be made by either Mr. Guo, or members of his family, or investment vehicles that are wholly owned and controlled by Mr. Guo and/or members of his family, in accordance with AirMedia's insider trading policy.

"Despite the tough economic situation, I believe our business is strong in fundamentals and financials. Our business development is on track and I have strong confidence in the growth prospects of the Company," remarked by Mr. Guo.

BEIJING, Dec. 14, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that Mr. Richard Wu, the Chief Financial Officer (the "CFO") of the Company, had tendered his resignation as the CFO. Mr. Wu's resignation is effective from December 31, 2018. In his letter of resignation, Mr. Wu stated that he wish to retire from his professional capacity in order to spend more time with his family and he had no disagreement with the management and the board of Directors of the Company (the "Board"). The Board accepted Mr. Wu's resignation and appointed Mr. Herman Guo, chairman and chief executive officer of the Company, as the Interim CFO until a suitable candidate for CFO is identified. Furthermore, the Board approved a consultancy agreement engaging Mr. Wu as a consultant to the Company until December 31, 2021.

"On behalf of the members of the Board of Directors and the management, I would like to thank Richard for all his contributions to the Company and wish him the very best in the future," commented Herman Guo, chairman and chief executive officer of the Company. "In the meantime, the Company will look for the suitable candidate for CFO during this transition period."

BEIJING, Nov. 20, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that Gilat Satellite Networks Ltd. (GILT) ("Gilat"), a strategic partner of the Company's subsidiary, Air Esurfing Co. Ltd. ("ARE"), had received the DO-160 certification for Gilat's Ku/Ka dual-band aero terminal. Providing opportunities to HTS operators, IFEC service providers and airlines leveraging IFC opportunities with the flexibility of uses of both the Ku or Ka bands, Gilat's success marked a significant milestone in the collaborations between Gilat and ARE.

Mr. Grant Zhou, COO of AirMedia commented that ARE and Gilat have built a strategic collaboration upon ARE's innovative ability to integrate Gilat's dual-band terminal into the commercial IFC and IFEC solutions in China to accommodate and empower communications with satellite ChinaSat 16 and future ChinaSat 18 on the Ka band. Bolstered by Gilat's success, ARE's current efforts on getting its IFC and IFEC solutions STC and VSTC certified for Boeing 737NG and Airbus 320 airplane families will be put on an accelerated track. Mr. Zhou further commented that once they were STC and VSTC certified, ARE would become the exclusive provider of the solutions globally.

Mr. Herman Guo, CEO of AirMedia Group commented that as an official endorsement of performance, Gilat's becoming DO-160 licensed would further accelerate ARE's march to get IFC and IFEC solutions STC and VSTC certified for Boeing 737NG and Airbus 320 airplane families. Since both airplane families represent noticeable leading market shares, they become the right choices for ARE to focus on for commercializing its IFC and IFEC solutions and providing in-flight Wi-Fi to millions of travelers.

BEIJING, Nov. 8, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that Nasdaq Listing Qualifications Staff (the "Staff") has determined that the Company is eligible for an additional 180 calendar day period, or until May 6, 2019 (the "Second Compliance Period") for the Company to regain compliance with the minimum bid price requirement. The determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market (the "Capital Market") with the exception of the bid price requirement, and the Company's written notice of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary. Furthermore, the Staff approved the Company's application to list its American Depositary Shares on the Capital Market. The Company's securities will be transferred to Capital Market at the opening of business on November 7, 2018.

BEIJING, Nov. 6, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that Beijing Linghang Shengshi Advertising Co., Ltd., one of the variable interest entities of the Company, Mr. Herman Guo, the Chairman and CEO of the Company, and Mr. Qing Xu, the director and executive president of the Company (together, the "Sellers") have entered an equity transfer agreement (the "Agreement) with Jiangsu Hong Zhou Investment Co., Ltd., an independent third party (the "Buyer") to sell 20.32% equity interest of Airmedia Group Co., Ltd. (the "AM Advertising" or the "Target") for an initial transfer price of RMB580 million in cash (the "Initial Consideration"), as adjusted pursuant to the Agreement.

Among the total Initial Consideration, the consideration payment of RMB200 million will be made in three installments pursuant to the Agreement. The first installment of RMB50 million is required to be received within 3 working days after the execution of the Agreement. The second installment of RMB100 million is required to be received within 3 working days after the completion of the industrial and commercial registration procedure by the Sellers. The third installment of RMB50 million is required to be received within 30 days after the completion of the industrial and commercial registration procedure by the Sellers. The remainder of the RMB380 million shall be, subject to certain conditions provided in the Agreement, paid to the Sellers within 3 working days upon receipt of approvals granted by the competent securities regulatory department with respect to the listing/restructuring applications of the Target or its related party. Meanwhile, Sellers are obligated to repurchase the equity interests in the Target if the listing/restructuring applications are not duly submitted or the approvals from the competent securities regulatory department are not secured, each within a specified period provided in the Agreement, for the repurchase price as calculated pursuant to the Agreement. In addition, subject to certain conditions provided in the Agreement, the Initial Consideration may be incremented if the Buyer would successfully re-transfer the 20.32% of the equity interest in the Target to a third party above the Initial Consideration or the Buyer makes profit or should have made profit on selling its equity securities in the Target after the completion of listing/restructuring of the Target.

The foregoing summary description does not purport to be complete, and is qualified in its entirety by the Agreement, a copy of which will be filed as an exhibit to the Form 6-K to be filed by the Company.

Furthermore, the Company announced that it has decided to terminate its business on bus Wi-Fi networks and gas advertising business, and cut down its train Wi-Fi networks business and may terminate the train Wi-Fi networks business when the management of the Company deems necessary.

"The sale of the remaining equity of AM Advertising and the realignment of our business components put us on the right tracks further into the new chapter of our future," said Herman Guo, CEO the Company. He said, "the realignment empowers the Company to reallocate its resources to further focus on the technological development, system integration, operational management, data analysis and business innovation in providing Wi-Fi inflight." He further commented, "it is our mission as a vanguard of the inflight Internet business to enable airlines and other partners to embrace the advent of a new chapter in the inflight connectivity."

BEIJING, Nov. 2, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced an update on the notification letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq") dated May 8, 2018 notifying the Company that the minimum bid price per American depositary share, each representing two ordinary shares of the Company, was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing Rules ("Bid-Price Deficiency").

Per the instructions provided in the Notice, the Company has submitted the online application to transfer to the Nasdaq Capital Market where, subject to the determination by the staff of Nasdaq ("Staff"), it may be eligible for an additional 180 calendar day compliance period ("Second Compliance Period") if it meets the initial listing requirements, with the exception of bid price, of the Nasdaq Capital Market. The Company has also provided a written notice to Nasdaq of its intention to cure the Bid-Price Deficiency and regain compliance during the Second Compliance Period.  Presently, the written notice applying for the Second Compliance Period is under the Staff's review.

BEIJING, Oct. 24, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that Beijing Yuehang Tianyi Electronic Information Technology Co., Ltd, a subsidiary of the Company, has signed strategic cooperation agreements with Qingdao Airlines, Chengdu Airlines, and Yunnan Hongtu Airlines (the "Agreements").

The Agreements with the airlines outlined detailed plans to establish collaborations ranging from the deployment of Wi-Fi systems onboard airplanes, operational management of air-to-ground satellite communications, development and management of air-to-ground Internet platforms, operational management of in-flight multimedia entertainment and other emerging value-added in-flight Internet services.

Mr. Herman Man Guo, Chairman and CEO of AirMedia, commented, "The consummation of these strategic collaborations with three airlines signals a new chapter in our history, as we have realigned the Company's focus to empowering airlines to exceed the expectations of their customers. These collaborations with the airlines consolidate our efforts in shaping our strategies to meet the advent of a new era of in-flight connectivity, an area where our early planning identified strategic importance. As part of our early planning, we established the first regional satellite network in China enabling commercial satellite communications over China, the rest of Asia-Pacific, and North America, and developed a comprehensive solution based on the Gilat dual-band antenna tailored to growing commercial applications of the first KA satellite launched by China Satellite Communication Co. Ltd. In a number of tests completed recently, our solution impressed participating airlines with a swift delivery of quality multimedia entertainment on different models of airplanes. Presently, we are reaching out to additional airlines of various sizes to discuss business opportunities."

Mr. Guo further commented that he expected that the market would be enthused once the Company's solution obtains airworthiness certificate. Currently the Company is pursuing airworthiness certificate in China, the U.S. and Europe.

BEIJING, Sept. 28, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced an update on the US$5 million share purchase plan of the Company's Chairman and CEO, Mr. Herman Man Guo (the "Plan"), which was previous announced by the Company on March 28, 2018.

As disclosed on March 28, 2018, Man Guo intends to purchase the Company's ordinary shares in the form of American depositary shares ("ADS") in an aggregate value not exceeding US$5 million in the subsequent six months. As of September 28, 2018, Mr. Guo has not made any purchase of the ADSs in the absence of current SEC filings by the Company. Despite this postponement, Mr. Guo informed the Company of his anticipation to carry out the purchase plan once the Company regains its disclosure compliance. Furthermore, Mr. Guo reaffirmed his expectation to fund the purchase with his own resources.

The proposed share purchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant in accordance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.

BEIJING, May 22, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that it has received a letter dated May 17, 2018 (the "Deficiency Letter") from The Nasdaq Stock Market, Inc. ("Nasdaq") notifying the Company that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) for continued listing because its annual report on Form 20-F for the year ended December 31, 2017 (the "Annual Report") was not filed on a timely basis with the Securities and Exchange Commission.

Under Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company has until July 16, 2018 (that is, 60 calendar days from the date of the Deficiency Letter) to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules (the "Compliance Plan"). The Company intends to submit the Compliance Plan as soon as practicable.

Under Nasdaq Listing Rule 5810(c)(2)(F)(ii), if Nasdaq accepts the Compliance Plan, Nasdaq can grant the Company an exception until November 12, 2018 the latest (that is, up to 180 calendar days from the extended due date of the Annual Report) to regain compliance. The Company's independent registered public accounting firm will require additional time to conduct an audit of the Company's financial statements for the year ended December 31, 2017. The Company intends to file the Annual Report as soon as practicable.

The Deficiency Letter has no immediate impact on the listing of the Company's ordinary shares represented by American depositary shares on the Nasdaq Global Market under the symbol "AMCN."

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

BEIJING, May 11, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that it received a notification letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq") on May 8, 2018 notifying the Company that the minimum bid price per American depositary share ("ADS"), each representing two ordinary shares of the Company, was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing Rules. The Nasdaq notification letter does not result in the immediate delisting of the Company's securities.

Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until November 5, 2018 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance by November 5, 2018, the Company may transfer to the Nasdaq Capital Market where, subject to the determination by the staff of Nasdaq, it may be eligible for an additional 180 calendar day compliance period if it meets the initial listing requirements, with the exception of bid price, of the Nasdaq Capital Market, and provides written notice to Nasdaq of its intention to cure the deficiency.

BEIJING, March 28, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that Mr. Herman Man Guo, the chairman of AirMedia's board of directors and the Company's chief executive officer, intends to purchase AirMedia's ordinary shares in the form of American depositary shares ("ADS") with an aggregate value of up to US$5 million during the next six months. Mr. Guo expects to fund the purchase with his own resources.

"We are pleased to announce the share purchase plan as it underscores confidence in AirMedia's long-term prospects," said Mr. Herman Man Guo, "Despite the challenging market conditions in the short term, I remain confident in AirMedia's business model and growth prospects."

BEIJING, March 21, 2018 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today released the following letter to shareholders from the chairman of the Company's board of directors.

Dear Shareholders of AirMedia,

Following AirMedia's ((Nasdaq: AMCN) official announcement of its corporate transformation and upgrade in 2015, AirMedia has achieved remarkable business development success in the past three years. AirMedia has made progress in the construction of aviation satellite communications, integrated solutions for cabin Internet and the commercial operation of railway networks. AirMedia has successfully transformed from a traditional aviation and outdoor media company to a supplier of aviation and railway mobile Internet services at the forefront of the era.

In the next leg of its journey, AirMedia will continue to advance the state of mobile Internet by offering long-distance transport services. AirMedia has cooperated with a number of airlines to provide integrated solutions for mobile Internet; and has diversified its business by cooperating with major railway administrations. On this occasion, we would like to express our sincere gratitude to the shareholders of AirMedia. Thank you for your continued support for AirMedia's development and for your recognition of and support for AirMedia.

China's Aviation Industry Ushers in a New Era of In-flight Wi-Fi Services and the Market Size Is Expected to Exceed RMB 10 Billion

In January 2018, China Eastern Airlines, China Southern Airlines, Hainan Airlines and a number of other airlines successively announced the lifting of restraints on in-flight Wi-Fi services through mobile devices such as mobile phones and pads. As a consequence, China's civil aviation industry will enter "a new era of in-flight Wi-Fi services" in 2018. At the same time, with the launch of China's self-developed high-throughput KA satellite, bandwidth capacity has been greatly improved and bandwidth cost has been significantly reduced, providing strong support for Internet services in domestic aircraft cabins.

Furthermore, according to data disclosed by civil airlines, 116 domestic wide-body aircraft for civil aviation have achieved air-to-ground connection and 237 have not. At the same time, nearly 3,000 narrow-body aircraft, which account for 90% of the total number of passenger aircraft of civil aviation, are expected to gradually renovate and upgrade mobile Internet in cabins this year. The Ku/HTS Ku/Ka airborne satellite communications technology solution independently developed by AirMedia will provide airlines with first-class customized cabin Internet transformation service to capture the market opportunities.

According to International Air Transport Association, China will replace the United States and become the world's largest aviation passenger transport market by 2024. Such a vast and prosperous market will provide space for the rapid development of AirMedia.

AirMedia Has Anticipated Opportunities and Made Remarkable Achievements in Air-to-Ground Connection

I. AirMedia and China Unicom Established a Joint Venture Named "UnicomAirNet"

In April 2017, AirMedia and China Unicom jointly established UnicomAirNet Co., Ltd.

China Unicom is one of the few companies in China that has a satellite network license and an airborne business license issued by the Ministry of Industry and Information Technology. Therefore, UnicomAirNet proactively carries out aviation-oriented Internet business development under the authorization of China Unicom. When Emmanuel Macron, the French President, visited China in January 2018, China Unicom and Eutelsat reached cooperation and agreed to jointly explore satellite communications business in regions along the Belt and Road initiative. UnicomAirNet, an important undertaker in the system of satellite network communications service construction, will be responsible for implementing the overall upgrade of satellite communications technology and aviation-oriented mobile Internet operations.

II. Domestic Leading Aviation-oriented Internet Solutions

AirMedia owns aviation-oriented Internet solutions with its own intellectual property rights. The Ku/HTS Ku/Ka airborne satellite communications technology solution independently developed by AirMedia is competitive at a global scale. By adopting the Gilat satellite communications system to connect Ka and Ku satellite resources, this system enables airline passengers to enjoy high-speed and stable mobile Internet services at a height of 10,000 meters.

At the aviation-oriented mobile Internet experience exhibition held at Beijing Unicom Satellite Communications Ground Station in January 2018, representatives of airlines and partners personally experienced the new Internet entertainment system for airline cabins brought by "100M bandwidth" provided by AirMedia.

III. Joined Hands with Global Top Partners

In 2017, AirMedia cooperated with Kontron and Gilat Satellite Networks from Israel to take the lead in developing an integrated technology solution for Ku/HTS Ku/Ka airborne satellite communications. Kontron is the largest supplier of embedded industrial computer products and the largest supplier of aviation Wi-Fi devices in the world. Its aviation Wi-Fi products provide services on more than 4,000 commercial aircraft in the world. Gilat from Israel is a world-renowned supplier of satellite communications products and services. Its satellite communications system is widely used by major satellite operators around the world. China's first high-throughput Ka-band communications satellites used Gilat's satellite communications system.

In October 2017, AirMedia agreed to cooperate with Lufthansa Technik AG, Germany. As the global top MRO (aircraft maintenance, repair and overhaul) company, Lufthansa Technik provides maintenance, modification and other services for global airlines. The cooperation between Lufthansa Technik and AirMedia will provide technical support for modification of aircraft's Wi-Fi system, helping AirMedia provide in-flight Wi-Fi services compliant with the airworthiness requirements for commercial aircraft used by China's airlines.

In November 2017, AirMedia and Astronics from the United States reached a cooperation agreement providing system integration, airworthiness certification and technical support for aviation-oriented Internet business. As a world-renowned aircraft engineering group, Astronics has extensive experience in airborne entertainment systems and cabin management systems. Its products, integrated with Airbus A330 and A380, Boeing B747 and B777, etc., serve the mainstream aircraft models of more than 80 airlines in the world.

IV. Leading Advantage of Cabin Entertainment Resources

On January 17th, 2018, Beijing AirMedia Tianyi Information Technology, a subsidiary of AirMedia, formally entered into a strategic cooperation agreement with China Eastern Airlines. AirMedia will provide important support for the upgrade of China Eastern Airlines' aviation-oriented mobile Internet services. In addition, AirMedia has a long-term basis for cooperation with Air China, China Southern Airlines and other airline giants. As the most influential operator of transport-oriented film and television entertainment contents in China, AirMedia owns exclusive aviation-oriented copyright for more than 80% of films played in domestic theaters. In terms of cabin entertainment contents and advertising operations, AirMedia has more than 10 years of operating experience. With the development of aviation-oriented Internet, AirMedia provides users with more high-quality cabin services and is capable of seeking new business models to achieve new profit growth points.

V. Commercialization in the Field of Rail Transport Has Achieved Initial Success

In the field of railway transport, AirMedia has signed contracts with the top railway administrations of Beijing, Shanghai, Guangzhou and other cities for cooperation. AirMedia will undertake mobile Internet construction and operation in the field of railway transport.

At present, AirMedia has installed vehicle-mounted Internet devices in more than 10,000 regular-speed trains to provide mobile Internet access service for railway passengers. The service covers nearly 90% of the railway lines in coastal developed cities and the annual number of users covered accounts for about 60% of the total annual passenger flow taking regular speed trains.

With the continuous enrichment of the related cooperation resources of AirMedia, operating costs will be greatly reduced and the commercialization capability will continue to become stronger. As a result, the company's competitiveness will be further improved.

A Number of Awards for AirMedia

In recent years, AirMedia has won recognition both inside and outside the industry and received a number of awards through its innovative development and high-quality services. At the IFEC · 2017 - China Air-to-Ground Internet Industry Innovation Summit, AirMedia was awarded 2016 China Aviation IFEC Best Commercial Operation Award; at the 12th Asian Brand Ceremony, AirMedia was award the title of China (Industry) Top Ten Leading Brands and Guo Man, chairman of the board of directors and CEO of the Group, was honored with the title of China (Industry) Brand Top Ten Innovative Persons; with its innovative mobile Internet services in the field of long-distance transport, Wangfan World Network Technology, a subsidiary of AirMedia, was awarded 2017 Top 100 Startup Dark Horses and became one of the Most Promising Startups.

At the same time, many outstanding talents and investors in the industry have also affirmed and supported AirMedia's mobile Internet development in the field of long-distance transport. The research and development team in Beijing with nearly 100 employees is continuously providing strong technical support for mobile Internet solutions for aviation and railways.

Looking to the Future, AirMedia Has Potential for Growth

From the foundation of a large user base, AirMedia covers all the demands of users for pre-travel, in-travel and post-travel through its rich content and diversified Internet services. By building an "offline + online" network service ecosystem for travel, AirMedia has created a mobile Internet access platform with huge commercial value that provides a wide range of users and partners with diversified, high-precision and high-value services, so as to provide an effective guarantee for subsequent commercialization and mutual benefits.

AirMedia reached a turning point in 2015, began achieving long-term goals in 2016 and  transcended this strategic transformation in 2017. In 2018 and in the near future, AirMedia will still use all of its resources to explore and innovate new models of mobile Internet in the field of long-distance transport such as aviation and railway, so as to create more value and returns for the majority of our shareholders. With the continuous advancement of related businesses, AirMedia is at a new turning point in the markets. We have greater confidence and ability to create sustained returns for shareholders. Thank you again.

Herman Man Guo
Chairman and Chief Executive Officer
AirMedia Group Inc.

BEIJING, Oct. 31, 2017 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that on October 31, 2017, it entered into Amendment No. 5 to the Agreement and Plan of Merger (the "Merger Agreement Amendment No. 5") to amend that certain Agreement and Plan of Merger (the "Merger Agreement"), dated September 29, 2015, as amended, by and among the Company, AirMedia Holdings Ltd. ("Parent") and AirMedia Merger Company Limited, a wholly owned subsidiary of Parent (the "Merger Sub").

Parent and Merger Sub agreed to, on or prior to October 31, 2017, provide cash escrow or letter of credit in equivalent amount for the benefit of the Company as the collateral and security for the payment of the parent termination fee (if and when it is payable) pursuant to the Merger Agreement.  Parent and Merger Sub could not arrange such cash escrow or letter of credit on or prior to October 31, 2017 due to regulatory and policy reasons. As Mr. Herman Guo Man, Ms. Dan Shao and Mr. Qing Xu (collectively, the "Buyer Group") is committed to proceeding with the going-private transaction, the Buyer Group proposed to provide real properties owned by one member of the Buyer Group as an alternative collateral and security to the above arrangement, and the parties entered into the Merger Agreement Amendment No. 5 to reflect such alternative collateral and security.

The Company cautions its shareholders and others considering trading in the Company's securities that the availability of the Buyer Group's funding for the proposed transaction is subject to various conditions. There can be no assurance that all of the funding conditions will be satisfied or that the proposed transaction will be consummated.

In connection with the proposed transaction, the Company has previously filed a transaction statement on Schedule 13E-3, a preliminary proxy statement and related materials with the Securities and Exchange Commission, and expects to soon file an amendment to the Schedule 13E-3 and updated proxy materials with the Securities and Exchange Commission. The amendment to the Schedule 13E-3 will include description of the negotiation process of the alternative collateral and security arrangement as well as Merger Agreement Amendment No. 5 and the other security documents as exhibits to such filing.

BEIJING, July 31, 2017 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that on July 31, 2017, it entered into Amendment No. 4 to the Agreement and Plan of Merger (the "Merger Agreement Amendment No. 4") to amend that certain Agreement and Plan of Merger (the "Merger Agreement"), dated September 29, 2015, as amended, by and among the Company, AirMedia Holdings Ltd. ("Parent") and AirMedia Merger Company Limited, a wholly owned subsidiary of Parent (the "Merger Sub").

The Merger Agreement Amendment No. 4 contains the following major amendments:

The consideration at which Parent will acquire all of the outstanding shares of the Company not already owned by Mr. Herman Guo Man, Ms. Dan Shao and Mr. Qing Xu (collectively, the "Buyer Group," and such transaction,  the "Proposed Transaction") has been reduced from US$3.00 per ordinary share of the Company ("Shares") or US$6.00 per American depositary share, each representing two Shares ("ADSs"), to US$2.05 per Share or US$4.10 per ADS.

The Buyer Group intends to fund the Proposed Transaction from the proceeds of a loan facility to be provided by China Merchants Bank Co., Ltd., New York Branch (the "Lender") pursuant to a debt commitment letter dated July 31, 2017 (the "Debt Commitment Letter").  The funding under the Debt Commitment Letter is subject to various conditions which include, among other customary funding conditions, the deposit of an amount in Renminbi equal to at least 105% of the Renminbi equivalent of the USD principal amount to be borrowed by Merger Sub under the Debt Commitment Letter into an account to be opened with one of the Lender's PRC branches prior to the funding. 
The parent termination fee (the "Parent Termination Fee") has been increased from US$5.32 million to US$10.64 million;
Parent and Merger Sub have both agreed to, on or prior to October 31, 2017, deposit an amount equal to the Parent Termination Fee into an escrow account or cause the issuance of a letter of credit in the same amount for the benefit of the Company as security for the payment of the Parent Termination Fee;
The Company and its relevant subsidiaries have agreed to facilitate the satisfaction of funding conditions under the Debt Commitment Letter; and
The termination date of the Merger Agreement has been extended from July 31, 2017 to December 31, 2017. 
Concurrently with the signing of the Merger Agreement Amendment No. 4, Mr. Guo and Ms. Shao have amended their Limited Guarantee dated September 29, 2015 in favor of the Company in connection with the Merger Agreement to increase the guarantee amount from US$6 million to US$11.64 million.

The Company cautions its shareholders and others considering trading in the Company's securities that the availability of the Buyer Group's funding for the Proposed Transaction is subject to various conditions, including the condition in connection with the Debt Committeemen Letter set forth above, which is in turn contingent upon the Buyer Group's obtaining of sufficient PRC equity financing commitments.

There can be no assurance that all of the funding conditions will be satisfied or that the Proposed Transaction will be consummated.  In connection with the Proposed Transaction, the Company has previously filed a transaction statement on Schedule 13E-3, a preliminary proxy statement and related materials with the Securities and Exchange Commission, and expects to soon file an amendment to the Schedule 13E-3 and updated proxy materials with the Securities and Exchange Commission. The amendment to the Schedule 13E-3 will include description of the negotiation process of all the prior amendments to the Merger Agreement as well as all amendments to the Merger Agreement as exhibits to such filing.

BEIJING, June 28, 2017 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that on June 28, 2017, it entered into Amendment No. 3 to the Agreement and Plan of Merger (the "Merger Agreement Amendment No. 3") to amend that certain Agreement and Plan of Merger (the "Merger Agreement"), dated September 29, 2015, as amended, by and among the Company, AirMedia Holdings Ltd. ("Parent") and AirMedia Merger Company Limited, a wholly owned subsidiary of Parent.

The special committee (the "Special Committee") of the Board of Directors (the "Board") of the Company received a proposed amendment (the "Revised Proposal") to the Merger Agreement from Mr. Herman Guo Man, Ms. Dan Shao and Mr. Qing Xu (collectively, the "Buyer Group") on May 23, 2017 to (a) acquire all of the outstanding shares of the Company not already owned by the Buyer Group for US$4.00 per American Depositary Share or US$2.00 per ordinary share in cash, and (b) extend the Termination Date to December 31, 2017. The Special Committee is evaluating the Revised Proposal with the assistance of its financial and legal advisors.

Under the terms of the Merger Agreement, either the Company or Parent could terminate the Merger Agreement if the merger contemplated by the Merger Agreement has not been completed by June 30, 2017 (the "Termination Date"). The Merger Agreement Amendment No. 3 extends the Termination Date to July 31, 2017 so as to give the Special Committee sufficient time to consider the Revised Proposal.  The Special Committee cautions the Company's shareholders and others considering trading in the Company's securities that no decision has been made by the Special Committee or the Board with respect to the Revised Proposal.  There can be no assurance that any definitive offer will be made or any agreement will be executed with respect to the Revised Proposal or that this or any other transaction will be approved or consummated.

BEIJING, May 23, 2017 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (NASDAQ: AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that it has received a letter dated May 18, 2017 (the "Deficiency Letter") from The NASDAQ Stock Market, Inc. ("NASDAQ") notifying the Company that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) for continued listing because its annual report on Form 20-F for the year ended December 31, 2016 (the "Annual Report") was not filed on a timely basis with the Securities and Exchange Commission.

Under NASDAQ Listing Rule 5810(c)(2)(F)(i), the Company has until July 17, 2017 (that is, 60 calendar days from the date of the Deficiency Letter) to submit to NASDAQ a plan to regain compliance with the NASDAQ Listing Rules (the "Compliance Plan"). The Company intends to submit the Compliance Plan as soon as practicable.

Under NASDAQ Listing Rule 5810(c)(2)(F)(ii), if NASDAQ accepts the Compliance Plan, NASDAQ can grant the Company an exception until November 14, 2017 the latest (that is, up to 180 calendar days from the extended due date of the Annual Report) to regain compliance. The Company is currently in the process of transitioning to a new independent registered public accounting firm that will require additional time to conduct an audit of the Company's financial statements for the year ended December 31, 2016. The Company intends to file the Annual Report as soon as practicable.

The Deficiency Letter has no immediate impact on the listing of the Company's ordinary shares represented by American depositary shares on the Nasdaq Global Market under the symbol "AMCN."

This announcement is made in compliance with NASDAQ Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

BEIJING, Dec. 19, 2016 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that on December 19, 2016, it entered into Amendment No. 2 to the Agreement and Plan of Merger (the "Merger Agreement Amendment No. 2") to amend that certain Agreement and Plan of Merger (the "Merger Agreement"), dated September 29, 2015, as amended, by and among the Company, AirMedia Holdings Ltd. ("Parent") and AirMedia Merger Company Limited, a wholly owned subsidiary of Parent.

Under the terms of the Merger Agreement, either the Company or Parent could terminate the Merger Agreement if the merger contemplated by the Merger Agreement (the "Merger") has not been completed by December 31, 2016 (the "Termination Date"). The Merger Agreement Amendment No. 2 extends this Termination Date to June 30, 2017. In connection with the proposed Merger, the Company has filed a transaction statement on Schedule 13E-3, a preliminary proxy statement and related materials with the Securities and Exchange Commission, and expects to file an amendment to the Schedule 13E-3 and updated proxy materials with the Securities and Exchange Commission. The amendment to the Schedule 13E-3 will include as exhibits to such filing all amendments to the Merger Agreement.

BEIJING, June 27, 2016 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as well as a first-mover in the travel Wi-Fi market, today announced that on June 27, 2016, it entered into an Amendment No. 1 to the Agreement and Plan of Merger (the "Merger Agreement Amendment") to amend that certain Agreement and Plan of Merger (the "Merger Agreement"), dated September 29, 2015, by and among the Company, AirMedia Holdings Ltd. ("Parent") and AirMedia Merger Company Limited ("Merger Sub"), a wholly owned subsidiary of Parent.

Under the terms of the Merger Agreement, either the Company or Parent could terminate the Merger Agreement if the merger contemplated by the Merger Agreement (the "Merger") has not been completed by the date of June 28, 2016 (the "Termination Date"). The Merger Agreement Amendment extends this Termination Date to December 31, 2016. In connection with the proposed Merger, the Company has filed a transaction statement on Schedule 13E-3, a preliminary proxy statement and related materials with the Securities and Exchange Commission, and expects to file an amendment to the Schedule 13E-3 and updated proxy materials with the SEC in a timely manner. The amendment to the Schedule 13E-3 will include as an exhibit to such filing the Merger Agreement Amendment.

Third Quarter 2015 Financial Results

• Revenues decreased by 41.7% year-over-year and 12.4% quarter-over-quarter to US$10.4 million.
• Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.16.

"Our transaction with Longde Wenchuang is proceeding well. We have received the first installment of consideration payment and are working to fulfill the preconditions of the second installment," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

"We are excited that net income from discontinued operations attributable to AirMedia's shareholders increased 53.8% year-over-year to US$10 million in the third quarter of 2015. This gives us strong confidence to achieve the earnout profit target in 2015," Mr. Richard Wu, AirMedia's chief financial officer, commented.

BEIJING, September 30, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (NASDAQ: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high end consumers, as well as a first-mover in the in-flight and on-train Wi-Fi market, today announced that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with AirMedia Holdings Ltd. ("Parent") and AirMedia Merger Company Limited ("Merger Sub"), a wholly owned subsidiary of Parent, pursuant to which Parent will acquire AirMedia (the "Transaction") for US$3.00 per ordinary share of the Company (a "Share") or US$6.00 per American depositary share, each representing two Shares (an "ADS"). This amount represents a premium of 70.5% over the Company's closing price of US$3.52 per ADS on June 18, 2015, the last trading day prior to June 19, 2015, the date that the Company announced that it had received a "going-private" proposal.

Immediately after the completion of the Transaction, Parent will be ultimately beneficially owned by Mr. Herman Guo Man, Ms. Dan Shao, Mr. Qing Xu (collectively, the "Buyer Group"), certain members of the management of the Company and a special purpose vehicle holding shares of the Parent reserved for the vesting or exercise of future employee share incentive awards Parent intends to issue. To date, the Buyer Group beneficially owns, in the aggregate, approximately 35% of the outstanding Shares (excluding outstanding options of the Company).

The Company's board of directors (the "Board"), acting upon the unanimous recommendation of a special committee of the Board (the "Special Committee"), approved the Merger Agreement and the Transaction and resolved to recommend that the Company's shareholders vote to authorize and approve the Merger Agreement and the Transaction. The Special Committee, which is composed solely of independent directors of the Company who are unaffiliated with Parent, Merger Sub or any member of the Buyer Group or management of the Company, exclusively negotiated the terms of the Merger Agreement with the Buyer Group with the assistance of its independent financial and legal advisors.

The Transaction is subject to various closing conditions, including a condition that the Merger Agreement be authorized and approved by an affirmative vote of shareholders representing two-thirds or more of the Shares present and voting in person or by proxy as a single class at a meeting of the Company's shareholders convened to consider the authorization and approval of the Merger Agreement. The Buyer Group has agreed to vote all of the Shares beneficially owned by them in favor of the authorization and approval of the Merger Agreement and the Transaction. If completed, the Transaction will result in the Company becoming a privately-held company and its ADSs will no longer be listed on the NASDAQ Global Market.

The Buyer Group intends to fund the Transaction from the proceeds of a loan to be provided by China Merchants Bank Co., Ltd., New York Branch pursuant to a debt commitment letter dated September 29, 2015.

The Company will prepare and file with the U.S. Securities and Exchange Commission (the "SEC") a Schedule 13E-3 transaction statement, which will include a proxy statement of the Company. The Schedule 13E-3 will include a description of the Merger Agreement and contain other important information about the Transaction, the Company and the other participants in the Transaction.

Duff & Phelps, LLC and Duff & Phelps Securities, LLC (together, "Duff & Phelps") are serving as financial advisors to the Special Committee. Kirkland & Ellis is serving as U.S. legal advisor to the Special Committee and Maples and Calder is serving as Cayman Islands legal advisor to the Company and Commerce & Finance Law Offices is serving as PRC legal advisor to the Company. Duane Morris & Selvam LLP is serving as legal advisor to Duff & Phelps.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal advisor to the Buyer Group and Zhong Lun Law Firm and Travers Thorp Alberga are serving as PRC and Cayman Islands legal advisors to the Buyer Group, respectively.

With respect to the previously announced sale of AirMedia Group Co., Ltd., the Company has determined that shareholder approval is not required and the Company will proceed to the closing of such transaction.

Second Quarter 2015 Financial Results

• Revenues decreased by 32.8% year-over-year and 31.3% quarter-over-quarter to US$11.9 million.
• Net loss attributable to AirMedia's shareholders was US$19.4 million. Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.32.

"We are excited about the Transaction with Longde Wenchuang. We believe the Transaction reflects positively upon the quality of the relevant advertising business and will further improve our cash balance. We may exit additional business lines, including certain unprofitable advertising product lines and some non-core businesses so that we can narrow the loss and focus on our emerging Wi-Fi business," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

BEIJING, July 6, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (NASDAQ: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, as well as a first-mover in the in-flight and on-train Wi-Fi market, today announced that a special committee of independent directors of the Company's board of directors (the "Special Committee") has retained Duff & Phelps, LLC and Duff & Phelps Securities, LLC (collectively referred to as "Duff & Phelps") as its financial advisor and Kirkland & Ellis ("Kirkland & Ellis") as its international legal counsel.

As previously announced, the Company's board of directors formed the Special Committee to consider a "going-private" transaction (the "Transaction") for $3.00 in cash per ordinary share or $6.00 in cash per American depositary share (each representing two ordinary shares), proposed by Mr. Herman Man Guo, Chairman of the Board and Chief Executive Officer of the Company, on behalf of himself and management of the Company, in a preliminary non-binding proposal letter, dated June 19, 2015.

Duff & Phelps and Kirkland & Ellis will assist the Special Committee in its work in connection with the Transaction and any potential alternatives. No decisions have been made by the Special Committee with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

BEIJING, June 15, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, as well as a first-mover in the in-flight and on-train Wi-Fi market, today announced that the Company, AirMedia Technology (Beijing) Co., Ltd., which is a wholly owned subsidiary of the Company in China, Beijing AirMedia Shengshi Advertising Co., Ltd. (the "Seller"), formerly known as Beijing Shengshi Lianhe Advertising Co., Ltd., which is AirMedia's variable interest entity ("VIE") in China as well as the controlling shareholder of AirMedia Group Co., Ltd. ("AM Advertising"), and Mr. Herman Guo, who is deemed as actual controller of AM Advertising under PRC law have entered into a definitive equity interest transfer agreement (the "Agreement") with Beijing Longde Wenchuang Fund Management Co., Ltd. ("Longde Wenchuang" or the "Buyer") to sell 75% equity interest of AM Advertising (the "Transaction") for a consideration of RMB2.1 billion in cash (the "Consideration"), which reflected the total valuation of AM Advertising of RMB2.8 billion after the completion of the restructuring.

The Consideration payment will be made in two installments. The first installment of RMB800 million is required to be received within 15 working days after the executions of the Agreement and the fulfillment, or waiver by the Buyer, of certain preconditions, including without limitation, AM Advertising shall have transferred certain of its subsidiaries that are not subject of the transaction out of its group and the key management team members and other employees of AM Advertising shall each have entered into an employment contract for a term of five years or more, a confidentiality agreement and/or non-competition agreement for a term of two years after the termination of employment. The second installment of RMB1.3 billion is required to be received within 15 workings days after the later to occur of the confirmation by Buyer on the audit report of the restructured AM Advertising and the fulfillment of certain preconditions, including without limitation, the termination of the equity transfer agreement with Shenzhen Liantronics Co., Ltd. ("Liantronics") regarding the transfer of 5% equity interest of AM Advertising to Liantronics and removal of the VIE structure in connection with AM Advertising. The Seller guarantees that the preconditions to the second installment shall be fulfilled no later than September 30, 2015.

AM Advertising is a consolidated affiliated entity and a VIE of AirMedia. Under the Agreement, AirMedia agrees to restructure AM Advertising for the Transaction. After the restructuring, AM Advertising is expected to own and operate all AirMedia's media business in airports (excluding Digital TV screens in airports and TV-attached digital frames) and all the billboard and LED media outside of airports (excluding gas station media network and digital TV screens on airplanes) (collectively, the "Target Businesses"). After the restructuring, all AirMedia's businesses other than the Target Businesses, including but not limited to in-flight Wi-Fi business, on-train Wi-Fi business, digital TV screens on airplanes, and gas station media network will be transferred out of AM Advertising and will not form part of the subject businesses under the Transaction.

To complete the Transaction, the Company needs to remove the VIE structure of AM Advertising. AirMedia will hold an extraordinary general meeting (the "EGM") to approve the Transaction and the removal of the VIE structure of AM Advertising. A Notice of the EGM will be announced soon.

As the result of this Transaction with Longde Wenchuang, AirMedia intends to exercise the call option it obtained under the equity interest transfer agreement with Liantronics and terminate the equity interest transfer of 5% equity interest of AM Advertising to Liantronics. As the time of the execution of the Agreement, AirMedia has not transferred the 5% equity interest of AM Advertising to Liantronics.

After the removal of the VIE structure of AM Advertising, Shenzhen AirMedia Information Technology Co., Ltd., a wholly owned subsidiary of the Company in China, will acquire the remaining 25% equity interest of AM Advertising from the Seller and three individual nominee shareholders, two of them are the Company's officers.

The Agreement contains an earnout structure, in the event that the net profit (before or after adjustment for non-recurring gains and losses, whichever is less) of restructured AM Advertising in each of the fiscal years of 2015, 2016, 2017, and 2018 (collectively, the "Covered Period") is less than the profit target of RMB1.0592 billion (the "Profit Target") (being RMB200 million, RMB240 million, RMB288 million and RMB331.2 million for the fiscal years of 2015, 2016, 2017, and 2018 respectively), other shareholders of AM Advertising, excluding the Buyer, will be obligated to compensate the Buyer for the deficiency by transferring their equity interest in AM Advertising to the Buyer for nil consideration and/or by cash, based on a pre-determined formula with such compensations in aggregate being subject to a cap equal to the amount of the Consideration.

To motivate the management and sales team to achieve the Profit Target, the Buyer agrees to allocate 50% of the surplus of net profit in the Covered Period in excess of the Profit Target as a bonus to the members of the management team of the restructured AM Advertising who are still on duty at the end of the Covered Period.

After the execution of the Agreement, neither party shall arbitrarily terminate the Agreement, or else shall pay the liquidated damages of RMB400 million to the counterparty. During the period from the execution of the Agreement to the completion of the Transaction, the Seller is prohibited from negotiating or entering into any other agreements, contracts and memorandums with other investment institutions in relation to the equity interest transfer of, investment in, and cooperation with AM Advertising. The Seller shall pay the liquidated damages of RMB400 million to the Buyer if it fails to do so.

The Transaction cannot be revoked, unless the net profit (before or after adjustment for non-recurring gains and losses, whichever is less) in relation to the Target Businesses is less than RMB150 million in 2015, i.e. 75% of the profit target of year 2015, or AM Advertising fails to renew at least 80% of the concession right contracts of certain airport after expiration, or AirMedia fails to complete the restructuring by June 30, 2016. Under the aforementioned circumstances, the Buyer may elect to require the Seller to repurchase 75% equity interest of AM Advertising after receiving the notice from the Buyer for an amount equal to the Consideration plus a capital usage fee and less any compensation that the Buyer may have received from the other shareholders.

After the completion of the Transaction, all parties agree to cooperate with each other and endeavor to sell restructured AM Advertising to companies listed on the A-share market of the stock exchanges or New Third Board in China or through the independent initial public offering on China's stock exchanges or New Third Board in the future.

The Company may apply the Consideration to dividend payments, and to support its fast growing new business of in-flight and on-train Wi-Fi services.

"We believe the terms of the Transaction with Longde Wenchuang are preferable compared with the terms we received or discussed with other potential buyers as we will receive the Consideration all in cash, in a much faster and predictable manner. In addition, the Transaction does not require the scrutiny and approval of government regulators, which will be an imperative procedure if we choose to conduct the transaction with a company listed in China. Furthermore, we will have the opportunity to continue to capitalize on the sale of the remaining 25% of equity interest of AM Advertising at an even more favorable valuation if and when Longde Wenchuang sells the equity interest it purchased to other companies or list AM Advertising on China's stock exchanges or New Third Board in the future," remarked Herman Guo, chairman and chief executive officer of AirMedia. "The Targeted Businesses generated net profit of approximately RMB134 million (US$21.59 million) in 2014 on a pro forma basis. We are confident that AM Advertising will be able to achieve the profit target in the earnout. After the completion of the Transaction, we can focus on our emerging in-flight and on-train Wi-Fi business, which, we believe, has a brilliant future for the Company."

Closing of the Transaction requires necessary approvals, including shareholder approval by AirMedia's shareholders. There is no assurance that all the necessary approvals will be obtained within the expected time period, or at all.

BEIJING, June 1, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, as well as a first-mover in the in-flight and on-train Wi-Fi market, today announced that Guangzhou Meizheng Advertising Co., Ltd. ("Meizheng"), one of its consolidated entities in which AirMedia has 63.2% of the equity interest, has recently obtained the exclusive right to install and operate Wi-Fi systems on ordinary trains operated by Beijing Railway Bureau. As of the time of execution of the concession agreement, Beijing Railway Bureau had 89 groups of ordinary trains in operation.

Other than the aforementioned concession right, Meizheng also holds the concession rights to exclusively install and operate Wi-Fi systems on the high-speed trains operated by Beijing Railway Bureau.

"In addition to our leading position in Wi-Fi services on high-speed trains in China, in terms of the number of high-speed trains on which we have concession rights to install and operate on-train Wi-Fi systems, we continue to strengthen our position in Wi-Fi services on ordinary trains in China. Passengers on ordinary trains will be the first to use our Wi-Fi services. We expect to start to install Wi-Fi systems on ordinary trains operated by Shanghai Railway Bureau in June 2015, followed by ordinary trains operated by other railway bureaus," commented Mr. Herman Man Guo, chairman and chief executive officer of AirMedia.

• Total revenues decreased by 3.8% year-over-year and 9.7% quarter-over-quarter to US$61.0 million.
• Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.10. 

"As you know, we endeavor to transform into a leading in-flight and on-train Wi-Fi operator in China. We would like to capitalize on the sale of our advertising business at a much more attractive valuation to companies in China so that we can focus our resources on the exciting Wi-Fi business. We are excited about the agreement with Shenzhen Liantronics Co., Ltd. to sell 5% equity interest of our advertising business for a consideration of RMB150 million in cash. We intend to sell the remaining equity interest of our advertising business in the foreseeable future. We are in the process of restructuring our advertising business according to the aforementioned agreement. Meanwhile, we are also discussing with other unrelated third parties who expressed interest in buying our advertising business," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

"The first quarter is usually the weakest quarter of a year in advertising industry. Our divestiture of two unprofitable product lines helped us reduce the loss of adjusted EBITDA attributable to AirMedia Group Inc.'s shareholders (non-GAAP) in the first quarter of 2015 year-over-year and quarter-over-quarter during a soft economic environment and advertising market," continued Mr. Guo. "We saw a decrease in revenues from our gas station media network in the first quarter, which, coupled with larger amounts of depreciation of LED screens installed in gas stations, resulted in more losses from this product line. Although we expect revenues from this product line to increase with the expansion of the network of LED screens, as we are focusing more on Wi-Fi business, we intend to take more active action to reduce the loss from this product line."

"We made solid developments in our on-train Wi-Fi business. We recently obtained exclusive rights to install and operate Wi-Fi systems on the ordinary trains operated by Shanghai Railway Bureau and Jinan Railway Bureau. We expect to continue to obtain more concession rights and further improve our market position in on-train Wi-Fi business," continued Mr. Guo.

"We are happy that our top line results exceeded guidance. Our divestiture of two unprofitable product lines was instrumental for us to achieve improved adjusted EBITDA. In addition, our divestiture of TV-attached digital frames only had two month impact in the first quarter of 2015. We expect it to have full-quarter positive impacts on our earnings in the following quarters. Our intended sale of our advertising business is expected to strengthen our cash position and provide capital support for our new Wi-Fi businesses," Mr. Richard Wu, AirMedia's chief financial officer, commented.

Business Outlook

AirMedia currently expects its net revenues for the second quarter of 2015 to range from US$57.0 million to US$61.0 million, representing a year-over-year decrease of 7.3% to 0.8% from the same period in 2014 and a quarter-over-quarter decrease of 5.4% to a quarter-over-quarter increase of 1.2% from the previous quarter.

AirMedia currently expects its concession fees to be approximately US$45.0 million in the second quarter of 2015, representing a quarter-over-quarter decrease of 1.7% from the previous quarter.

The above forecast reflects AirMedia's current and preliminary view and is therefore subject to change. Please refer to the Safe Harbor Statement below for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.

BEIJING, April 29, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, as well as a first-mover in the in-flight and on-train Wi-Fi market, today released the following letter from Herman Guo, its chief executive officer to shareholders to respond to allegations raised in an article posted on seekingalpha.com on April 28, 2015. The Company believes that the allegations and accusations set forth in the article are false and inaccurate and contain numerous errors of facts, misleading speculations and malicious interpretations of events.

Letter from the CEO

Dear shareholders,

Before clarifying the facts, first, I would like to share with you my thoughts and motivation behind the transaction we announced on April 7, 2015 (the "Transaction") to sell 5% equity interest of our PRC affiliated entity, AirMedia Group Co., Ltd. ("AM Advertising") to Shenzhen Liantronics Co., Ltd. ("Liantronics"). As you know, we endeavor to transform into a leading in-flight and on-train Wi-Fi operator in China. We believe our Wi-Fi business will have tremendous growth and monetization potential when hundreds of millions of passengers use our Wi-Fi services when they travel. As for our current advertising business, we noted the wide valuation gap between China's local stock exchanges and U.S. stock exchanges and would like to capitalize on the sale of our advertising business at a much more attractive valuation to companies in China. We intend to sell the remaining equity interests of our advertising business in the foreseeable future so that we can focus our resources on the exciting Wi-Fi business.

AirMedia and Liantronics are listed companies in the United States and China, respectively. The Transaction between the two companies is arms-length and serious.

The claim that Liantronics has not even conducted due diligence in connection with the Transaction is erroneous. In contrary, Liantronics engaged a major PRC accounting firm, a recognized PRC law firm, a qualified PRC assets appraisal company and a recognized PRC financial advisory firm to conduct due diligence of AM Advertising in March 2015.

In connection with the Transaction, we requested and have obtained a call option which provides that "during the period of 75 calendar days after Shengshi Lianhe receives full payment from Liantronics (the "Waiting Period"), we may elect to sell our equity interest in AM Advertising to third parties, and if we so elect, Shengshi Lianhe will repurchase such 5% equity interest from Liantronics for an amount equal to RMB150 million plus applicable fees." Several unrelated parties have expressed interest in buying equity interests of our advertising business and we would like to preserve the ability to evaluate other potential offers and enter into transactions with the party or parties that will give us the most satisfactory terms.

In exchange for our call option, Liantronics requested and has obtained a put option to revoke the Transaction after the expiration of the Waiting Period.

Although AirMedia had consolidated net loss, our stand-alone digital frames, mega-size LED screens, traditional media in airports and unipole sign and other outdoor media out of airports, which will be the business lines left in AM Advertising after we sell the advertising business, have been profitable for years and we believe they will continue to be profitable in 2015.

I would also like to take this opportunity to give our sincere thanks to our long term shareholders for supporting us. According to the most recent list of institutional shareholders by Nasdaq.net as shown below, institutional shareholders hold 20.78 million ADSs of AirMedia and our top 10 institutional shareholders hold 31.78% of AirMedia's total issued and outstanding shares.

In closing, our in-flight and on-train Wi-Fi business is still at an early stage of development while we are obtaining more concession rights and strengthening our market position. We expect to install and operate Wi-Fi services on more ordinary trains and high-speed trains in 2015, and start monetizing this unique Wi-Fi business. Similar to most internet companies, our new Wi-Fi business may have a period of loss at the early stage, but we believe tremendous growth opportunities are ahead of us.

We plan to arrange meetings with investors in Hong Kong and United States in late May and early June after our first quarter earnings release. Look forward to seeing you on the road.

Herman Guo

Chief Executive Officer

BEIJING, April 27, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, as well as a first-mover in the in-flight and on-train Wi-Fi market, today announced that Guangzhou Meizheng Advertising Co., Ltd. ("Meizheng"), one of its consolidated entities in which AirMedia has 63.2% of the equity interest, has recently entered into a concession agreement (the "Concession Agreement") with Shandong China Railway Tourism & Advertising Group Co., Ltd., pursuant to which Meizheng has been granted the exclusive right to install and operate Wi-Fi systems on ordinary trains operated by Jinan Railway Bureau. As of the time of execution of the Concession Agreement, Jinan Railway Bureau had 74 groups of ordinary trains in operation.

In addition to the aforementioned Concession Agreement, Meizheng also holds the concession rights to exclusively install and operate Wi-Fi systems on the high-speed trains operated by Jinan Railway Bureau.

"The Concession Agreement will enable us to further expand our on-train Wi-Fi network and strengthen our position in on-train Wi-Fi Market. We intend to continue to increase our market share in the on-train Wi-Fi Market," commented Mr. Herman Man Guo, chairman and chief executive officer of AirMedia.

BEIJING, April 9, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that Guangzhou Meizheng Advertising Co., Ltd. ("Meizheng"), one of its consolidated entities in which AirMedia has 63.2% of the equity interest, has recently won a bidding and has entered into a concession agreement (the "Concession Agreement") with Shanghai Railway Culture and Advertising Development Co., Ltd., pursuant to which Meizheng has been granted the exclusive right to install and operate Wi-Fi systems on ordinary trains operated by Shanghai Railway Bureau. As of the time of execution of the Concession Agreement, Shanghai Railway Bureau had 147 groups of ordinary trains.

Shanghai Railway Bureau had 275 million passengers on its high-speed trains and 175 million passengers on its ordinary trains in 2014.

Before obtaining the aforementioned concession right, AirMedia was granted concession rights to install and operate Wi-Fi systems on the high-speed trains operated by Beijing Railway Bureau, Shanghai Railway Bureau and Guangzhou Railway (Group) Corporation, with which AirMedia established a leading position in Wi-Fi services on high-speed trains in China, in terms of the number of high-speed trains on which it has concession rights to operate on-train Wi-Fi systems. In addition, AirMedia also holds the concession rights to install and operate Wi-Fi systems on ordinary trains operated by Xinjiang Railway Bureau.

"In addition to the developments we have made on high-speed trains, we also intend to obtain a leading position in Wi-Fi services on ordinary trains in China. We believe there will be tremendous business opportunities when hundreds of millions of passengers use our Wi-Fi services when they travel. We have been doing technical test of Wi-Fi services on ordinary trains operated by Xinjiang Railway Bureau since late January 2015. With the test results and experience, we expect to install and operate Wi-Fi services on more ordinary trains and high-speed trains in 2015, as well as to start monetizing this unique Wi-Fi gateway and platform," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

BEIJING, April 8, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that Beijing Shengshi Lianhe Advertising Co., Ltd., a variable interest entity in China, which it currently controls through contractual arrangements (the "VIE structure"), has entered into a share transfer agreement to sell 5% equity interest of AirMedia Group Co., Ltd. ("AM Advertising") to Shenzhen Liantronics Co., Ltd, a company listed on the Shenzhen Stock Exchange (Shenzhen Stock Exchange Code: 300269) for a consideration of RMB 150 million in cash (the "Transaction"), which reflected the total valuation of AM Advertising of RMB3 billion.

The payment of the Transaction is expected to be completed within 10 working days of the completion of the share transfer.

AM Advertising is a consolidated affiliated entity of AirMedia. AirMedia will restructure AM Advertising for the Transaction. After the restructuring, AM Advertising will own and operate all AirMedia's media business in airports and all the billboard and LED media out of the airports, excluding gas station media network. After the restructuring, all AirMedia's other businesses, including but not limited to in-flight Wi-Fi business, on-train Wi-Fi business, digital TV-screens on airplanes, and gas station media network will be transferred out of AM Advertising and not form part of the Transaction.

"Media companies have been enjoying higher PE multiples and valuation in China's local stock exchanges. We believe the Transaction is a good way to increase our shareholder value. We have made exciting developments on our transformation into a leading in-flight and on-train Wi-Fi operator in China. We will continue to focus on our transformation, which, we believe, has a brilliant future for the Company," remarked Herman Guo, chairman and chief executive officer of AirMedia.

Fourth Quarter 2014 Financial Results

• Total revenues decreased by 14.1% year-over-year and increased by 7.4% quarter-over-quarter to US$67.5 million.
• The diluted net loss attributable to AirMedia's shareholders per ADS for the fourth quarter of 2014 was US$0.18, compared to diluted net income attributable to AirMedia's shareholders per ADS of US$0.02 in the same period one year ago and diluted net loss attributable to AirMedia's shareholders per ADS of US$0.10 in the previous quarter.

"We are excited that we made significant progress on turning around the Company. By January 13, 2015, we have divested two of our three major unprofitable product lines. The divestiture is expected to have an immediately positive effect on the Company's results of operation in the first quarter of 2015. As for another unprofitable product line, our gas station media network, we intend to perk up this product line by adopting new technology, such as iBeacon, which enables our LED screens to connect with car passengers. With the divestiture and the expected improvement of operation results of the gas station media network, we anticipate our current media business to become profitable and provide steady cash flow to support our business transformation," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

"As for our transformation into a leading in-flight and on-train Wi-Fi operator in China, we have obtained a leading position in Wi-Fi service on high speed trains in China, in terms of the number of high-speed trains on which we have concession rights to operate on-train Wi-Fi services. Our ambition, however, goes beyond high-speed trains. We hope that passengers on ordinary trains also have the opportunity to use our Wi-Fi services. We will strive to obtain more concession rights contracts and a leading position in Wi-Fi services on ordinary trains," continued Mr. Guo. "We have started technical test of Wi-Fi services on ordinary trains operated by Xinjiang Railway Bureau in late January 2015. We expect to install and operate Wi-Fi services on more high-speed trains and ordinary trains in 2015, as well as to start monetizing this unique Wi-Fi gateway and platform."

"Our new business initiatives are still at the stage with need for further investments. As a result of these investments, our costs and operating expenses have been increasing in the past several quarters, which contributed to the increase in our net loss. However, these investments are necessary and crucial, as Wi-Fi business stands for a huge market and the future of the Company," Mr. Richard Wu, AirMedia's chief financial officer, commented.

Business Outlook 

AirMedia currently expects its net revenues for the first quarter of 2015 to range from US$53.0 million to US$56.0 million, representing a year-over-year decrease of 15.9% to 11.1% from the same period in 2014 and a quarter-over-quarter decrease of 19.4% to 14.9% from the previous quarter. The year-over-year decrease was primarily due to AirMedia's divestiture of its TV-attached digital frames and digital TV screens in airports, as well as a soft advertising market.

AirMedia currently expects its concession fees to be approximately US$45.0 million in the first quarter of 2015, representing a quarter-over-quarter decrease of 3.1% from the previous quarter.

BEIJING, March 5, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that it has recently renewed its concession rights contract with JCDecaux Momentum Shanghai Airport Advertising Co., Ltd. to continue to operate digital media in Shanghai Pudong International Airport and Hongqiao International Airport until February 2018.

"This is the second time we renewed the digital frames in two Shanghai airports, which demonstrated our long-term mutually beneficial relationship with JCDecaux Momentum Shanghai Airport Advertising Co., Ltd. The cooperation is expected to benefit both companies. We believe that the upgrading of some media into 98-inch digital totems will create maximum visual impacts, which we expect to generate a better market response," remarked Herman Guo, chairman and chief executive officer of AirMedia.

BEIJING, January 13, 2015 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that it had reached agreements with two media companies to divest its TV-attached digital frames and airport digital TV screens business, two unprofitable product lines, to enhance its profitability.

TV-attached digital frames and airport digital TV screens had been negatively contributing to the Company's overall results for years. The divestiture is expected to have an immediately positive effect on the Company's results of operation.

"The divestiture is expected to bring the Company back to profit. Our sales force can concentrate on promoting the remaining product lines which have higher profitability, such as our mega-size LED screens and stand-alone digital frames. It is also helpful for the Company to redeploy capital and management's focus to support business with higher return. After the divestiture, we expect our current media business to become profitable and provide steady cash flow to support our transformation into a leading in-flight and on-train Wi-Fi operator in China, which we expect to bring remarkable growth to the Company in the long run," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

BEIJING, November 21, 2014 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that it has entered into a strategic partnership agreement with China Telecom Satellite Communications Co. Ltd. ("CTSAT"), a wholly-owned subsidiary of China Telecom that specializes in satellite communications operations, to jointly develop and operate a network for in-flight satellite connectivity services and multimedia cabin entertainment on airplanes.

According to the strategic partnership agreement, CTSAT agrees to provide the Company with, under the same conditions, priority access to satellite and on-the-ground network and operation services for developing and operating secure, reliable, and consistent in-flight connectivity in compliance with the laws and regulations of China.

"The strategic partnership with CTSAT is crucial and instrumental for us to further increase our market share of the in-flight Wi-Fi sector in China. So far, CTSAT is the only operator of in-flight satellite communications in China duly licensed by the competent authority in China. Our strategic partnership with CTSAT is another example of our strong capability in integrating varies parts of the value chain to provide a comprehensive solution to airlines and their customers," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia. "We have made substantial progress on our transformation to an in-flight and on-train Wi-Fi operator. We have already obtained a leading position in the on-train Wi-Fi sector in China. We expect to also establish a leading position in in-flight Wi-Fi business in China leveraging our long-term relationship with airlines, years of operation experiences on advertising in the air travel sector, our extensive contents and copyrights in the air sector, and our business chain integration capability."

Third Quarter 2014 Financial Results

• Total revenues decreased by 8.9% year-over-year to US$62.9 million.
• Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.10 vs last years same quarterly loss of $0.06.

"Although the third quarter results were less than satisfactory, we strongly believe it was temporary and the Company will have a brilliant future. We are in the process of adopting various measures to bring the Company back to profits, which we expect to have substantial positive impact on our earnings in early next year. These measures are expected to include, for instance, a decrease in our concession fees with certain airports through negotiation, upgrade of some of our media resources to better media formats, and spinoff of certain unprofitable product lines. Some of our product lines, such as mega-size LED screens, stand-alone digital frames and traditional media in airports, have been generating good profits. We expect the spinoff of the unprofitable product lines to improve our overall financial performance," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

"We continued to increase our market share of on-train Wi-Fi business. With the new concession rights contract we recently obtained for Wi-Fi operation on high speed trains including D-prefaced bullet trains operated by Shanghai Railway Bureau and on ordinary speed trains operated by Xinjiang Railway Bureau, we already have a leading position in the on-train Wi-Fi business," continued Mr. Guo. "We believe in-flight Wi-Fi and on-train Wi-Fi are precious Wi-Fi gateways that Internet and mobile Internet companies are eager to gain access to. We endeavor to seek partnership with world class Internet giants to leverage and monetize our Wi-Fi access. We expect such partnership to bring us investment, technology and operation experience."

"We continued to expand our nationwide network of mega-size LED screens in the third quarter with additions in Tianjin, Sanya, Nanning, and Qingdao airports, which increased the number of airports we have mega-size LED screens in operation to 16 airports," continued Mr. Guo.

"Although our total revenues were flat compared with the previous quarter, our main business continued to its sequential growth in the third quarter. There were US$2.8 million revenues from film distribution in the second quarter 2014, which tend to fluctuate in a wide range from quarter to quarter and may complicate a correct reading of our quarter-over-quarter comparison. Our third quarter revenues from the rest of our business continued to grow steadily quarter-over-quarter," commented Mr. Richard Wu, AirMedia's chief financial officer.

Business Outlook

AirMedia currently expects its net revenues for the fourth quarter of 2014 to range from US$66.0 million to US$68.0 million, representing a year-over-year decrease of 14.5% to a year-over-year decrease of 11.9% from the same period in 2013 and a quarter-over-quarter increase of 6.1% to a quarter-over-quarter increase of 9.3% from the previous quarter.

AirMedia currently expects its concession fees to be approximately US$47.0 million in the fourth quarter of 2014, representing a quarter-over-quarter increase of 6.6% from the previous quarter, primarily due to new concession rights contract entered into during the quarter.

BEIJING, Sept. 26, 2014 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that Guangzhou Meizheng Advertising Co., Ltd. ("Meizheng"),  one of its consolidated entities in which AirMedia has 54% of the equity interest, has recently won a bidding and entered into a concession agreement (the "Concession Agreement") with Shanghai Railway Culture and Advertising Development Co., Ltd., pursuant to which Meizheng has been granted the right to exclusively install and operate Wi-Fi system on high speed trains including  D-prefaced bullet trains ("High Speed Trains") operated by Shanghai Railway Bureau.

Shanghai Railway Bureau is one of the largest railway bureaus in China. As of the time the Concession Agreement was signed, Shanghai Railway Bureau had 269 groups of High Speed Trains, each group consisting of eight passenger cars. Meizheng has been granted right to install and operate Wi-Fi system on all the High Speed Trains operated by Shanghai Railway Bureau, with limited exception. Before entering into the Concession Agreement, Meizheng has already been granted right to install and operate Wi-Fi system on the High Speed Trains on five major railway lines operated by Guangzhou Railway (Group) Corporation ("GRGC").

"We are excited that, following GRGC, Shanghai Railway Bureau also chose us to be its partner on Wi-Fi services on High Speed Trains," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia. "We have submitted the test data of our Wi-Fi solution to State Railways Administration for approval. We believe that our advantage as a one-stop solution provider will help us continue to expand our share in the market of on-train Wi-Fi."

BEIJING, September 17, 2014 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that Qingdao Goldstone Zhixin Investment Centre (Limited Partnership) ("Goldstone Zhixin"), a special purpose vehicle funded by AirMedia and its co-investors and incorporated for the purpose of the aftermentioned subscription, entered into a Capital Injection Agreement (the "Capital Injection Agreement") with Sinopec Marketing Co., Ltd. ("Marketing Co.") and other investors on September 12, 2014, pursuant to which Goldstone Zhixin will subscribe for 0.42% equity interest in Marketing Co. for a total consideration of RMB1.5 billion (the "Capital Injection"). AirMedia participated in the Capital Injection as a strategic investor and agreed to subscribe for 3.33% limited partnership interest in Goldstone Zhixin for an aggregate consideration of RMB50 million (US$8.1 million).

Before the execution of the Capital Injection Agreement, AirMedia obtained exclusive contractual concession rights to develop and operate outdoor advertising platforms at the service stations of China Petroleum & Chemical Corporation ("Sinopec Corp.") located throughout China until the end of 2020.

"We are excited about the participation in the Capital Injection, which will further secure our concession rights of our gas station media network in the Sinopec Corp's service stations. In addition to the potential capital gains in the IPO of Marketing Co. in the future, our participation will provide us with a solid foundation for broader and deeper future co-operation with Marketing Co. As of June 30, 2014, our cash, restricted cash and short-term investments totaled US$113.2 million. We have sufficient capital to fund our portion in the Capital Injection through internal resources," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

Second Quarter 2014 Financial Results

• Total revenues decreased by 3.5% year-over-year to US$62.1 million.
• Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.10 vs. last years same quarter of $0.08.

"Although the second quarter was a challenging quarter for us, we are on the right track of turnaround. Revenues from our gas station media network grew 28.7% year-over-year, demonstrating that we are on the right direction to turn around this product line. However, its quarter-over-quarter growth did not reach our internal expectation due to some pull back of orders from advertisers as a result of some mechanical malfunctions of our LED screens. The malfunctions were caused by problematic design by our LED screen supplier of their inner structure. We anticipate restoring a majority of these LED screens to proper function by the end of the third quarter of this year. This small turbulence may impact our original break-even schedule for this product line, but is not expected to change its long-term growth prospects. We expect resume normal sales of advertisement slots on the LED screens and to see a big increase in sales from this product line in the fourth quarter of this year," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

"After Beijing, we launched our interactive platform on our TV-attached digital frames in two airports in Shanghai on June 20. We have received advertising orders on our interactive platform from various well-known international and domestic brands, including some advertisers in mobile internet sector, which rarely put orders with us before we had this innovative product," continued Mr. Guo.

"We have recently strengthened our team of Wi-Fi business. With the addition of industry guru and technical expert, we are developing the platform and portal for our in-flight Wi-Fi business," further commented Mr. Guo.

"Our new business initiatives such as our in-flight Wi-Fi and on-train Wi-Fi business are at the stage of investment, which was reflected in the increase in our operating expenses. We believe we are investing in the Company's future. We find these investments to be prudent and expect them to bring tremendous growth to the Company in the future," commented Mr. Richard Wu, AirMedia's chief financial officer.

Business Outlook 

AirMedia currently expects its net revenues for the third quarter of 2014 to range from US$65.0 million to US$67.0 million, representing a year-over-year decrease of 4.5% to a year-over-year decrease of 1.6% from the same period in 2013 and a quarter-over-quarter increase of 5.7% to a quarter-over-quarter increase of 9.0% from the previous quarter.

AirMedia currently expects its concession fees to be approximately US$43.0 million in third quarter of 2014, representing a quarter-over-quarter increase of 1.1% from the previous quarter, primarily due to new concession rights contract entered into during the quarter.

BEIJING, May 14, 2014 /PRNewswire/ -- AirMedia Group Inc.("AirMedia" or the "Company") (NASDAQ: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high end consumers, today announced the appointment of Mr.Richard Peidong Wu as chief financial officer of the Company ("CFO"), effective June 1, 2014. Mr. Wu will replace Mr. Henry Ho, who tendered his resignation as chief financial officer due to personal reasons, effective May 31, 2014.

"I am pleased to join such a visionary media leader as AirMedia at such an important time, when the Company is transitioning to obtain a leading position on wireless connectivity and digital cabin entertainment platforms in air and high-speed train travel in China, while maintaining a leading position in the out-of-home advertising sector. I look forward to leveraging my experience and energy in the CFO role, which includes communicating AirMedia's transformation and future plans to investors," commented Richard Wu.

"We are pleased to have been able to hire such an experienced professional as Mr. Wu, who I expect to be an outstanding chief financial officer. We look forward to taking full advantage of Richard's substantial financial and business expertise and also thank Mr. Ho for his service as CFO for the Company," commented AirMedia's Chairman and CEO, Mr. Herman Guo.

Separately, AirMedia also announced its results for the first quarter of 2014 today.

First Quarter 2014 Financial Results

• Total revenues decreased by 1.8% year-over-year to US$63.4 million. The year-over-year decrease was primarily due to AirMedia's termination of certain unprofitable or low-margin contracts.
•  Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.06.

"While maintaining our leading position in the out-of-home advertising sector, we are in the process of turning around the Company and transforming the Company to obtain a leading position on wireless connectivity and digital cabin entertainment platforms in air and high-speed train travel in China. We expect our recent strategic movement into Wi-Fi services and high-speed rail to open a new era for AirMedia and to bring tremendous growth to the Company in the future," commented Mr.Herman Guo, chairman and chief executive officer of AirMedia.

"To better motivate our employees, we are internally conducting a share structure reform of some of our operating entities where we encourage the respective entity's management to invest their own funds to obtain certain percentage of the entity's equity interest. We believe the share structure reform will align the interest of the management teams with the Company's interest, motivating them to improve the profitability of their respective operating entity, which will eventually increase shareholder value of the listed company," continued Mr. Guo

"Our year-over-year quarterly net revenue decrease has slowed down to 1.0% in the first quarter of 2014, compared with 4.6% and 6.6% in the third quarter and fourth quarters of 2013, respectively, indicating that the growth of our other product lines, such as mega-size LED screens, has made up the shortfall of revenues due to our termination of some unprofitable or low margin contracts in 2013. Our total operating expenses increased 19.8% year-over-year due to the incremental expenses associated with our new business initiatives, which we expect to be the growth drivers for the Company in the long term. Despite the decrease in net revenues and increase in total operating expenses year-over-year, we still made improvements on gross profit, and reduced loss from operations and net loss attributable to AirMedia's shareholders, which demonstrated the effectiveness of our efforts on turning around the Company," commented Mr. Henry Ho, AirMedia's chief financial officer.

Business Outlook

AirMedia currently expects its net revenues for the second quarter of 2014 to range from US$61.0 million to US$64.0 million, representing a year-over-year decrease of 3.7% to a year-over-year increase of 1.0% from the same period in 2013 and a quarter-over-quarter decrease of 3.2% to a quarter-over-quarter increase of 1.6% from the previous quarter.

AirMedia currently expects its concession fees to be approximately US$45.0 million in the second quarter of 2014, representing a quarter-over-quarter increase of 5.7% from the previous quarter, primarily due to new concession rights contract entered into during the quarter.

The above forecast reflects AirMedia's current and preliminary view and is therefore subject to change. Please refer to the Safe Harbor Statement below for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.

BEIJING, May 8, 2014 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that Guangzhou Meizheng Advertising Co., Ltd. ("Meizheng"), one of its consolidated entities, in which AirMedia has 54% of the equity interest, has recently won a bidding and entered into an agreement with Guangzhou Railway (Group) Corporation ("GRGC") to explore the opportunity of Wi-Fi services on high-speed rail.

GRGC is the first regional railway bureau that pioneers to offer Wi-Fi services on board high-speed trains in China. GRGC granted Meizheng the right to build Wi-Fi system on high-speed trains under its operation including the D-prefaced bullet trains on the lines of Beijing-Guangzhou-Shenzhen, Xiamen-Shenzhen, Guangzhou-Shenzhen, Guangzhou-Zhuhai Intercity Railway, and Hainan Eastern Ring High-Speed Railway. Meizheng also obtained the right to operate advertising in the aforementioned Wi-Fi system. In addition to the Wi-Fi connectivity, AirMedia plans to provide a digital cabin entertainment platform, which will be built on intranet, for travelers.

Before this grant, Meizheng held the rights to install tablets with preloaded contents and operate advertising on these tablets, which currently have no Wi-Fi connection, on every seat in the first-class cabin of D-prefaced bullet trains and high-speed trains operated by Shanghai railway bureau, Wuhan railway bureau, and Zhengzhou railway bureau and on all seats on board the high-speed trains on the GRGC's Wuhan-Guangzhou and Guangzhou-Shenzhen-Hong Kong lines.

"We are excited about this new development in our business transformation to build nationwide wireless coverage on airplanes and high-speed trains to reach hundreds of millions of travelers," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia. "Internet has been an integral part of people's daily life, even for travelers on the go. We believe the huge traveler volumes by airplanes and high-speed trains, which can be easily monetized, have great commercial value. We intend to continue expanding our territory of in-flight and on-train Wi-Fi network to more airlines and more railways."

• Total revenues decreased by 6.7% year-over-year and increased by 13.8% quarter-over-quarter to US$78.6 million. 
• Non-GAAP was US$0.04 for the fourth quarter of 2013, compared to adjusted diluted net income attributable to AirMedia's shareholders per ADS (non-GAAP) of US$0.07 in the same period one year ago and adjusted diluted net loss attributable to AirMedia's shareholders per ADS (non-GAAP) of US$0.05 in the previous quarter.

"Our turn-around is well on track. For the gas station media network, as of February 28, 2014, we had started operating LED screens in 300 gas stations in six cities. We expect to have a network effect when we operate more than 500 LED screens in the gas stations, and expect this product line to break even in the third quarter of this year," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia. "As for the TV-attached digital frames and digital TV screens in airports, our other two unprofitable product lines, we developed an interactive platform with a lucky draw system on our TV-attached digital frames and are experimenting with this new interactive platform in Beijing Capital International Airport ("Beijing Airport"). Our clients have shown strong initial interest in this new interactive platform and we are in the process of finalizing the advertisement contracts with them."

"Our network of mega-size LED screens in airports continued to grow and accounted for an increasing percentage of revenues of the Company. We believe our mega-size LED screens and in-flight internet business will bring further growth to the Company in the long run," continued Mr. Guo.

"Year 2014 will be a year of change for AirMedia. We expect to see returns on our efforts to turn around the unprofitable products with improved financial results," Mr. Henry Ho, AirMedia's chief financial officer, commented.

Business Outlook

AirMedia currently expects its net revenues for the first quarter of 2014 to range from US$61.0 million to US$64.0 million, representing a year-over-year decrease of 4.1% to a year-over-year increase of 0.6% from the same period in 2013 and a quarter-over-quarter decrease of 21.0% to 17.1% from the previous quarter.

AirMedia currently expects its concession fees to be approximately US$45.0 million in the first quarter of 2014, representing a quarter-over-quarter decrease of 1.4% from the previous quarter.

Third Quarter 2013 Financial Results 

• Total revenues for the third quarter of 2013 reached US$69.0 million, representing a year-over-year decrease of 5.6% fromUS$73.1 million in the same period one year ago
• Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.06.

"The robust growth of our mega-size LED screens network, our cost control strategy, and our efforts to turn around our unprofitable product lines are helping the Company to get on the right track back to profitability," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia. "Our partnership with HNA group to provide in-flight internet connectivity service and in-air multimedia platform is a significant step for us, and we expect it to become a future growth driver for the Company. We believe that in-flight internet stands for the trend of the future of in-air entertainment, and that the in-flight internet business is an excellent opportunity for our Company. We expect this strategic development to enable us to operate in a much broader territory and expand our revenue sources. We are in the process of establishing an industry development fund of in-flight internet, raising funds for such fund, and prudently selecting technical partners."

"We are excited to see that our efforts in turning around the Company are starting to pay off. With our termination of the operations of certain unprofitable or low-margin contracts and the rapid growth of our nationwide network of mega-size LED screens, our net revenues increased by 7.4% quarter-over-quarter to US$68.1 million, while our concession fee cost decreased by 7.8% quarter-over-quarter to US$42.8 million," commented Mr. Henry Ho, chief financial officer of AirMedia.

Business Outlook

AirMedia currently expects its net revenues for the fourth quarter of 2013 to range from US$76.0 million to US$79.0 million, representing a year-over-year decrease of 4.4% to 8.0% from the same period in 2012 and a quarter-over-quarter increase of 11.7% to 16.1% from the previous quarter.

AirMedia currently expects its concession fees to be less than US$46.0 million in the fourth quarter of 2013, representing a year-over-year increase of 1.9% from the same period in 2012 and a quarter-over-quarter increase of 7.5% from the previous quarter.

The above forecast reflects AirMedia's current and preliminary view and is therefore subject to change. Please refer to the Safe Harbor Statement below for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.

Second Quarter 2013 Financial Results

• Total revenues decreased by 5.6% year-over-year to US$64.3 million, which remained relatively unchanged from the previous quarter. The year-over-year decrease was partially due to AirMedia's termination of operations of certain unprofitable or low-margin contracts and China's replacement of regular business tax with Value Added Tax ("VAT") in Beijing, one of AirMedia's key regions of operations.
• Net revenues decreased by 4.8% year-over-year to US$63.4 million, which remained relatively unchanged from the previous quarter.
• Net loss attributable to AirMedia's shareholders was US$4.9 million, compared to net loss attributable to AirMedia's shareholders of US$1.5 million in the same period one year ago. Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.08.
• Adjusted net loss attributable to AirMedia's shareholders (non-GAAP), which is net loss attributable to AirMedia's shareholders excluding share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of intangible assets, was US$4.5 million. Adjusted basic net loss attributable to AirMedia's shareholders per ADS (non-GAAP), which is adjusted net loss attributable to AirMedia's shareholders (non-GAAP) divided by the number of ADSs outstanding, was US$0.07. Adjusted diluted net loss attributable to AirMedia's shareholders per ADS (non-GAAP), which is adjusted net loss attributable to AirMedia's shareholders (non-GAAP) divided by the number of ADSs outstanding as adjusted for dilution after taking into account option grants under the Company's current Share Incentive Plan, was US$0.07, compared to earnings of US$0.01 for the same quarter 2012.

"We faced a challenging advertising environment in the second quarter of 2013; automobile and finance, our top two advertising categories, declined year-over-year due to the slow-down of China's economic growth and reduced conspicuous consumption inChina, and high-end food and beverages, our third most popular advertising category, also saw a quarter-over-quarter decline in the second quarter after a strong first quarter," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia. "Advertisers are now more cautious in their advertising spending and tend to shift budgets to the advertising platforms which they trust and believe are effective. We are happy to see that our digital frames, which included mega-size LED screens, continued to grow 14.9% year-over-year and 1.7% quarter-over-quarter. We now operate mega-size LED screens in 9 airports, compared with 7 airports in the middle of May 2013."

"To cope with the harsh advertising environment, we are focusing on increasing our profitability by building a nationwide network of mega-size LED screens, not renewing our unprofitable or low-margin concession rights contracts, and turning around our unprofitable product lines," Mr. Guo continued. "We have not renewed several relatively large contracts, which were unprofitable or low-margin, since the end of last year, which partially contributed to our year-over-year revenue decreases in the recent quarters."

"As for the unprofitable product lines, we recently extended our concession rights contract with China Petroleum & Chemical Corporation ("Sinopec"), and received approval from Sinopec to install LED screens in its gas stations. We expect to see a significant increase in revenues from our gas station media network after we reach our initial target of operating 1,000 LED screens in gas stations," Mr. Guo further remarked. "In addition, we are doing some research and testing for interactive media format on our TV-attached digital frames, in order to attract a larger portion of our advertisers' budgets."

"We believe that our strong cash balance is a solid foundation for the Company to get through this difficult time, and that we are on the right track in cutting loss and turning around the Company," Commented Mr. Henry Ho, chief financial officer of AirMedia.

Business Outlook

AirMedia currently expects its net revenues for the third quarter of 2013 to range from US$69.0 million to US$71.0 million, representing a year-over-year decrease of 3.3% to 0.5% from the same period in 2012 and a quarter-over-quarter increase of 8.9% to 12.0% from the previous quarter.

AirMedia currently expects its concession fees to be approximately US$43.0 million in the third quarter of 2013, representing a year-over-year decrease of 3.4% from the same period in 2012 and a quarter-over-quarter decrease of 7.4% from the previous quarter.

BEIJING, Aug. 1, 2013 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (NASDAQ: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that it has recently extended its concession rights contract with China Petroleum & Chemical Corporation ("Sinopec") (HKEX: 386; NYSE: SNP; LSE: SNP; CH: 600028) to December 31, 2020 from the original expiration date of December 31, 2014. In the supplemental contract evidencing the extension, Sinopec also authorized AirMedia to install LED screens, a proven advertising format, in Sinopec's gas stations.

"Our extension of the concession rights contract with Sinopec helps us further develop a nationwide network of LED screens in gas stations. We believe putting LED screens in our gas station media network is a right step toward maximizing the tremendous value of this network. We currently expect to operate 1,000 LED screens in gas stations by July 2014. We expect to see a significant increase in revenues from our gas station media network after we reach our initial target of operating 1,000 LED screens in gas stations. With Sinopec's full support, we are currently on track in installing LED screens in the Sinopec's gas stations," remarked Herman Guo, chairman and chief executive officer of AirMedia.

First Quarter 2013 Financial Results

• Total revenues decreased by 4.4% year-over-year and by 23.3% quarter-over-quarter to US$64.5 million. The year-over-year decrease was partially due to China's replacement of regular business tax with Value Added Tax ("VAT") in Beijing, one of AirMedia's key regions of operations.
• Net revenues decreased by 3.8% year-over-year and by 23.0% quarter-over-quarter to US$63.6 million.
• Net loss attributable to AirMedia's shareholders was US$3.6 million, compared to net loss attributable to AirMedia's shareholders of US$7.3 million in the same period one year ago. Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.06.
• Adjusted net loss attributable to AirMedia's shareholders (non-GAAP), which is net loss attributable to AirMedia's shareholders excluding share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of intangible assets, was US$3.1 million. Adjusted basic net loss attributable to AirMedia's shareholders per ADS (non-GAAP), which is adjusted net loss attributable to AirMedia's shareholders (non-GAAP) divided by the number of ADSs outstanding, was US$0.05. Adjusted diluted net loss attributable to AirMedia's shareholders per ADS (non-GAAP), which is adjusted net loss attributable to AirMedia's shareholders (non-GAAP) divided by the number of ADSs outstanding as adjusted for dilution after taking into account option grants under the Company's current Share Incentive Plan, was US$0.05.

"We have been focusing on turning around our unprofitable product lines. As we announced today in a separate press release, our gas station media network received an investment of RMB640 million (US$104.0 million) from Elec-Tech International Co., Ltd. We intend to use the investment to install LED screens in our gas stations. We are excited about the progress we've made in further developing our gas station media network, and we believe we are heading in the right direction to turn around this loss-making product line. We believe LED screens, which are larger and more eye-catching, will be a suitable media for gas stations because they will substantially increase the advertising capacity of our gas station media network and dramatically reduce our operational costs in this media network," commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

"We made improvements in cost control in the first quarter of 2013. Cost of revenues for the first quarter of 2013 decreased by 4.3% year-over-year and by 8.1% quarter-over-quarter. While continuing to increase our revenues, eliminating the losses from our unprofitable product lines is equally important. The valuation of the recent investment in our gas station media network by Elec-Tech International Co., Ltd. affirmed the unique value and promising prospect of our gas station media network," Mr. Henry Ho, AirMedia's chief financial officer, commented.

BEIJING, May 13, 2013 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that its board of directors has approved an investment agreement between several entities affiliated with AirMedia, including Beijing GreatView Media Advertising Co., Ltd. ("GreatView Media"), the primary operating entity of AirMedia's gas station media network, and its current shareholders, and Elec-Tech International Co., Ltd. ("Elec-Tech") (Shenzhen Stock Exchange code: 002005). Pursuant to the investment agreement, Elec-Tech will invest RMB640 million (US$104 million) to purchase ordinary shares representing approximately 21.27% of the equity interest of GreatView Media. After the completion of the transaction, AirMedia will indirectly control 61.41% of the equity interest of GreatView Media.

AirMedia intends to install LED screens in its gas stations to further develop its existing gas station media network. For these installations, GreatView Media's current shareholders undertook to use the full amount of Elec-Tech's investment to purchase LED screens from Elec-Tech or its subsidiaries.

"We are excited about our partnership with Elec-Tech, which enables us to explore the great potential and brilliant prospects of LED screen advertising in our gas station media network. We believe putting LED screens in our gas station media network is the right step to not only turn around this product line, but also to maximize the tremendous value of this network. We expect the introduction of our new partner, Elec-Tech, to bring not only affirmation of the value that we believe the new LED format will add to our gas station media network, but also additional technical expertise in electronic display," commented Mr. Herman Guo , chairman and chief executive officer of AirMedia.

"We believe AirMedia's gas station media network is a very unique nationwide network to reach car drivers and car owners, one of the most affluent groups in China. With the enhancement provided by our LED screens, this influential network will have more capacity to fulfill advertisers' demand and create more economic value. We believe our partnership with AirMedia is prudent and will bring great returns for our shareholders," commented Mr. Donglei Wang , chairman of Elec-Tech.

The investment is subject to the approval of Elec-Tech's shareholders

BEIJING, September 26, 2012 /PRNewswire/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that its board of directors has approved to increase the size of its previously announced share repurchase program to US$40 million from US$20 million and to extend the termination date of the share repurchase program to March 20, 2014 from March 20, 2013. The other terms of the share repurchase program will remain unchanged.

Under the expanded share repurchase program, AirMedia has been authorized, but not obligated, by its board of directors to repurchase a total of up to US$40 million worth of its own outstanding American Depositary Shares ("ADSs") until March 20, 2014. As of September 23, 2012, AirMedia had repurchased an aggregate of 4,347,601 ADSs on the open market for a total consideration of US$13.1 million, and is now authorized to purchase up to US$26.9 million worth of additional ADSs under the expanded share repurchase program.

The expanded share repurchase program will allow the Company to make more sizable repurchases. The repurchases will be made on the open market at prevailing market prices pursuant to Rule 10b5-1, in negotiated transactions off the market, in block trades or otherwise from time to time. The timing and extent of any purchases will depend upon market conditions, the trading price of ADSs and other factors, and be subject to the restrictions relating to volume, price and timing in accordance with applicable law. AirMedia expects to implement this share repurchase program in a manner consistent with market conditions and the interests of its shareholders. AirMedia's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size accordingly. AirMedia plans to fund repurchases made under this program from its available cash balance.

"Our cash balance has been increasing since the year end of fiscal year 2010. Our decision to increase the size of our share repurchase program reflects our confidence in the business fundamentals and the long-term prospects of our company. The expanded share repurchase program also reiterates our commitment to maximizing shareholder value," commented Herman Guo, chairman and chief executive officer of AirMedia.

BEIJING, Aug, 14, 2012 /PRNewswire-Asia/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced the appointment of Henry Ho as chief financial officer of the Company ("CFO"), effective September 1, 2012. Mr. Ho will replace Ms. Ping Sun as CFO. Ms. Sun tendered her resignation as chief financial officer due to personal reasons, effective August 31, 2012.

"We thank Ping for her leadership and integrity and wish her well in her future endeavors," commented Herman Guo, chairman and chief executive officer of AirMedia. "We're excited to welcome Henry to join AirMedia; we expect that he will bring his valuable experience and expertise in capital market and finance to help AirMedia return to profitability and achieve sustained positive earnings."

Second Quarter 2012 Financial Highlights

• Total revenues increased by 16.4% year-over-year to US$68.1 million.
• Net loss attributable to AirMedia's shareholders was US$1.5 million. Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.02.
• Adjusted net income attributable to AirMedia's shareholders (non-GAAP), which is net loss attributable to AirMedia's shareholders excluding share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of intangible assets, was US$339,000. Adjusted basic net income attributable to AirMedia's shareholders per ADS (non-GAAP), which is adjusted net income attributable to Airmedia's shareholders (non-GAAP) divided by the number of ADSs outstanding, was US$0.01.
• Adjusted diluted net income attributable to AirMedia's shareholders per ADS (non-GAAP), which is adjusted net income attributable to Airmedia's shareholders (non-GAAP) divided by the number of ADSs as adjusted for dilution after taking into account grants under the share-based compensation plan, was US$0.01.
  

"The calculated spending of advertisers in the second quarter has been consistent with their perceptions of the macro-economic trend. However, AirMedia's advertising platform has demonstrated sustained attractiveness to advertisers and we expect the same seasonality in the second half of 2012 which typically includes a strong revenue performance. In addition, we expect the nationwide mega-size LED screens we are building to become one of the growth drivers for the Company in the coming years," commented Herman Guo, chairman and chief executive officer of AirMedia.

First Quarter 2012 Results

• Total revenues increased by 10.1% year-over-year to US$67.5 million.
• Net loss attributable to AirMedia's shareholders was US$7.3 million. Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.12.
• Adjusted net loss attributable to AirMedia's shareholders (non-GAAP), which is net loss attributable to AirMedia's shareholders excluding share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of intangible assets, was US$5.4 million. Adjusted basic and diluted net loss attributable to AirMedia's shareholders per ADS (non-GAAP) were both US$0.09.

"Although we had a relatively weak first quarter due to the usual seasonality as well as advertisers' caution and delay of advertising spending, we haven't changed our expectation of a strong second half of the year. We are working hard to continue to strengthen our market position and to make our media assets more valuable," commented Herman Guo, chairman and chief executive officer of AirMedia.

"Despite the year-over-year decline of advertising revenues from automobile advertisers in the first quarter of this year, strong growth from many other sectors was more than enough to offset the shortfall from the automobile sector. We plan to continue to diversify our revenue sources and expect more robust growth when automobile advertising revenues resume strong growth," Ping Sun, AirMedia's chief financial officer, commented.

ADS Repurchases

On March 21, 2011, AirMedia's board of directors authorized AirMedia to repurchase up to US$20 million of its own outstanding ADSs within two years from March 21, 2011. As of May 6, 2012, AirMedia had repurchased an aggregate of 3,397,915 ADSs on the open market for a total consideration of US$11.1 million.

Business Outlook 

AirMedia currently expects its total revenues for the second quarter of 2012 to range from US$68.0 million to US$70.0 million, representing a year-over-year increase of 16.2% to 19.6% from the same period in 2011.

AirMedia currently expects its concession fees to be approximately US$45.5 million in the second quarter of 2012. The quarter-over-quarter increase from the first quarter of 2012 will be primarily due to the concession fee commitments under concession rights contracts that were newly signed or renewed or are expected to be signed or renewed.

Fourth Quarter 2011 Financial and Business Highlights

• Total revenues increased by 24.1% year-over-year and by 25.3% quarter-over-quarter to US$87.8 million, beating the high end of the Company's already raised guidance by US$1.8 million.
• Revenues from the gas station media network increased by 281.5% year-over-year and by 58.5% quarter-over-quarter to US$5.9 million.
• Net income attributable to AirMedia's shareholders was US$4.6 million. Basic and diluted net income attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.07.
• Adjusted net income attributable to AirMedia's shareholders (non-GAAP), which is net income attributable to AirMedia's shareholders excluding share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of intangible assets, was US$7.2 million. Adjusted basic and diluted net income attributable to AirMedia's shareholders per ADS (non-GAAP) were both US$0.11.

"AirMedia has demonstrated strong resilience to significant adverse market events. We emerged stronger and more competitive after overcoming each challenge. Our solid quarterly earnings are, again, a validation of the leverage business model that we have been building. With a leading market position in the air travel advertising sector, AirMedia has become the right choice for airports in China. The recent renewals of some major contracts reflect the value and synergy of our nationwide advertising network," commented Herman Guo, chairman and chief executive officer of AirMedia.

"In 2012, we will focus on further demonstrating the earnings power of our business model. More importantly, we will lay out the foundation for future growth. One initiative is to expand the nationwide coverage of our mega-size LEDs with strong financial discipline. There are high levels of demand for our mega-size LEDs and we have significant pricing power in most locations. We have recently obtained concession rights to operate mega-size LEDs in the Chengdu and Xi'an airports. We will carefully try to replicate our success from our existing locations to these new locations," Mr. Guo added.

"We are pleased to have delivered strong revenue growth and record quarterly income from operations in the past three years in the fourth quarter of 2011. It sets us on a good track toward achieving profitable growth in 2012. Our revenue growth expectation is built on our strong market position and the continuous expansion of our customer base. With the recent renewals of major concession rights contracts, we believe that the vast majority of our concession fees are under control for the next three years," Ping Sun, AirMedia's chief financial officer, commented.

Business Outlook

AirMedia currently expects its total revenues for the first quarter of 2012 to range from US$66.0 million to US$68.0 million, representing a year-over-year increase of 7.6% to 10.8% from the same period in 2011. AirMedia currently expects its concession fees to be approximately US$43.0 million in the first quarter of 2012. The quarter-over-quarter increase from the fourth quarter of 2011 will be primarily due to the concession fee commitments under concession rights contracts that were newly signed or renewed or are expected to be signed or renewed.

Second Quarter 2011 Financial and Business Highlights

• Total revenues increased by 3.9% year-over-year to US$58.5 million.
  
• Net loss attributable to AirMedia's shareholders was US$8.6 million, which included a non-cash loss on the disposal of certain fixed assets of US$4.2 million and an impairment of intangible asset of US$656,000. Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.13.
  
• Adjusted net loss attributable to AirMedia's shareholders (non-GAAP), which is net loss attributable to AirMedia's shareholders excluding share-based compensation expenses, amortization of acquired intangible assets, and impairment of intangible assets, was US$6.1 million.
  
• Basic adjusted net loss attributable to AirMedia's shareholders per ADS (non-GAAP) for the second quarter of 2011 was US$0.09, compared to basic adjusted net loss attributable to AirMedia's shareholders per ADS (non-GAAP) of US$0.01 in the same period one year ago

• The Company continued generating positive operating cash flow in excess of capital expenditures in the second quarter of 2011. Other than restricted cash of US$6.1 million, cash increased to US$114.5 million as of June 30, 2011, from US$106.5 million as of December 31, 2010.
  
• AirMedia started to put advertisements on the interior and exterior of the gate bridges at Terminal 3 of the Beijing Capital International Airport on May 7, 2011 and June 13, 2011, respectively. These advertisements on the gate bridges at Terminal 3 of the Beijing Airport generated revenues of US$2.2 million in the second quarter of 2011.

"Our business was heavily impacted in the second quarter due to the fact that the automobile industry was one of our top advertising industries. The Japanese earthquake negatively affected the supply chains of automobile manufacturers, and as a result, many of them reduced their advertising orders in the second quarter of 2011, especially those for new car model releases. However, we are happy to see a strong comeback from automobile industry in the third quarter with sizable advertising orders, including orders from Japanese automobile manufacturers. We expect to see advertising orders from automobile industry continue to more fully recover in the fourth quarter of this year," commented Herman Guo, chairman and chief executive officer of AirMedia. "At the same time, we are also making progress in diversifying our revenue sources.

"We are also pleased with having resolved issues of delay with gate bridge advertisements at Terminal 3 of the Beijing airport. For the third quarter of 2011, we will have advertising revenues from the Terminal 3 gate bridges for a full quarter that we expect to be sufficient to cover the corresponding quarterly concession fees," added Mr. Guo

"We are disappointed at the second quarter revenue results. The impact from the automobile industry was more severe than what we had anticipated. However, I would like to point out that our net loss in the second quarter included non-cash charges of US$4.9 million from the disposal of certain fixed assets and the impairment of intangible asset. With the recovery of automobile-related advertising and the Terminal 3 gate bridges fully contributing to our revenues, we expect to see improvements in our bottom line results in the third quarter of 2011," Ping Sun, AirMedia's chief financial officer, commented.

Business Outlook

AirMedia currently expects that its total revenues for the third quarter of 2011 will range from US$67.0 million to US$69.0 million, representing a year-over-year increase of 10.6% to 13.9% from the same period in 2010 and a quarter-over-quarter increase of 14.5% to 17.9% from the previous quarter.

AirMedia currently expects that concession fees will be approximately US$41.5 million in the third quarter of 2011. The quarter-over-quarter increase from the second quarter of 2011 will be primarily due to the full quarter operation of advertisements on the gate bridges at Terminal 3 of the Beijing Capital International Airport.

BEIJING, June 9, 2011 /PRNewswire-Asia/ -- AirMedia Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that its chairman and chief executive officer, Herman Guo, has made purchases of US$1,063,293 of the Company's American Depositary Shares (ADSs) from the public market during the period from May 26 to June 8. The purchases were made under the account of Mr. Guo's wife.　

Mr. Guo, who is the founder and largest shareholder of AirMedia, purchased a total of 299,524 ADSs at an average price of US$3.55 per ADS, with an approximate value of US$1,063,293. Each ADS represents two ordinary shares and is traded on the Nasdaq Global Exchange.

Mr. Guo has also advised the Company that he expects to purchase additional shares from time to time during the next several months. Such purchases would be made by Mr. Guo or his wife, or by investment vehicles that are wholly owned and controlled by Mr. Guo or his wife, in accordance with AirMedia's internal share trading policy regarding officers and directors.

"Despite recent decreases in automobile advertising spending due to the Japanese earthquake, I believe our business is strong in business fundamentals and financials. Our business development is on track and I have strong confidence in the growth prospects of the Company," remarked Mr. Guo.

Our principal uses of cash primarily include capital expenditures, contractual concession fees, business acquisitions and other investments and, to a lesser extent, salaries and benefits for our employees and other operating expenses. We expect that these will remain our principal uses of cash in the foreseeable future. We may also use additional cash to fund strategic acquisitions.

We believe that our current cash and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash needs for capital expenditures for the next 12 months. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our existing cash is insufficient to meet our requirements, we may seek to sell additional equity securities, debt securities or borrow from lending institutions.

First Quarter Results:

• Total revenues increased by 25.8% year-over-year to US$61.4 million.
• Gross profit increased by 65.7% year-over-year to US$3.7 million.
• Net loss attributable to AirMedia's shareholders was US$3.9 million, improving from net loss attributable to AirMedia's shareholders of US$6.5 million in the same period one year ago. Basic and diluted net loss attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.06.
• Adjusted net loss attributable to AirMedia's shareholders (non-GAAP), which is net loss attributable to AirMedia's shareholders excluding share-based compensation expenses and amortization of acquired intangible assets, was US$2.3 million, improving from adjusted net loss attributable to AirMedia's shareholders (non-GAAP) of US$3.8 million in the same period one year ago. Adjusted basic and diluted net loss attributable to AirMedia's shareholders per ADS (non-GAAP) were both US$0.03

"We are pleased to report a stronger-than-expected revenue growth in the first quarter of 2011. Our automobile advertisers have demonstrated steady and strong preference to our media platforms by delivering revenue growth of 75.4% year-over-year. Our price increase also contributed to the revenue growth," commented Herman Guo, chairman and chief executive officer of AirMedia. "We will continue to focus on our strategy of achieving profitable growth."

AirMedia currently expects that its total revenues for the second quarter of 2011 will range from US$60.0 million to US$62.0 million, which include revenues of US$2.0 million from gate bridges at Terminal 3 of Beijing Capital International Airport, representing a year-over-year increase of 6.5% to 10.1% from the same period in 2010.

AirMedia's board of directors has authorized, but not obligated, AirMedia to repurchase up to US$20 million worth of its own outstanding American Depositary Shares ("ADSs") within two years from March 21, 2011. The repurchases will be made on the open market at prevailing market prices pursuant to a Rule 10b5-1 plan, in negotiated transactions off the market, in block trades or otherwise from time to time. The timing and extent of any purchases will depend upon market conditions, the trading price of ADSs and other factors, and be subject to the restrictions relating to volume, price and timing in accordance with applicable laws. AirMedia expects to implement this share repurchase program in a manner consistent with market condition and the interest of its shareholders. AirMedia's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size accordingly. AirMedia plans to fund repurchases made under this program from its available cash balance.

Fourth Quarter 2010 Financial and Business Highlights

• Total revenues increased by 56.6% year-over-year and by 16.8% quarter-over-quarter to US$70.8 million, a record high in AirMedia's operating history.
• Gross profit was US$14.3 million, improving from gross loss of US$2.8 million in the same period one year ago and increasing by 50.3% quarter-over-quarter from gross profit of US$9.5 million in the previous quarter.
• Net income attributable to AirMedia's shareholders was US$5.1 million, improving from net loss attributable to AirMedia's shareholders of US$19.4 million in the same period one year ago and increasing by 321.6% quarter-over-quarter from net income attributable to AirMedia's shareholders of US$1.2 million in the previous quarter. Basic and diluted net income attributable to AirMedia's shareholders per American Depositary Share ("ADS") was US$0.08 and US$0.07, respectively.
• Adjusted net income attributable to AirMedia's shareholders (non-GAAP), which is net income attributable to AirMedia's shareholders excluding share-based compensation expenses and amortization of acquired intangible assets, was US$7.2 million, improving from adjusted net loss attributable to AirMedia's shareholders (non-GAAP) of US$17.1 million in the same period one year ago and increasing by 88.2% quarter-over-quarter from adjusted net income attributable to AirMedia's shareholders (non-GAAP) of US$3.8 million in the previous quarter. Adjusted basic and diluted net income attributable to AirMedia's shareholders per ADS (non-GAAP) was US$0.11 and US$0.10, respectively vs. (0.26). 
• The company continued generating positive operating cash flow in excess of capital expenditures in the fourth quarter of 2010. Other than restricted cash of US$6.8 million, cash and short-term investments increased to US$106.5 million as of December 31, 2010, from US$96.5 million as of September 30, 2010.
• CCTV Air Channel was established on the Company's digital TV screens in airports and digital TV screens on airplanes to broadcast TV programs to air travelers in China in December 2010.
• In November 2010, AirMedia renewed its concession rights contract with Beijing Capital Airport Advertising Co., Ltd. to operate digital frames and digital TV screens at Terminal 3 of Beijing Capital International Airport for five years from January 1, 2011 to December 31, 2015.

Fiscal Year 2010 Financial Highlights

• Total revenues increased by 55.0% year-over-year to US$236.5 million.
• Net loss attributable to AirMedia's shareholders was US$4.9 million, improving from net loss attributable to AirMedia's shareholders of US$37.2 million in fiscal year 2009. Basic and diluted net loss attributable to AirMedia's shareholders per ADS were both US$0.07.
• Adjusted net income attributable to AirMedia's shareholders (non-GAAP), which is net loss excluding share-based compensation expenses and amortization of acquired intangible assets, was US$6.8 million, improving from adjusted net loss attributable to AirMedia's shareholders (non-GAAP) of US$28.9 million in fiscal year 2009. Adjusted basic and diluted income attributable to AirMedia's shareholders per ADS (non-GAAP) were both US$0.10 vs. ($0.44).

"Year 2010 was a turnaround year for AirMedia. The Company returned to profitability in the third quarter and further increased its bottom-line margin in the fourth quarter with strong revenue growth. We are encouraged by the positive market outlook on 2011. With our strong operating leverage to drive margin growth, we expect Year 2011 to be a year of harvesting for AirMedia. We will continue to focus on improving utilization rates of our current media network and increasing our profitability," commented Herman Guo, chairman and chief executive officer of AirMedia.

"We are pleased to report another profitable quarter in the fourth quarter with sequential top-line growth from most of our major product lines. Total revenues, revenues from digital frames, and revenues from digital TV screens on airplanes all reached record high numbers in the fourth quarter. Digital TV screens in airports continued to turn around. Traditional media in airports started to contribute meaningful net income to the Company. Other than working on our top-line growth, we will also focus on optimizing our cost structure and operational efficiency to achieve sustainable profit in the future," Ping Sun, AirMedia's chief financial officer, commented.

Business Outlook 

AirMedia currently expects that its total revenues for the first quarter of 2011 will range from US$58.0 million to US$60.0 million, which do not include the potential revenues from the newly signed billboards and painted advertisement on gate bridges at Terminal 3 of Beijing Capital International Airport, representing a year-over-year increase of 18.9% to 23.0% from the same period in 2010.

AirMedia currently expects that concession fees will be approximately US$38.1 million in the first quarter of 2011.The quarter-over-quarter increase from the fourth quarter of 2010 will be primarily due to the newly signed billboards and painted advertisement on gate bridges at Terminal 3 of Beijing Capital International Airport.

The above forecast reflects AirMedia's current and preliminary view and is therefore subject to change. Please refer to the Safe Harbor Statement below for the factors that could cause actual results to differ materially from those contained in any forward-looking statement

• Total revenues increased by 60.6% year-over-year and by 7.6% quarter-over-quarter to US$60.6 million, a record high in AirMedia's operating history.

• Gross profit was US$9.5 million, improving from gross loss of US$628,000 in the same period one year ago and gross profit of US$6.5 million in the previous quarter.

• Net income attributable to AirMedia's shareholders was US$1.2 million, improving from net loss attributable to AirMedia's shareholders of US$9.6 million in the same period one year ago and net loss attributable to AirMedia's shareholders of US$4.7 million in the previous quarter. Basic and diluted net income attributable to AirMedia's shareholders per American Depositary Share ("ADS") were both US$0.02.

• Adjusted net income attributable to AirMedia's shareholders (non-GAAP), which is net income attributable to AirMedia's shareholders excluding share-based compensation expenses and amortization of acquired intangible assets, was US$3.8 million, improving from adjusted net loss attributable to AirMedia's shareholders (non-GAAP) of US$7.0 million in the same period one year ago and adjusted net loss attributable to AirMedia's shareholders (non-GAAP) of US$424,000 in the previous quarter. Adjusted basic and diluted net income attributable to AirMedia's shareholders per ADS (non-GAAP) were both US$0.06.

• Analysts estimates were calling for EPS of nil.

Business Outlook

AirMedia currently expects that its total revenues for the fourth quarter of 2010 will range from US$69.0 million to US$71.0 million, representing a year-over-year increase of 52.7% to 57.1% from the same period in 2009.

AirMedia currently expects that concession fees will be approximately US$34.4 million in the fourth quarter of 2010.

Guidance Report:

Conor Yang, AirMedia's chief financial officer added, "In 2008, we achieved many significant milestones as we continued to execute our growth strategies. In 2009, we will continue to expand our network, strengthen our relationships with airports and airlines and manage expenses to best position AirMedia for long-term top and bottom line growth. We expect that AirMedia's growth momentum and strong financials will position us to take advantage of the various opportunities arising from the global economic downturn and the recent changes in China's out-of-home advertising sector. Our expansion strategy may impose some short-term pressure on our margins but is critical and beneficial for the company's development in the long run."

First Quarter Fiscal 2009 Guidance Ending December

Source: PR Newswire (February 26, 2009)

Guidance Report:

As a result of AirMedia'sperformance in the first three quarters of 2008 and anticipated performance in the fourth quarter of 2008, AirMedia is raising its full year guidance of total revenues for 2008.

Source: PR Newswire (November 6, 2008)