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Press Release

Bruno Wu's Sun Seven Stars to Establish a 3 Billion RMB ($437 Million USD) Holding Company to Support and Invest in Wecast Network's Future Growth and Expansion
NEW YORK, Dec. 5, 2016 /PRNewswire/ --
   
         
  • Sun Seven Stars (SSS) to contribute 67% to the capitalization of the Holding      Company
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  • As part of the capitalization, SSS will also transfer all of its current and      any future WCST stock holdings to the Holding Company
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  • Guizhou Guibao Investment Fund (GGIF) to contribute 33% to the      capitalization of the Holding Company (SSS is a 10% limited partner in      GGIF)
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  • As part of its objective, Holding Company will conduct open market purchases      of WCST stock
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Wecast Network, Inc. (NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"),    announced today on behalf of Sun Seven Stars Media Group ("Sun Seven Stars"), the    creation of a 3 Billion RMB ($437 million USD) holding company (the "Holding Company"), 67%    capitalized by Sun Seven Stars and 33% capitalized by Guizhou Guibao Investment Fund    ("GGIF").  Sun Seven Stars is also a 10% limited partner in GGIF.

   

The Holding Company, aside from being injected with Sun Seven Stars current and    future WCST stock holdings, will additionally be funded with 1    billion RMB cash (approximately $146 million    USD) in three phases:  300 million RMB    (approximately $44 million USD) by the end of 2016;    400 million RMB (approximately $58 million USD) estimated by March 1,    2017; 300 million RMB (approximately    $44 million USD) estimated by August.

   

The objective of the Holding Company will be to support and invest in, the future    growth and business scope expansion of Wecast Network, Inc., exclusively.  More    specifically, the Holding Company will help finance the Company's growth as needed    and in addition, will conduct WCST share purchases in the open market.

   

About Wecast Network, Inc. (http://corporate.yod.com)

   

Wecast Network, Inc. (NASDAQ: WCST) is leveraging and optimizing its current    operations as a premium content Video On Demand service provider in China to evolve into a global, vertical, ubiquitous and    transactional B2B2C, mobile-driven, consumer management platform for both enterprises    and consumers.  By aiming to establish the world's premier multimedia, social    networking and smart e-commerce-enabled network with the largest global effective    connected user base, Wecast, through this expanded, cloud-based, ecosystem of    connected screens combined with strong partnerships with leading global providers,    will be capable of delivering a vast array of WCST/YOD–branded products and    services to enterprise customers and end-use consumers - anytime and    anywhere, across multiple platforms and devices.  

   

Wecast has content distribution agreements in place with many    of Hollywood's top studios including Disney Media Distribution, Paramount    Pictures, NBC Universal and Twentieth Century Fox Television Distribution, Miramax,    as well as a broad selection of the best content from Chinese filmmakers.  In    addition, the Company has governmental partnerships and licenses as well as numerous    JV partnerships and strategic cooperation agreements with an array of distribution    and content partners in the global new media space. Wecast is headquartered in both    New York, NY and Beijing,    China.

   

About Bruno Wu and Sun Seven Stars 

   

Bruno Wu is now the Founder, Co-Chairman and CEO of Sun Seven Stars Media    Group Limited, one of the biggest private media and investment conglomerates    in China. Its predecessor is Sun Media Group Holdings Limited, which was    established by Bruno Wu and Yang Lan in 1999 and became one of    the leading entertainment, media and investment companies in Asia after 10    years of growth. Sun Seven Stars Media Group Limited now has 7 business units    including Sun Media Group, Sun Seven Stars Culture Group, Wecast Media Group, Sun    Medical Group, Sun Art Group, Sun Medical Group and Redrock Capital Group. It has a    presence in over ten major cities in the world including:    Beijing, Shanghai, Tianjin, Hong Kong, New York, LA, Paris, London, Toronto, Seoul and Scandinavia countries. 

   

Safe Harbor Statement

   

This press release contains certain statements that may include "forward    looking statements." All statements other than statements of historical fact included    herein are "forward-looking statements." These forward looking statements are often    identified by the use of forward-looking terminology such as "believes," "expects" or    similar expressions, involve known and unknown risks and uncertainties. Although the    Company believes that the expectations reflected in such forward-looking statements    are reasonable, they do involve assumptions, risks and uncertainties, and these    expectations may prove to be incorrect. You should not place undue reliance on these    forward-looking statements, which speak only as of the date of this press release.    The Company's actual results could differ materially from those anticipated in these    forward-looking statements as a result of a variety of factors, including those    discussed in the Company's periodic reports that are filed with the Securities and    Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to    the Company or persons acting on its behalf are expressly qualified in their entirety    by these factors. Other than as required under the securities laws, the Company does    not assume a duty to update these forward-looking statements.

   

CONTACT:
Jason Finkelstein    
    Director Strategy &    IR                         
    Wecast Network,    Inc.                                    
    212-206-1216                                              

   

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bruno-wus-sun-seven-stars-to-establish-a-3-billion-rmb-437-million-usd-holding-company-to-support-and-invest-in-wecast-networks-future-growth-and-expansion-300372691.html

   

SOURCE Wecast Network, Inc.

 

 
    Source: PR Newswire (December 5, 2016 - 9:02 AM EST)
   
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