Approximately 3.3 million warrants exercised raising approximately $4.1 million
SHANGHAI--(BUSINESS WIRE)-- Tiger Media, Inc. (“Tiger Media”) (NYSE MKT: IDI), a Shanghai-based multi-platform media company announced the completion of its previously disclosed warrant price reduction. As of December 26, 2013, an aggregate of approximately 3.3 million of the total of approximately 3.5 million outstanding warrants (approximately 93%) were exercised by its warrant holders, raising approximately $4.1 million in proceeds. All unexercised warrants have expired and the Company has no further warrants outstanding. Proceeds from the warrant exercise are expected to be used for general working capital requirements, enhance interactive media capabilities and to develop or acquire new business opportunities.
About Tiger Media
Tiger Media is a leading nationwide multi-platform media company in China which provides advertising services in the out-of-home advertising industry, including outdoor LCD screens, billboards and street furniture. Tiger Media’s network of street level LCD screen displays, which captivate eye-level awareness, is complemented by outdoor billboards which are mostly built on rooftops with good visibility from far distances. Tiger Media’s network attracts advertising clients from a wide range of industries including telecommunications, insurance and banking, automobile, electronics and fast moving consumer goods. Learn more at www.tigermedia.com.
Any statements contained in this press release that do not describe historical facts, including statements about Tiger Media's beliefs and expectations, may constitute forward-looking statements as that term is defined by the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "confident" and similar statements. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations.
Potential risks and uncertainties include whether we will successfully use the proceeds to enhance interactive media capabilities and to develop or acquire new business opportunities, and the risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. Tiger Media cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
Tiger Media, Inc.
Peter Tan, 1-381-709-7881
Source: Tiger Media, Inc.