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Och-Ziff Becomes a Substantial Shareholder of Leading Chinese New Media Operator VODone

Posted on: Monday, 15 June 2009, 08:00 CDT

HONG KONG, June 15 /PRNewswire-Asia-FirstCall/ -- VODone Limited ("VODone" or the "Company", Hong Kong Stock Exchange: 0082), a leading Chinese new media operator, entered into a Subscription Agreement with Och-Ziff Capital Management Group LLC ("Och-Ziff") for the subscription of 144,000,000 new Shares for a consideration of approximately HK$79,200,000 at the Subscription Price of HK$0.55 per Subscription Share.

The Subscription Shares of 144,000,000 new Shares represent about 7.96% of the existing issued share capital of the Company and about 7.37% of the enlarged share capital of the Company immediately after the Subscription. Upon completion of the Subscription, Och-Ziff will hold about 10.52% of the Company.

The Company believes that the Subscription can provide an opportunity to broaden the shareholder base and strengthen its capital base and financial position for the Group's future business developments. The Company will use the net proceeds of the Subscription as general working capital for the Group.

Commenting to a new strategic partnership, Dr. Zhang Lijun, Chairman of VODone said, "VODone welcomes Och-Ziff to become its substantial shareholder. Och Ziff's wealth of global experience, deep industry expertise and large global network of affiliated partners will have significant synergies with our leading new media businesses in the PRC."

Och-Ziff is a leading global institutional asset management firm with over US$21 billion of assets under management.

About VODone Limited

VODone (http://www.vodone.com ) is currently the only Internet video broadcasting company listed in Hong Kong. The affiliated company of VODone Telemedia is an Internet video new media company which owns the fullest set of qualifications and licenses in China's Internet broadcasting industry. It has also obtained the Information Network Communicated Audio-Video Program Licence, Internet News Permit, Value added Telecom Service Operation License, Internet Publication Permit and all other required licenses, ensuring itself a healthy development in the future. VODone established VODone Broadcasting Union System (BUS) -- the largest Internet video broadcasting union platform in China in 2005. With diversified content, VODone BUS has the ability to accurately deliver advertisements to the right place at the right time according to different industries' requirements through its vertical classification system which carries different advertisements and supported by figures from such authorities as NIELSEN ON LINE, Double Click and etc. As of the end of 2008, VODone BUS had over 100,000 member websites. According to the independent monitor data prepared by AC Nielsen, VODone BUS enjoys daily page view of over 150 million with 25 million VODone broadcasts covering over 2 million websites across China.

VODone Broadband is VODone's own platform for broadcasting self-produced programmes and those of its cooperative partners. Its live, news, entertainment, finance and sports programmes are increasingly popular among netizens. VODone's UGC platform allows users to upload content to the web and its cooperation with Microsoft Network China (msn.vodone.com) has gained encouraging response as evidenced by over 2,000 programmes being uploaded by different users everyday. VODone also has its own professional team with technical experts in production, broadcasting and transmission, enabling it to broadcast live videos via Internet and satellite. So far, VODone has broadcasted thousands of domestic and international political, economic, cultural and commercial activities over the Internet. VODone is broadcasting China to the world and the world to China. VODone Portal also has popular gaming and lottery channels catering the needs of netizens and mobile users.

VODone is determined to become the largest Internet news broadcasting platform in China, integrating upscale lifestyle channels with the functions of media and community.

VODone IR website: http://ir.vodone.com

SOURCE VODone Limited

Source: PR Newswire

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