China Digital TV Announces Management Changes - Jun 30, 2015

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China Digital TV Announces Management Changes

Jun 30, 2015

BEIJING, June 30, 2015 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today announced the appointment of Mr. Jianhua Zhu, co-founder of China Digital TV and a director of the Company's board of directors (the "Board"), as chief executive officer ("CEO") of the Company, effective June 30, 2015. Mr. Zhu replaces Dr. Zengxiang Lu, who has resigned from his position as acting CEO, effective June 30, 2015, and will remain chairman of the Board.

In addition, Dr. Jian Han has tendered his resignation as chief technology officer ("CTO") of the Company, effective June 16, 2015. Dr. Han's responsibilities as CTO will be delegated amongst the executive management team. Dr. Han will continue to serve as general manager of Cyber Cloud, a subsidiary of the Company.

"On behalf of the company, I would like to thank Dr. Lu for his service as acting CEO over the past year and his tremendous efforts in leading the Company," stated Mr. Jianhua Zhu, China Digital TV's chief executive officer. "As a co-founder of China Digital TV, Dr. Lu has been a key contributor to the Company's growth and positioning as a market leader. We look forward to his ongoing contributions in the development of emerging technologies and the strategic planning for the Company."

Mr. Zhu continued, "I would also like to thank Dr. Han for his significant contribution to our growth and development over the years as CTO. We look forward to his continuing support as general manager of our subsidiary Cyber Cloud, where Dr. Han will continue to focus on building the cloud platform business, a critical growth engine for us, as we evolve into a diversified cable TV service provider."

About China Digital TV

Founded in 2004, China Digital TV enables television network operators to manage, extend and diversify content services across households and public areas in China. China Digital TV is the leading provider of cloud-based application platforms and network broadcasting platform ("NBP") services to Chinese cable operators, helping them to effectively bring mobile gaming apps and other entertainment options to household television sets, and extend cable programming outside the home to any mobile device. China Digital TV is also the leading provider of CA systems in China's digital television market. CA systems enable television network operators to secure the delivery of content to their subscribers. The Company cooperates with nearly all of China's cable television operators.

For more information please visit the Investor Relations section of China Digital TV's website at http://ir.chinadtv.cn.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended.  Such forward-looking statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "may," "should" and similar expressions. Such forward-looking statements include, without limitation, statements regarding the outlook for the second quarter of 2015 and comments by management in this announcement about trends in the CA systems, digital television, cable television and related industries in the PRC and China Digital TV's strategic and operational plans and future market positions. China Digital TV may also make forward-looking statements in its periodic reports filed with the Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about China Digital TV's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from projections contained or implied in any forward-looking statement, including but not limited to the following: competition in the CA systems, digital television, cable television and related industries in the PRC and the impact of such competition on prices, our ability to implement our business strategies, changes in technology, the progress of the television digitalization in the PRC, the structure of the cable television industry or television viewer preferences, changes in PRC laws, regulations or policies with respect to the CA systems, digital television, cable television and related industries, including the extent of non-PRC companies' participation in such industries, and changes in political, economic, legal and social conditions in the PRC, including the government's policies with respect to economic growth, foreign exchange and foreign investment.

Further information regarding these and other risks and uncertainties is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. China Digital TV does not assume any obligation to update any forward-looking statements, which apply only as of the date of this press release.

For investor and media inquiries, please contact:

China Digital TV Holding Co., Ltd.
Nan Hao
Investor Relations Manager
Tel: +86-10-6297-1199 x 9780
Email: ir@chinadtv.cn

ICR, Inc.
Charles Eveslage
Tel: +1 (646) 328-1950
Email: stv@icrinc.com

 

 

SOURCE China Digital TV Holding Co., Ltd.