ChinaNet (CNET) Says Founder, Management Did Not Sell Shares in Recent Transaction

August 17, 2012 7:33 AM EDT Send to a Friend
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ChinaNet Online Holdings, Inc. (Nasdaq: CNET) provided clarification to the press release distributed on August 13, 2012 titled "ChinaNet Online Holdings Adds New Strategic Investor".

The original release stated that one of the Company's founding shareholders entered into a stock purchase agreement with the founder and Chairman of Ever Bright Investment Capital and another accredited investor, pursuant to which the founding shareholder sold 1,279,080 shares of common stock of the Company for $3 million, or approximately $2.35 per share.

To clarify, Star (China) Holdings Limited entered into a stock purchase agreement with the founder and Chairman of Ever Bright Investment Capital and another accredited investor, pursuant to which Star Holdings sold 1,279,080 shares of common stock of the Company for $3 million, or approximately $2.35 per share.

Please note that Management and founding shareholders of ChinaNet are not affiliated with Star Holdings and did not sell any share in this transaction.


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