tag:blogger.com,1999:blog-4815867514277794362.post7085466401669525648..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: China Media Express: The Wall Street Drama continuesJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger36125tag:blogger.com,1999:blog-4815867514277794362.post-62382562027286239542011-02-15T04:35:15.982+11:002011-02-15T04:35:15.982+11:00Stephen:
One or two words to the bus advertising. ...Stephen:<br />One or two words to the bus advertising. Two or three years ago it became very popular by the local bus operators in Germany and many buses and tubes were equipped with it. BUT effectively only in the large cities as Hamburg or Munich their are advertising. And even there only on the main routes. In the smaller cities they either advertise their own bus company or the screens are switched off. Though... this is unfair, once in a while a local lawyer or plumber publicises his adress on the screen.<br /><br />And the cash strapped municipality and the adverting company share the same goal, many viewers. A win-win situation. <br /><br />Just for a thought: In economic hard times big newspapers buy advertising space from each other.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-9061781667322629822011-02-06T13:29:28.542+11:002011-02-06T13:29:28.542+11:00Check out Star agreement with CCME's founders....Check out Star agreement with CCME's founders. The penalty is so severe. Do you think MW's 17m revenue is possible ? In other words, DO you think CCME's founder take the chance to LIE for 3 years to dump his stocks ???<br /><br />http://www.sec.gov/Archives/edgar/data/1399067/000114420410002409/v171261_8k.htm<br /><br />The Founding Stockholders will be required to pay certain Performance Adjustment Amounts to Starr in the event the Company’s audited consolidated net profits (“ACNP”) for 2009, 2010 or 2011 are less than US$42,000,000, US$55,000,000 and US$70,000,000, respectively (each, a “Profits Target”). The Performance Adjustment Amount payable in any of 2009, 2010 or 2011 will be a fraction of US$343,462,957 proportionate to the amount by which the Company’s ACNP in such year falls short of the then applicable Profits Target. The Performance Adjustment Amounts will be payable in cash or stock, but only to the extent such stock, together with the shares of Common Stock acquired or acquirable as a result of Starr’s ownership of the Purchased Shares, the Purchased Warrants and the Transferred Shares, will not exceed 19.9% of the total number of shares of Common Stock issued and outstanding as of the date of the Purchase Agreement.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-9367974863104987852011-02-05T03:30:14.675+11:002011-02-05T03:30:14.675+11:00Why I bought 200,000 shares yesterday...
It's ...Why I bought 200,000 shares yesterday...<br />It's all about following the money. <br />The cash is in the bank. $170M as of 9/30/10 and over $200M now. <br />DT has verified the cash. Starr has verified the cash. Numerous banking analysts have verified the cash. <br />MW, Citron, et al would have us believe that the founder of CCME sneakily, fraudulently injected $100M of his own money into the company bank account over the past 12 months, pretending that the $100M was earnings. It would have to have been freakishly complicated, making it look like all that money came from umpteen different customers, customers that none of the sales people had actually sold anything to. Seriously, take a moment and try to imagine how hard it would be to inject $100M of cash into the company and make it look like it came from real customers. <br />And why would the founder have injected $100M of his own money to perpetrate this massive fraud, a fraud for which he could be executed? He put in all this CASH in order to earn more SHARES. Shares which he could only sell years later after additional Deloitte audits, which could only be sold to institutional investors who would examine the company's books and operations with a magnifying glass. <br />I'm sorry, but no. Makes zero sense. No, it's worse than that. It's a retarded concept. <br />The way frauds work is the opposite... the founder DOES NOT put cash into the company. He takes CASH OUT of the company. He inflates inventory and a/r to pretend there are earnings that aren't really there. He does secondary offerings to raise cash for the company. He pockets this cash by buying related parties at inflated values. That kind of thing. <br />I feel really, really bad for everyone who sold yesterday based on Citron's and MW's maliciously fraudulent reports. They knew they were lying. They knew were bankrupting people. I believe they will pay.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-72697810243991349872011-02-04T11:08:07.908+11:002011-02-04T11:08:07.908+11:00Kent,
'Ever get the feeling you've been c...Kent,<br /><br />'Ever get the feeling you've been cheated?<br /><br />Good Night.'Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-37404442917497925932011-02-04T06:51:29.449+11:002011-02-04T06:51:29.449+11:00http://www.muddywatersresearch.com/research/
Mud...http://www.muddywatersresearch.com/research/<br /><br /><br />Muddy Waters Initiating Coverage on CCME – Strong Sell<br /><br />Published: February 3, 2011 <br /><br />Muddy Waters LLC has initiated coverage on China MediaExpress Holdings, Inc. (CCME) with a Strong Sell rating and an estimated value of $5.28.<br /><br />Muddy Waters, LLC believes that CCME is engaging in a massive “pump and dump” scheme whereby it significantly inflates revenue and profits in order to enrich management through earn-outs and stock sales. <br /><br />We estimate that CCME’s actual 2009 revenue was no more than $17 million (versus $95.9 million it reported). <br /><br />The data CCME provides to advertisers shows that it has fewer than half of the 27,200 buses it claims to have. <br /><br />The CTR reports that the Company uses to support its claims contain gross errors that we conclude are due to manipulation by the management. <br /><br />We estimate that over half of CCME’s network buses do not actually play CCME content. Rather, drivers play DVD movies that are often provided by passengers. <br /><br />We caught CCME’s management telling a particularly egregious lie – that its new website (www.switow.com) has entered into an agreement with Apple (or one of Apple’s) distributors. Neither is true. <br /><br />Similar to RINO, CCME is an obscure company in its industry. Media buyers who would have to know it if CCME were to be believed have never even heard the Company’s name before. <br /><br />CCME’s core audience is sub-Greyhound Bus demographic.Zeroskillsnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-49917418713663414092011-02-04T06:11:14.354+11:002011-02-04T06:11:14.354+11:00Well the Muddy Waters report sure has decimated th...Well the Muddy Waters report sure has decimated this stock today.<br /><br />Will be interesting to see what Deloitte does come March.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-2008928992160112812011-02-04T01:39:03.291+11:002011-02-04T01:39:03.291+11:00Ryan
Let say it is a fraud - let's just specu...Ryan<br /><br />Let say it is a fraud - let's just speculate on how much the share will be worth. If they inflated their numbers then theoretically when this is all discovered, the stock price will pullback to reflect the true value of the business - let's say this is 50% of the stock value. <br /><br />Find a number that you know you won't blink your eyes or loose sleep when 50% of it is gone. That's how much you should be putting in for Chinese companies these days. <br /><br />If it's not fraud, then you can expect it to rise many folds - <br /><br />So don't let greed cloud our minds. Let's speculate with the right amount of resources and balance it out with other good stocks.G17noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-59811866690982312582011-02-04T01:21:07.058+11:002011-02-04T01:21:07.058+11:00John, you mean to tell me Deliotte is missing the ...John, you mean to tell me Deliotte is missing the cash balance? or its is being faked in front of their own eyes?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-29896135246094164412011-02-04T00:09:47.031+11:002011-02-04T00:09:47.031+11:00"I have the impression fraudulent companies o..."I have the impression fraudulent companies often are surprisingly stupid."<br /><br />Well, I don't think they are stupid. If this is fraudulent, I would have to say it is quite impressively construed. Which is why drawing attention with a return on equity that high seems to me to be inconsistent with that notion, at least in my mind. Of course, it doesn't prove anything in the least... but I mention it because it is one of the oddities that has stuck in my gut. And, given the videos I've seen and the actions of the company, thus far I feel that it is consistent. When the Citron report came out, I was very happy with the response of the company, which was pretty consistent with the picture of the company that I'm getting.<br /><br />--<br /><br />By the way, thanks for that video G17. I found that to be very informative. Combined with some other videos and documents posted by a user named wctbills on a yahoo board... <br /><br />http://ccme-info.xanga.com<br /><br />I think your lines of thinking are where I'm at as well. I don't think it's a question of whether the company exists, but rather "general business practices" that we may be unfamiliar with. I like to think, maybe wishfully, that having DT as auditor, as well as the presence of Starr, Northland, GH... should provide a level of comfort in that regard. At a certain point of question things I just start to feel paranoid though. What are your thoughts?<br /><br />At any rate, thanks for the advice. It has definitely gone into the folder... ;)<br /><br />RyanRyannoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-51292783489106754402011-02-03T13:17:16.870+11:002011-02-03T13:17:16.870+11:00Hi Everybody
Interesting discussions here - I gue...Hi Everybody <br />Interesting discussions here - I guess only time will prove if it is a fraud or real.<br />I just thought it's interesting that there is this video from 3 years ago posted on Yuku - it's a Chinese entertainment program (kind of like the US equivalent of 'who wants to be a millionaire' or 'are you smarter than a 6 grader') where the host is interviewing a shortlist of candidates for working for CCME. I think about 5 seconds into the video there's a banner of CCME on the table; and if my mandarin serves me well, it's the VP of ccme attending as a guest, along with other guests. <br />I just think for a company that wants to be fradulent it would seem like a lot of effort to go out there and do this kind of programs-<br />I think the company exists and they run the business and am sure they are making profits.<br />Whether the numbers are real - you gotta take it with a pinch of salt. <br />Keep in mind a lot of Chinese business practice is different from that of North America - sometimes what we might consider as questionable practice to them it is just the way things have been done in the last few years. I think as long as the business is making money and growing, it's okay.<br />whether you give it the full value like you would for an otherwise US-equivalent company is for you to decide.<br /><br />video link :<br /><br />http://v.youku.com/v_show/id_XODI0NzI5Ng==.htmlG17noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-76310334257023178752011-02-03T10:04:49.475+11:002011-02-03T10:04:49.475+11:00> Blank Xavier - The fact that the
> blogge...> Blank Xavier - The fact that the <br />> blogger has been convicted of <br />> securities fraud, petty theft, <br />> etc. is relevant because he <br />> presents no facts, just <br />> insinuation and his own <br />> conclusions based on a few Google <br />> searches.<br /><br />I don't have a problem with this (although I don't know the truth behind it or not; I know nothing of the man or what he has done).<br /><br />The fact remains however I would not -vitriolically attack such a man-, whether or not I knew these things, and I would be suspicious of someone who did.<br /><br />I don't go around yelling at the top of my voice that, say, ants are small. I -know- ants are small. If someone is a fraud and I know it (to the extent that I can know anything, at any rate), then I would simply say so.<br /><br />When someone goes beyond that, something else is usually at work.<br /><br />(BX)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-34293611782981993112011-02-03T10:01:56.975+11:002011-02-03T10:01:56.975+11:00> The second, is that if I were in
> their ...> The second, is that if I were in <br />> their shoes, and it were <br />> fraudulent... It would be very <br />> difficult to walk the line they <br />> are walking. First, if it were <br />> fraudulent, these levels of <br />> profitability would draw alot of <br />> attention...<br /><br />I have the impression fraudulent companies often are surprisingly stupid.<br /><br />(BX)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-41728612273655358512011-02-03T06:59:01.038+11:002011-02-03T06:59:01.038+11:00'So it is his judgment against others' jud...'So it is his judgment against others' judgment, and in his framing of the issue it is his integrity against others' integrity. '<br /><br />This couldn't be more false. Either the company is fraudulent or it isn't. Either they earned $170m of cash through profitable enterprise or they didn't. <br /><br />Your 'appeal to authority' is one of the very weakest arguments extant.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-22812450356119904132011-02-03T06:57:44.853+11:002011-02-03T06:57:44.853+11:00Enron, Parmalat, Adelphia, WorldCom, ACLN, Fannie ...Enron, Parmalat, Adelphia, WorldCom, ACLN, Fannie [$10bn earnings fraud], and a host of others had known accounting firms, and backers just as rich and sophisticated and full of 'due diligence' [but 10-100x bigger] than Starr or *anyone* on CCME.<br /><br />Prentending otherwise by the longs is a giant, gaping flaw in their argument/rationality. People can't see their own blind spots or they wouldn't be defrauded.<br /><br />Of course, this doesn't make the shorts right, but it does mean the longs - who are strictly motivated by financial gain *by definition* - are not the angels they purport to be, and siginificantly less rational in the vast majority of cases. <br /><br />No position, former long.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-12349659865010650122011-02-03T03:42:26.221+11:002011-02-03T03:42:26.221+11:00Blank Xavier - The fact that the blogger has been ...Blank Xavier - The fact that the blogger has been convicted of securities fraud, petty theft, etc. is relevant because he presents no facts, just insinuation and his own conclusions based on a few Google searches. So it is his judgment against others' judgment, and in his framing of the issue it is his integrity against others' integrity. <br /><br />The blogger has attacked the credibility of the CCME management, Deloitte Touche, CV Starr, Global Hunter, Northlands Securities, and many on-the-ground researchers of this company. He even attacked a perfectly fine Chinese company, Shanghai Apollo. He did this in order to generate selling pressure on the stock, so he could cover his short position into the selloff - a classic pump and dump.<br /><br />That is the reality. If you can't see this for what it is, you are either naive or are playing along for your own gain.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-82308845276019680742011-02-03T02:12:36.335+11:002011-02-03T02:12:36.335+11:00Thankyou for your insightful article. I am long i...Thankyou for your insightful article. I am long in the stock, but also have a small position. I have, however, found your analysis to be much more honest and reflective of the situation than most. <br /><br />There are a couple of reasons why I am long. The first, is the groundwork done by deloitte, and others... which is known by everyone here so it's a mute point to start a shouting match over that... <br /><br />The second, is that if I were in their shoes, and it were fraudulent... It would be very difficult to walk the line they are walking. First, if it were fraudulent, these levels of profitability would draw alot of attention... the kind of attention that a fraudulent company would not want. It would be much more preferable to be "above average"... for example, like CSKI. There are a number of other things that strike me as odd, but in a good way about the situation as well.<br /><br />However, like you mentioned, it's a tough call in some respects. It's not like investing in the US where you can just go investigate it yourself, and since we're basically relying on sloppy google translations for research it makes the research precarious at best. Best of luck John. I've appreciated your frank commentary.<br /><br />RyanRyannoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-2367981884619634262011-02-02T19:48:16.335+11:002011-02-02T19:48:16.335+11:00> It's a fact. Andrew Left is a
> convi...> It's a fact. Andrew Left is a <br />> convicted thief and fraudster. His <br />> most recent arrest was on December <br />> 23, 2010.<br /><br />I don't dispute factuality.<br /><br />I'm looking at bias/subjectivity.<br /><br />It's the difference between, say, being a historian and a revisionist.<br /><br />A historian is unbiased and factual. He tries to hold a view based purely on the information available. He doesn't vitriolically slag off people who've come to different conclusions (based on the same facts).<br /><br />This is obvious, so I'm concerned also with you.<br /><br />I note you then also say;<br /><br />> Yet it is somehow improper to <br />> point out that the accuser is <br />> not only alleged to have <br />> committed theft and fraud, but <br />> has been found guilty of those <br />> crimes?<br /><br />-NO ONE- here has said this or taken this view. Perhaps those who are revisionists cannot understand a historian, because they see everything in terms of for-and-against; the idea of being unbiased is alien.<br /><br />I believe you are trying to cloud the issue.<br /><br />(Blank Xavier)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-36282352347541756332011-02-02T18:05:22.149+11:002011-02-02T18:05:22.149+11:00To my thinking the matter is easy... whom should I...To my thinking the matter is easy... whom should I trust: a)reputable analysts with boots on the ground and a big 4 audit firm carrying direct liability and risking client losses, or b) a blogger with NFA and civil fraud judgments doing some googling in a language he neither reads nor speaks?<br /><br />I really don't get the debate.Michael Cnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-61776774368630111352011-02-02T17:20:39.844+11:002011-02-02T17:20:39.844+11:00John, you question the profitability of CCME and m...John, you question the profitability of CCME and marvel that 'TVs on buses' could generate these earnings. Why do you have to describe the ad network in a condescending manner? Would it make you feel less amused if CCME branched out to 'TVs on elevators'? Sounds crazy, but FMCN is just as profitable with their elevator ad network. Read Millstone comment above, he even posted FMCN's LCD ad network numbers for you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-16468923086336424192011-02-02T15:11:56.496+11:002011-02-02T15:11:56.496+11:00To "another value investor".
Why not st...To "another value investor".<br /> Why not start off more modestly? Instead of saying broadly that those reports "refute" Mr Hempton's "claims", why not start by listing just ONE specific claim by Hempton that is refuted: quote the claim, the provide the refuting evidence.<br />Just one? Must be easy, since _all_ the claims are "refuted", right? Just one? Any one?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-89130877382500582862011-02-02T08:37:51.009+11:002011-02-02T08:37:51.009+11:00FWIW, there are analyst reports from Global Hunter...FWIW, there are analyst reports from Global Hunter securities and Northland securities on CCME, updated today:<br /><br />http://www.megaupload.com/?d=7VJFGGSX<br />https://ghsecurities.bluematrix.com/docs/pdf/4b261a09-1768-43bc-ad28-8c669e92e678.pdf?co=Ghsecurities&id=ghsresearch<br /><br />I generally have low opinion of analysts and their forecasts, but in this case they have done a lot of on-the-ground research that refutes your claims.another value investorhttps://www.blogger.com/profile/07659083327214275843noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-88006719860566094072011-02-02T07:16:13.129+11:002011-02-02T07:16:13.129+11:00It's a fact. Andrew Left is a convicted thief...It's a fact. Andrew Left is a convicted thief and fraudster. His most recent arrest was on December 23, 2010.<br /><br />Left makes an allegation, based on nothing but Google searches by someone that doesn't understand Chinese, that claims this company, its officers, and its auditor are guilty of securities fraud. Yet it is somehow improper to point out that the accuser is not only alleged to have committed theft and fraud, but has been found guilty of those crimes? I'd say it is more than relevant.<br /><br />Andrew Left is profiting from his accusations by manipulating the share price in his own interest. He is a 2-bit pump and dump manipulator, as ethically challenged as they come. His mugshot is online, not hard to find.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-72710254533002474102011-02-02T03:10:38.337+11:002011-02-02T03:10:38.337+11:00> than the shady, ethically-
> challenged an...> than the shady, ethically-<br />> challenged and fact-challenged <br />> Andrew Left of Citron,<br /><br />I find it hard to take an argument seriously when it opens with a childish attack on someone who holds an opposing view.<br /><br />(Blank Xavier)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-51135806389618549382011-02-02T01:20:52.360+11:002011-02-02T01:20:52.360+11:00Part two of Global Hunter special d.d. note (Feb 1...Part two of Global Hunter special d.d. note (Feb 1, 2011), continued:<br /><br />Reviewed various contracts and other channel checks. We have in the past few months reviewed the company’s list of customers and bus operators. We reviewed the company’s contracts with advertisers and bus operators, rate cards, and we have also reviewed the company’s bank statements. We talked to CTR, an independent market research firm, who monitors over 70% of the media companies in China. CTR is conducting a comprehensive research on CCME, which evaluates the company’s business model, market share, customer feedback, and media value. We expect CTR to issue such research within the next month. We also learned Deloitte has done its initial part of the annual audit, and will continue after the Chinese New Year holiday. We expect the company to issue audited annual report in early March.<br /><br />Maintain Buy. During the last seven months, we have done extensive due diligence. We interviewed a number of advertising customers, bus operators, and the company’s regional managers. We also talked to CTR, the third-party market research firm, visited Starr International’s office in Shanghai and talked to the company’s independent auditor, Deloitte. We have taken CCME’s buses in different cities and checked its advertisements and programs. We have also looked at CCME’s contracts with customers and bus operators, and government certificates and documents. We feel comfortable with CCME’s business and continue to believe in its growth potential. We therefore maintain our Buy rating and $26 price target.<br /><br />Global Hunter Securities, LLC<br />Fort Worth | Houston | New York<br />Newport Beach | New Orleans | San Francisco<br />New York Sales & Trading: (212) 415-4721<br />Newport Beach Sales & Trading: (949) 274-8050<br />Research: (949) 274-8052<br />www.ghsecurities.comTimothy Conwaynoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-4145722345380645432011-02-02T01:19:42.631+11:002011-02-02T01:19:42.631+11:00This morning, Feb. 1, 2011, the independent analys...This morning, Feb. 1, 2011, the independent analyst firm Global Hunter, which has done MASSIVE more d.d. on CCME than the shady, ethically-challenged and fact-challenged Andrew Left of Citron, AGAIN reiterated another note to the investment community about their EXTREMELY thorough d.d. on CCME and reiterated their "Buy" rating (strongest of 5 ratings in their approach).<br /><br />Here's the note (this one also in two parts due to space limitations at this blog):<br /><br />CHINA MEDIAEXPRESS HOLDINGS, INC. (Buy)<br /><br />CCME: Continued due diligence on CCME reinforces our thesis; Reiterate Buy. <br /><br />Ping Luo, CFA Senior Analyst | 646-264-5688 | pluo@ghsecurities.com<br />Jodi Dai Associate Analyst | 646-264-5666 | jdai@ghsecurities.com<br />February 1, 2011 <br /><br />Summary: We are currently on a due diligence trip in China and as part of our ongoing work on CCME, we talked again to a number of advertisers and bus operators and observed CCME's buses during this trip. We also checked government certificates/documents and the ranking from China Advertising Association, which in 2009 ranked CCME #6 in China by outdoor advertising revenue. During the last seven months, we have done extensive due diligence on the company, including interviews with advertising customers, bus operators, regional managers and CTR, an independent market research firm. We have visited Starr International and talked to the company’s independent auditor, Deloitte. We feel comfortable with CCME’s business and continue to believe in CCME’s growth potential. We maintain our Buy rating and $26 price target. <br /><br />Highlights<br />Interviews with advertisers and bus operators. In the last few days, we talked to a number of CCME’s customers and bus operators. The advertiser customers we spoke to confirmed their 2010 revenues with CCME, and stated that they continued working with CCME in 2011. Among the customers, Shanghai Apollo, a company owned by Shanghai People’s Fine Arts Publishing House, a state-owned company with 50+ years history and strong industry relationships, confirmed that they bought approximately 7 minutes (~RMB50MM revenue) in 2010 and expect to buy similar amount of advertising time from CCME in 2011. These advertisers and bus operators confirmed that CCME is the only inter-city bus media company with a national coverage and quality services.<br /><br />Experiencing the bus rides. We again rode on the company’s airport buses in different cities. The following videos in Guangzhou and Chengdu airports, which are similar to our experiences, we believe can give investors a feel of CCME’s operations. http://www.soku.com/search_video/q_CCME.<br /><br />Checked government documents. We checked with China Advertising Association (CAA), an official government agency that all advertising platforms in China must register with. In 2007, CAA ranked CCME’s operating entity Fujian Fenzhong Media #15 by total advertising revenue http://www.cnadtop.com/news/FHDT/2009/2/6/b98600ff-c4d3-4646-ab84-fe9a5764b33a.htm, and #6 by outdoor advertising revenue in 2009 http://www.cnadtop.com/news/vision/2010/8/2/578d5f78-6a1a-4ff3-aa7e-d6bf2fcd55d0_3.htm. The company is also a Class I Advertising Enterprise; we checked the company’s certificate issued by CAA. We have also reviewed the company’s five-year contract with TTAVC, an agency under the Ministry of Transport, which granted CCME the rights to operate copy rights protected contents on inter-city buses in the country.Timothy Conwaynoreply@blogger.com