Value Microcaps Motherboard

[stock_peeker]

CCME: Strong vote of confidence by Starr investors.

FUJIAN, China--(BUSINESS WIRE)-- China MediaExpress Holdings, Inc. (NASDAQ: CCME), China’s largest television advertising operator on inter-city and airport express buses, today announced that Starr International Company, Inc. (“Starr International”), through its wholly-owned subsidiary Starr Investments Cayman II, Inc. (“Starr Cayman”), has completed the exercise of 1,545,455 of CME common stock purchase warrants, held since January 2010.

Each warrant was exercised into one share of CME common stock at $6.47 each. CME received net proceeds from the warrant exercise of $10 million. As of today, there are approximately 36.9 million shares of CME common stock issued and outstanding.

Starr International became one of the major investors in CME since January 2010, having invested, through Starr Cayman, $30 million in the form of 1,000,000 shares of CME Series A Convertible Preferred Stock at $30.00 per share, together with 1,545,455 of CME common stock purchase warrants. In addition, in October 2010, Starr International, through Starr Cayman, purchased an aggregate of 1.5 million shares of the Company’s common stock in two private transactions.