The TOM Group ("the Company" or "TOM") announced that since the Company is unable to conduct any meaningful due diligence investigation on Asia Television ("ATV"), TOM has served termination notices to Lai Sun Development Co. Ltd. ("Lai Sun") and eSun Holdings Limited ("eSun"). TOM has reached mutual agreement with Lai Sun and eSun to terminate the memoranda of understanding signed on July 9, 2002 under which TOM agreed to purchase interests in ATV and HKATV.com Limited held by Lai Sun and eSun respectively.
The TOM Group reiterated that it adopts a prudent and disciplined approach to all its investments. It is also important that partners in any investment share the same view in the development and direction of the business.
Press Enquiry:
Rachel Chan, The TOM Group
Tel: (852) 2121 7810; Fax: (852) 2127 7576
E-mail: rachelc@tomgroup.com
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