Press release from PR Newswire
Acorn International Announces Insurance Business Cooperation Agreement with MetLife
Monday, November 26, 2012
Acorn International Announces Insurance Business Cooperation Agreement with MetLife08:00 EST Monday, November 26, 2012 SHANGHAI, Nov. 26, 2012 /PRNewswire/ -- Acorn International, Inc. (NYSE: ATV) ("Acorn"), a media and branding company in China engaged in developing, promoting and selling products through extensive direct and distribution networks, today announced that Acorn has entered into an Insurance Business Cooperation Agreement with Sino-US United MetLife Insurance Co., Ltd. ("MetLife"), a joint venture company established by certain wholly-owned subsidiaries of MetLife Inc.(NYSE: MET)and Shanghai Alliance Investment Ltd. MetLife Inc. is a leading global provider of insurance, annuities and employee benefit programs.Pursuant to the agreement in effect as of August 29, 2012, Acorn and MetLife will jointly promote and sell short-term accident insurance and health insurance to Acorn's customers within designated provinces in China. With over 8 years of experience in China, MetLife provides trusted and professional insurance products in over 20 cities across China through career agency, bank partners, direct marketing and group insurance channels. As a leading TV direct sales company in China, Acorn has promoted new retail business models over the past 14 years and has gained consumers' confidence with continuous innovation and new introductions of products and services. "We look forward to working with MetLife, whose US stakeholder, MetLife Inc., is a global leader in the insurance industry and a brand that reaches back for more than 140 years," said Mr. Don Yang, CEO of Acorn. "Based on the understanding on customers' requirements, collaboration between Acorn and MetLife will introduce Chinese consumers to a variety of trusted, reliable insurance products that meet the needs of China's rapidly evolving insurance marketplace. We are excited about leveraging our large-scale customer base and data mining capabilities to collaboratively expand the market for MetLife's products, advancing the mutual development of both companies.""We are a leader in the Telemarketing business among foreign and JV insurers in China, " said Bob Pei, CEO of MetLife in China. "It will be a thrilling opportunity to cooperate with Acorn in this area. We aim to serve Acorn's existing and potential customers with well-prepared insurance solutions and value-added services. With MetLife's expertise and profound experience in product design and customer-focused solutions, the collaboration will certainly benefit both MetLife and Acorn."Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995This press release contains "forward-looking statements"(within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, ) including, among other things, the anticipated benefits to Acorn from the collaboration with MetLife, and MetLife and Acorn's ability to introduce a variety of trusted, reliable insurance products to Chinese consumers that meet their needs. These forward-looking statements are not historical facts but instead represent only Acorn's current expectations and belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Acorn's control. Any statements that are not statements of historical fact or that are about future events may be deemed to be forward-looking statements. For example, words such as "may, " "will, " "should, " "estimates, " "predicts, " "potential, " "continue, " "strategy, " "believes, " "anticipates, " "plans, " "expects, " "intends, " and similar expressions are intended to identify forward-looking statements. Acorn's actual results or outcomes and other circumstances may differ, possibly materially, from those discussed in any forward-looking statements and Acorn may not recognize the anticipated benefits of the MetLife cooperation due to a variety of factors, including those described in Acorn's SEC reports, including its April 23, 2012 Form 20-F. Acorn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Acorn notes that forward-looking statements made in connection with this Insurance Business Cooperation Agreement with MetLife are not subject to the safe harbors created by the Private Securities Litigation Reform Act of 1995. Acorn is not waiving any other defenses that may be available under applicable law.About Sino-US United MetLife Insurance Company LimitedSino-US United MetLife Insurance Company Limited (MetLife) was incorporated as a joint venture company formed by a subsidiary of MetLife, Inc. and Shanghai Alliance Investment Ltd. (SAIL). Supported by the MetLife companies' experience in the insurance industry and SAIL's expertise in the Chinese market, MetLife is committed to provide the trusted and professional insurance solutions to consumers in China. MetLife offers life and accidental insurance and savings products to individuals in more than twenty cities all over China through career agency, bank partners, direct marketing and group insurance channels. For more information about MetLife, please visit the company's website at www.metlife.com.cn.SAIL is a state-owned investment company affiliated to Shanghai National Capital Bureau. By fully utilizing its resources and strengths, SAIL is focused on the investment in the financial services and high-tech industries. SAIL contributes to the national economic growth by committing itself to promote industry innovation and development in Shanghai, as well as national growth.MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.About Acorn International, Inc.Acorn is a media and branding company in China, operating one of China's largest TV direct sales businesses in terms of revenues and TV airtime, and other direct sales platforms and a nationwide distribution network. Acorn's TV direct sales platform consists of airtime purchased from both national and local channels. Acorn's other direct sales platforms include catalogs, third-party bank channels, outbound telemarketing center and e-commerce websites. Acorn has built a proven track record of developing, promoting and selling proprietary-branded products, as well as products from established third parties. For more information, please visit http://ir.chinadrtv.com.Contact: Contact: Acorn International, Inc.Ms. Judy HuangMs. Natalie LiPhone: +86-10-85180966 Ext.88352Phone: +86-21-51518888 Ext. 2540Email: firstname.lastname@example.org Email: email@example.com www.metlife.com.cn www.chinadrtv.comCCG Investor RelationsMr. Crocker Coulson, PresidentPhone: +1-646-213-1915 (New York)Email: firstname.lastname@example.orgSOURCE Acorn International, Inc.