UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 18, 2005
CHINA CABLE & COMMUNICATION, INC.
(Exact name of registrant as specified in its charter)
Delaware 002-98997-NY 11-2717273
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
No. 22 Bei Xin Cun Hou Street, Xiang Shan, Haidian District, Beijing 100093,
the People's Republic of China N/A
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (86) 10-8259-9426
N/A
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On March 2, 2004, the Registrant announced that it had entered into a
letter of intent to acquire Macau Media Holdings Ltd. ("MMH") in a stock and
cash transaction. MMH holds 2 of the 28 landing rights licenses granted in 2003
for direct satellite broadcast into Chinese hotels and Expat complexes issued by
the China State Administration for Radio, Film, and Television ("SARFT") and MMH
has applied to renew its licenses for 2004. MMH estimates that its network has
approximately 150 million potential viewers in China. The purchase price for MMH
was originally to consist of $3,000,000 in cash and 8,500,000 shares of the
Registrant's common stock, but the Registrant's common stock is currently
trading at a lower price and the letter of intent is currently not binding. The
Registrant made a $3,000,000 refundable deposit pursuant to the letter of intent
with MMH. Beginning on April 1, 2004, the owner of MMH had the right to
negotiate with other parties for the acquisition of MMH, and there was no
assurance that this transaction would be consummated. The Registrant does not
contemplate that the above described acquisition will be completed. As a result
of our due diligence, on February 16, 2005, the Registrant requested the return
of its $3,000,000 refundable deposit (the "Deposit"). On March 7, 2005, MMH
confirmed that they would be able to repay $1,500,000 of the Deposit within the
next six months. However, MMH could not confirm when the remaining $1,500,000 of
the Deposit would be repaid. On April 18, 2005, the Registrant's board of
directors and the Registrant's auditors determined that it is appropriate to
write-off $3,000,000 of the refundable Deposit because the Registrant is
uncertain as to whether it would ever be able to recover the full amount of the
Deposit from MMH. Such write-off will be reflected on the Registrant's financial
statements to be included in its Annual Report on Form 10-KSB for the year ended
December 31, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CHINA CABLE & COMMUNICATION, INC.
(Registrant)
/s/ Raymond Ying-Wai Kwan
Date: April 20, 2005 -------------------------------------
Raymond Ying-Wai Kwan
Chief Executive Officer