Acorn International Announces Appointment of Independent Financial Advisor and Legal Counsel to Special Committee

SHANGHAI, Jan. 22, 2020 /PRNewswire/ -- Acorn International, Inc. ATV ("Acorn" or the "Company"), a leading marketing and branding company in China, today announced that the special committee of independent directors of the Company's board of directors, consisting of Urs P. Zimmerman, Jenny Hseau-Jean Wang and Eric Haibing Wu (the "Special Committee"), has retained Duff & Phelps, LLC and Duff & Phelps Securities, LLC as its independent financial advisor and Sheppard Mullin Richter & Hampton LLP as its legal counsel. The Special Committee was formed to consider the preliminary non-binding "going private" proposal set out in a November 4, 2019 letter from Mr. Robert W. Roche, Executive Chairman of the Company (the "Proposal").

The Board cautions the Company's shareholders and others considering trading in its securities that no decisions have been made with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be reached or executed, or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

About Acorn International, Inc.

Acorn International is a leading marketing and branding company in China, leveraging a twenty-year direct marketing history to monetize brand IP, content creation and distribution, and product sales, through digital media in China.

For more information visit www.acorninternationalgroup.com.

Safe Harbor Statement

This news release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "estimates," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," "potential," and similar statements. Such statements are based on current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond control, which may cause actual results, performance, actions, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

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SOURCE Acorn International, Inc.