TAIPEI, Taiwan, Feb. 10, 2012 /PRNewswire-Asia/ -- GigaMedia
Limited (NASDAQ: GIGM) ("GigaMedia") announced today initial
progress in new management's plans to build a new Giga and drive
shareholder value.
The company's turnaround plans, driven by Chief Executive
Officer John Stringer, are based on
an explicit decision-making framework with clear objectives:
effectively managing cash, maintaining the company's listing on
NASDAQ, and executing a new strategic growth plan.
Teams across new Giga are taking immediate, decisive and
consistent action against this framework, transforming the
business.
As part of efforts to better manage cash, steps to improve focus
and establish new KPIs are underway, all of which is expected to
produce cost synergies and enhanced efficiencies. The company is
currently merging its Hong Kong
offices. The project is expected to be completed this month;
GigaMedia headquarters will remain in Taipei, Taiwan. New management is also
reassessing the roles of the company's business units.
The company also announced today that without execution of a
reverse stock split it has regained compliance with NASDAQ's
minimum bid price listing requirements. This represents further
progress in achieving new management's major objectives and turning
around the company; it also underscores new management's confidence
in the value of new Giga.
Additional details on new management's turnaround plans will be
provided going forward, including on GigaMedia's fourth-quarter
conference call, anticipated in the second half of March.
About GigaMedia
GigaMedia Limited (Singapore
registration number: 199905474H) is a major provider of online
entertainment software and services. Through its subsidiaries,
GigaMedia develops and operates a suite of online games in
Asia, covering all regions of
Greater China and Southeast Asia. More information on GigaMedia
can be obtained from www.gigamedia.com.
The statements included above and elsewhere in this press
release that are not historical in nature are "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. GigaMedia
cautions readers that forward-looking statements are based on the
company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those
contained in such forward-looking statements. Information as to
certain factors that could cause actual results to vary can be
found in GigaMedia's Annual Report on Form 20-F filed with the
United States Securities and Exchange Commission in June 2011.
For further information contact:
Brad Miller, Investor Relations
Director
Tel: +886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited