TAIPEI, Taiwan, Sept. 24, 2012 /PRNewswire/ -- GigaMedia Limited
(NASDAQ: GIGM) announced today that games industry veteran
Steve Tsao has joined GigaMedia as
president and chief operating officer of the company's FunTown
online games business.
Mr. Tsao has a proven track record in the online games business,
having co-founded and grown two publicly listed game companies. Mr.
Tsao co-founded United Arab
Emirates-based Tahadi Games and led the company from
November 2008 to December 2011 as chief executive officer. During
that time, Tahadi expanded its operations to four different
countries; valuation increased more than five times. Prior to that,
Mr. Tsao co-founded IP E-Games in the
Philippines. Under his leadership as a director and
president, the company grew in four years from a start-up to a
publicly traded market leader in Southeast Asia. Mr. Tsao was also founder,
director, and chief operating officer of IP-Ventures Group from
2004 to 2008, an investment incubator focused on technology and
media companies in Southeast Asia.
He holds a Master of Business Administration degree from the
Franklin W. Olin Graduate School of Business at Babson College and a Bachelor of Science degree in
chemical engineering from the University of
New Hampshire.
"Steve is the real deal: a great strategic thinker with strong
operational skills and an avid gamer/successful entrepreneur who
knows how to win -- all the skills, qualities and experience we
need to build New FunTown," stated GigaMedia Chief Executive
Officer John Stringer. "Steve is
already driving change to reinvigorate and strengthen New FunTown,
positioning our games business for an improved 2013."
"FunTown has great opportunities to grow and create a new
business model; our MahJong is renowned in Taiwan and our ARPU from casual games is
exceptional," stated FunTown President Steve Tsao. "We intend to capitalize on the
value of our brand and our skill in monetizing games as we extend
FunTown's platform to Web/mobile games."
"We are focused on leveraging our assets, updating our products,
and increasing our efficiencies," stated FunTown President
Steve Tsao. "We are also beginning
to rebuild development capabilities and explore growth
opportunities outside Taiwan."
"As a result, FunTown is on track for improved top and bottom
lines in the third quarter compared to the second quarter of 2012,"
stated FunTown President Steve Tsao.
"We are also optimistic of delivering sequential growth in the
seasonally strong fourth quarter."
About GigaMedia
Headquartered in Taipei,
Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is
a diversified provider of online games and cloud computing
services. GigaMedia's online games business develops and operates a
suite of games in Asia, with focus
on Web-based/mobile games in emerging markets. The company's cloud
computing business is focused on providing SMEs in Greater China with critical communications
services and IT solutions that increase flexibility, efficiency and
competitiveness. 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 April
2012.
For further information contact:
Brad Miller, Investor Relations
Director
+886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited