BEIJING,
Oct. 1, 2014
/PRNewswire/ -- Qihoo 360 Technology Co. Ltd. ("Qihoo 360" or the
"Company") (NYSE: QIHU), a leading Internet company in China, today announced that its Board of
Directors has authorized the repurchase of up to US$200 million of the Company's American
Depositary Shares. The share repurchases are currently expected to
be made through open market purchases or privately negotiated
transactions as market conditions warrant, at prices the Company
deems appropriate, and in accordance with the Securities and
Exchange Commission requirements. The share repurchases will be
funded with the Company's existing cash reserves and ongoing cash
flow. The Company had approximately US$787
million of cash and cash equivalents on its balance sheet as
of June 30, 2014. The company also
raised approximately $1 billion
through a convertible bond offering in August 2014.
Mr. Hongyi Zhou, Chairman and Chief Executive Officer
of Qihoo 360, commented, "We believe share repurchases are in
the best interest of our shareholders and represents an effective
use of our cash. We expect to continue to generate cash from
operations that will help us fund our ongoing business expansion.
We remain confident in our current business strategy and our near
and long-term growth prospects."
About Qihoo 360
Qihoo 360 Technology Co.
Ltd. (NYSE: QIHU) is a leading Internet company in China.
The Company is also the number one provider of Internet and mobile
security products in China as measured by its user base,
according to iResearch. Qihoo 360 also provides users with
secure access points to the Internet via its market leading web
browsers and application stores. The Company has built one of the
largest open Internet platforms in China and monetizes
its massive user base primarily through online advertising and
through Internet value-added services on its open platform.
Forward-looking Statements
This press release
contains statements of a forward-looking nature. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward- looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates" and
similar statements. Among other things, the management's quotations
and the "Business Outlook" section contain forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations, assumptions, estimates and projections
about Qihoo 360 and the industry. Potential risks and
uncertainties include, but are not limited to: the Company's
ability to continue to innovate and provide attractive products and
services to attract and retain users; the Company's ability to keep
up with rapid changes in technologies and Internet-enabled devices;
the Company's ability to leverage its user base to attract
customers for our revenue-generating services; and the Company's
dependence on online advertising for a substantial portion of our
revenues; and the Company's ability to compete effectively. All
information provided in this press release is as of the date of the
press release, and Qihoo 360 undertakes no obligation to
update any forward-looking statements to reflect subsequent
occurring events or circumstances, or changes in its expectations,
except as may be required by law. Although Qihoo
360 believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by Qihoo 360 is included
in Qihoo 360's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F
dated April 25, 2014.
For investor and media inquiries, please contact:
Qihoo 360 Technology Co. Ltd.
In China:
Tel: +86 10-5878-1574
E-mail: ir@360.cn
In the U.S.:
The Piacente Group, Inc.
Don Markley or Glenn Garmont
Tel: (212) 481-2050
E-mail: qihu@tpg-ir.com
SOURCE Qihoo 360 Technology Co. Ltd.