HONG KONG, Oct. 28, 2014
/PRNewswire/ -- Shanda Games Limited ("Shanda Games," or the "Company") (NASDAQ: GAME),
a leading online game developer, operator and publisher in
China, today announced that Mr.
Xiangdong Zhang has stepped down as
CEO of the Company and has been removed from the Board of Directors
and the Compensation Committee and the Corporate Development and
Finance Committee with immediate effect. Mr. Yingfeng Zhang has been appointed as acting CEO
and the Board will begin a global search for a permanent successor.
Mr. Yingfeng Zhang has also been
appointed as a member of the Board, the Compensation Committee and
the Corporate Development and Finance Committee.
"I would like to thank the Board for giving me the opportunity
to work with Shanda Games again,"
commented Mr. Yingfeng Zhang, acting
CEO of Shanda Games. "I witnessed
Shanda Games' legendary growth from
a small franchise into the leading online game developer and
operator in China and I am glad
that I have the opportunity to come back. Despite the challenges
the games industry is facing today, I am confident in the dedicated
management team of Shanda Games and
its intelligent and responsible employees. I look forward to
working with them to turn the Company onto a growth path
again."
Mr. Yingfeng Zhang joined Shanda
Interactive Entertainment ("Shanda Interactive") in 2001 and is
currently a vice president of Shanda Interactive. Mr. Zhang was the
head of the legal and IP department of Shanda Interactive and in
charge of screening, negotiations and licensing of online games,
including Mir II. After the spinoff of Shanda Games in 2009, Mr. Zhang served as the
general counsel and vice president of Shanda Interactive as well as
a partner of Shanda Capital. On behalf of Shanda Interactive, he
was involved in the daily operations of various subsidiaries of
Shanda Interactive including Hangzhou Bianfeng Networking
Technology Co., Ltd. ("Bianfeng"),
Haofang Co., Ltd. ("Haofang") and
Shanda Games. Mr. Zhang also has
extensive experience in capital market transactions and
participated in the initial public offering of Shanda Interactive
and Shanda Games, the privatization
of Shanda Interactive, and the trade sale of Bianfeng and Haofang.
Before joining Shanda Interactive, Mr. Zhang worked with Shanghai
Hujiang Law Firm. Mr. Zhang received his bachelor's degree in law
from East China University of Political Science and Law and his
LL.M. degree from SMU Dedman School of Law.
As previously announced on January 27,
2014, the Board has received a preliminary non-binding
proposal letter dated January 27,
2014 from Shanda Interactive Entertainment Limited and
certain other parties to acquire the Company in a "going private"
transaction (the "Proposal"). The Company has been informed by
Shanda Interactive that the Proposal is unchanged and the special
committee established by the Board to evaluate the Proposal (the
"Special Committee") is continuing to do so. The Company cautions
its shareholders and others considering trading its securities that
neither the Board nor the Special Committee has made any decision
with respect to the Company's response to the Proposal. There can
be no assurance that any definitive agreement will be executed
relating to the proposed transaction, or that the proposed
transaction or any other transaction will be approved or
consummated.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements in
this announcement that are not historical facts are forward-looking
statements. These forward-looking statements involve various risks
and uncertainties. Important risks and uncertainties that could
cause the Company's actual results to be materially different from
expectations include but are not limited to the risk that the
Company is unable to launch the games the Company intends to
release; such games and any related expansion packs are not well
received by users; the games fail to meet the expectations of end
users; the Company fails to execute its mobile strategy and the
Company fails to deliver long-term growth, as well as the other
risks set forth in the Company's filings with the U.S. Securities
and Exchange Commission, including the Company's annual report on
Form 20-F. The Company does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
About Shanda Games
Shanda Games Limited (NASDAQ: GAME) is a leading online game
developer, operator and publisher in China. Shanda
Games offers a diversified game portfolio, which includes
some of the most popular massively multiplayer online (MMO) games
and mobile games in China and in
overseas markets, targeting a large and diverse community of users.
Shanda Games manages and operates
online games that are developed in-house, co-developed with
world-leading game developers, acquired through investments or
licensed from third parties. For more information about
Shanda Games, please visit
http://www.ShandaGames.com.
Contact
Shanda Games
Limited:
Ellen
Chiu, Investor Relations Director
Maggie Zhou, Investor Relations
Associate Director
Phone:+86-21-5050-4740 (Shanghai)
Email:IR@ShandaGames.com
Christensen:
Christian Arnell
Phone:+86-10-5900-1548 (China)
Email: carnell@ChristensenIR.com
Linda Bergkamp
Phone:+1-480-614-3004 (U.S.A.)
Email: lbergkamp@ChristensenIR.com
SOURCE Shanda Games Limited