TAIPEI, Taiwan, Nov. 18, 2015 /PRNewswire/ -- GigaMedia Limited
(NASDAQ: GIGM) today announced that its Chief Executive Officer
Collin Hwang has purchased a total
of 858,412 shares of GigaMedia stock at an average price of
$0.58 during the period between
November 9, 2015 and November 16, 2015. The purchases were made during
an open window period and in full compliance with all company and
legal guidelines.
Collin Hwang, CEO of the Company,
stated " Due to the the rapid changes and instability in global
economic condition, we had to re-evaluate our moving forward
strategy. On the other hand, we keep the cash in hand and will
continue to look for potential investment opportunities which could
bring consistent revenue and profits to the Company. At present,
our company's net cash value is about US$1.2 per share and around 90% of the cash is in
US dollar which is getting strong but we are able to minimize the
loss on currency exchange. In addition to the aforementioned, I do
believe that our company's current stock price is far more
undervalued. And that's why I purchased more our company's shares
on the market."
Mr. Collin Hwang now holds a
total of 2,316,550 shares, an ownership of around 4.2% in the
Company.
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 is an innovative leader
in Asia with growing game
development, distribution and operation capabilities, as well as
platform services for games; focus is on mobile games and social
casino games. The company's cloud computing business is focused on
providing enterprises 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 2014.
For further information contact:
Amanda Chang
Investor Relations Department
Tel: +8862-2656-8080
amanda.chang@gigamedia.com.tw
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SOURCE GigaMedia Limited