SHENZHEN, China, Nov. 25, 2016 /PRNewswire/ -- 500.com Limited
(NYSE: WBAI) ("500.com" or the "Company"), a leading online sports
lottery service provider in China,
today announced that it has agreed to invest in Qufan Internet
Technology Inc. and Shenzhen Qufan Internet Technology Co., Ltd.
(together "Qufan"), an operator of mobile social poker games.
500.com is investing in ordinary shares representing 51.0% of
equity interest in each of Qufan Internet Technology Inc. and
Shenzhen Qufan Internet Technology Co., Ltd. for an aggregate cash
consideration of RMB110.5 million
(approximately US$16.0 million). The
consummation of the investment is subject to certain
conditions.
500.com will cooperate with Qufan to help develop and promote
its mobile social poker games platform.
About 500.com Limited
500.com Limited (NYSE: WBAI) is a leading online sports lottery
service provider in China. The Company offers a comprehensive
and integrated suite of online lottery services, information, user
tools and virtual community venues to its users. 500.com was among
the first companies to provide online lottery services
in China, and is one of two entities that have been approved
by the Ministry of Finance to provide online lottery sales services
on behalf of the China Sports Lottery Administration Center, which
is the government authority that is in charge of the issuance and
sale of sports lottery products in China.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For more information, please contact:
500.com Limited
ir@500.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-408-614-3004
Email: lbergmap@ChristensenIR.com
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SOURCE 500.com Limited