BEIJING, Aug. 25 /PRNewswire-Asia/ -- Changyou.com Limited
("Changyou" or the "Company") (Nasdaq: CYOU), a leading online game
developer and operator in China,
today announced it recently signed an agreement with a property
developer to purchase an office building to be built in
Beijing for total cash
consideration of approximately US$146
million. The Company plans to pay the purchase price using
its cash reserve, and is to pay for the building in installments
upon completion of various milestones. The building is expected to
have an office and ancillary area of approximately 56,200 square
meters, and is to serve as the Company's headquarters. Under the
agreement, the developer is to start construction in the first half
of 2011, subject to necessary permits being obtained, and is
expected to complete construction and deliver the building to
Changyou by the end of 2012. The agreement calls for the Company
and the developer to enter into a detailed purchase and sale
agreement after the developer has finished obtaining all
governmental permits necessary to permit the development and sale
of the building.
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"The active scouting and hiring of talent is the building block
of every growing online games company. To capitalize on the many
emerging business opportunities present in the online games
industry in China today, we have
plans to continue growing our business and our talent pool,"
commented Mr. Dewen Chen, Changyou's
president and chief operating officer. "The new office building is
intended to accommodate the growth of our team of game engineers
and operational staff for the next few years as we implement our
business expansion plans. In addition, the centralized office is
expected to enhance our ability to execute our core strategies
efficiently as we work to further advance our leading position in
the industry."
About Changyou
Changyou.com Limited's massively multi-player online
role-playing games ("MMORPG") business began operations as a
business unit within Sohu.com Inc. (NASDAQ: SOHU) in 2003.
Changyou, a leading developer and operator of online games in
China, was carved out as a
separate, stand-alone company in December
2007, and completed an initial public offering on
April 7, 2009. Changyou currently
operates five online games, including the in-house developed
Tian Long Ba Bu, one of the most
popular online games in China, and
the licensed Blade Online, Blade Hero 2, Da Hua Shui Hu and
Zhong Hua Ying Xiong. Changyou has a
diversified pipeline of games with various graphic styles and
themes, including the licensed Immortal Faith, Legend of the
Ancient World, and the in-house developed Duke of Mount Deer, which
received an award as one of China's most anticipated online games.
Changyou's advanced technology platform includes advanced 2.5D and
3D graphics engines, a uniform game development platform, effective
anti-cheating and anti-hacking technologies, proprietary
cross-networking technology and advanced data protection
technology. For more information about Changyou, please visit
http://www.changyou.com/en/ .
Safe Harbor Statement
This announcement contains forward-looking statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. These statements are based on current plans, estimates
and projections, and therefore you should not place undue reliance
on them. Forward-looking statements involve inherent risks and
uncertainties. The Company cautions that a number of important
factors could cause actual results to differ materially from those
contained in any forward- looking statement. Potential risks and
uncertainties include, but are not limited to, the current global
financial and credit markets crisis and its potential impact on the
Chinese economy, the slower growth the Chinese economy experienced
during the latter half of 2008 and in 2009, which could return at
some point in the future, the uncertain regulatory landscape in
the People's Republic of China,
fluctuations in Changyou's quarterly operating results, and the
Company's reliance on Tian Long Ba
Bu as its major revenue source. Further information
regarding these and other risks is included in Changyou's Annual
Report on Form 20-F filed on February 26,
2010, and other filings with the Securities and Exchange
Commission.
For investor and media inquiries, please contact:
In China:
Ms. Angie Chang
Investors Relations Manager
Changyou.com Limited
Tel: +86-10-6861-3688
Email: ir@cyou-inc.com
Mr. Chen Yuan Yuan
Christensen
Tel: +86-10-5971-2001
Email: ychen@ChristensenIR.com
In the United States:
Mr. Jeff Bloker
Christensen
Tel: +1-480-614-3003
Email: jbloker@ChristensenIR.com
SOURCE Changyou.com Limited
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