BEIJING, July 29 /PRNewswire-Asia/ -- Hurray! Holding Co.,
Ltd. (Hurray!) (Nasdaq: HRAY), a leading company in online video
portal operations, artist development, music production, wireless
music distribution, and other wireless value-added services in
China, today announced that its
shareholders, during its Annual General Meeting of Shareholders on
July 28, 2010, approved the issuance
of 553,846,154 ordinary shares of Hurray! Holding Co., Ltd.
("Hurray!") to Shanda Interactive Entertainment Limited ("Shanda")
in connection with the acquisition of Shanghai Yisheng Network
Technology Co., Ltd., ("Yisheng") and certain contracts relating to
the Yisheng acquisition. Hurray!'s shareholders also approved the
sale of Hurray!'s wireless value-added services and recorded music
businesses to Shanda in exchange for an aggregate of US$36,944,267 in cash, subject to adjustment. The
asset transactions are expected to be completed on or before
November 28, 2010.
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The shareholders also approved the change of Hurray!'s name to
Ku6 Media Co., Ltd., and elected all nine directors who were
nominated for election.
About Hurray! Holding Co., Ltd.
Hurray! is a leader in video, music, and wireless value-added
services. In video, through its Ku6 subsidiary, Hurray! is a leader
in online video portal operations. This operation will be Hurray!'s
primary business after Hurray!'s other businesses, listed below,
are sold on or before November 28,
2010 to Shanda Interactive Entertainment Limited.
In music, Hurray! provides artist development, music production,
and offline distribution of recorded music in China through its record labels Freeland Music, New Run Entertainment, Secular
Bird, and Seed Music. Through its Fly Songs subsidiary, Hurray!
organizes concerts and other musical events in China. The company provides online
distribution of music and music-related products that include
ringtones, ringbacktones, and truetones to mobile users in
China. These tone products are
distributed through wireless value-added service platforms over
mobile networks and the internet. In wireless services, Hurray!
provides a wide range of other wireless value-added services to
mobile users in China, including
games, pictures and animation, community, and other media and
entertainment services.
Forward-looking Statements
This news 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 "believes," "could," "expects," "may," "might,"
"should," "will," or "would," and by similar statements. The
accuracy of these statements may be affected by a number of
business risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks related to: the successful completion of the asset
transactions mentioned in this news release; the nature of the
business of Hurray!'s subsidiary, Ku6; continued competitive
pressures in China's wireless
value-added services market; changes in technology and consumer
demand in this market; the risk that Hurray! may not be able to
control its expenses in future periods; Hurray!'s ability to
succeed in the music development, production, and distribution
business, with which it has only limited experience; changes in the
policies of the mobile operators in China or the laws governing wireless
operations and wireless value-added services; the state of
Hurray!'s relationships with China's mobile operators and the risk that
Hurray! may be subject to further sanctions and penalties from them
in future periods; and other risks outlined in Hurray!'s filings
with the Securities and Exchange Commission, including the
Company's annual report on Form 20-F. Hurray! does not undertake
any obligation to update this forward-looking information, except
as required under law.
For more information, please contact:
Mr. Matthew Zhao (English and Chinese)
Investor Relations Officer
Telephone: +86-10-5758-6818 in Beijing
Email: ir@hurray.com.cn
Christensen
Mr. Tom Myers (English)
Mobile: +86-139-1141-3520 in Beijing
Mr. Yuanyuan Chen (English and Chinese)
Mobile: +86-139-2337-7882 in Beijing
SOURCE Hurray! Holding Co., Ltd.