Hurray! Announces Result of Special General Meeting Held on January 6, 2010
January 06 2010 - 9:00AM
PR Newswire (US)
BEIJING, Jan. 6 /PRNewswire-Asia/ -- Hurray! Holding Co., Ltd.
(NASDAQ:HRAY), a leading company in artist development, music
production and wireless music distribution and other wireless
value-added services in China, today announced that its
shareholders have approved the issuance of 723,684,204 ordinary
shares of Hurray! in connection with the merger of Ku6 Holding
Limited ("Ku6") pursuant to the Share Purchase Agreement by and
among Hurray!, Ku6 and the shareholders of Ku6 dated as of November
26, 2009 (the "Transaction") at a special general meeting of
shareholders held earlier today. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050314/CNM005LOGO )
Consummation of the merger remains subject to other customary
closing conditions and is currently expected to be completed in
this month. Further detailed information regarding the special
general meeting of shareholders is available on our website at
http://www.hurray.com/ under the heading "Investor Relations".
About Hurray! Holding Co., Ltd. Hurray! is a leading company in
artist development, music production and offline distribution in
China through its record labels Huayi Brothers Music, Freeland
Music, New Run Entertainment, Secular Bird and Seed Music. The
Company, through Fly Songs, also organizes concerts and other music
events in China. Hurray! is also a leading online distributor of
music and music-related products such as ringtones, ringbacktones,
and truetones to mobile users in China through the full range of
wireless value-added services platforms over mobile networks and
through the internet. The Company also 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. About Ku6 Founded in June 2006, Ku6.com
is a web2.0-based online video website and has quickly become one
of the leading online video portals in China. In June 2008, Ku6 was
the first privately held video portal to receive a License for
Internet Broadcasting Audio-Visual Programs issued by the State
Administration for Radio, Film and Television (the "SARFT"). After
that, Ku6 was awarded by CCTV, China's national broadcaster, the
rights to provide VOD services on the 2008 Beijing Olympic Games
using CCTV's video images, as the first one amongst all online
video portals. Ku6 received its first round of venture funding in
2007 and second round of venture funding in 2008, which were led by
Draper Fisher Jurvetson (DFJ) and DT Capital Partners, UMC Capital
and SBI Broadband Fund respectively. Forward-looking Statements
This press 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
"will", "expects", "believes" and similar statements, which include
without limitation statements regarding (A) Hurray!'s and Ku6's
ability to (i) achieve synergies and (ii) capture opportunities in
the internet and media market in China; and (B) Hurray!'s ability
to (i) further enhance the efficiency of Ku6's operations, and (ii)
better leverage Ku6's business and resources.. The accuracy of
these statements may be impacted by a number of business risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated, including: the risk that this
or any future merger will not create the operational and financial
results that the management and boards of directors of Hurray! and
Ku6 expect, including in particular the possibility that this
merger may not be accretive to earnings in any future period or
that Ku6 will not continue to be able to attract users in China;
the risk that Hurray! will not be able to effectively manage Ku6 or
effectively utilize its online video portal; the risk that the
popularity of music-related wireless value-added services will not
continue to grow or that it may decrease; the risk that this and
any future merger could divert management's attention from
Hurray!'s operations, which could adversely affect its results of
operations; and the risks outlined in our filings with the
Securities and Exchange Commission, including our registration
statement on Form F-1. We do not undertake any obligation to update
this forward-looking information, except as required under
applicable law. For more information, please contact: Christina Low
Investor Relations Officer Tel: +86-10-8869-5237 Email:
http://www.newscom.com/cgi-bin/prnh/20050314/CNM005LOGO DATASOURCE:
Hurray! Holding Co., Ltd. CONTACT: Christina Low, Investor
Relations Officer, +86-10-8869-5237, Web site:
http://www.hurray.com/
Copyright