Sky-mobi Limited Announces $10 Million Repurchase Program
August 12 2012 - 10:00PM
Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a
leading mobile application store and mobile social network
community operator in China, today announced that its board of
directors has approved a share repurchase program.
The board has authorized the Company to repurchase up to US$10
million of its own American Depositary Shares ("ADSs") during the
period from August 13, 2012 to August 12, 2013. The repurchases
will be made from time to time on the open market at prevailing
market prices, in negotiated transactions off the market, in block
trades or otherwise. The timing and extent of any purchases will
depend upon market conditions, the trading price of ADSs and other
factors, and subject to the restrictions relating to volume, price
and timing under applicable law, including Rule 10b-18 under the
Securities Exchange Act of 1934. The Company expects to implement
this share repurchase program in a manner consistent with market
condition and the interest of the shareholders. The Company's board
of directors will review the share repurchase program periodically,
and may authorize adjustment of its terms and size accordingly.
"A variety of factors have impacted the valuation of US listed
Chinese stocks in recent months, and resulted in Sky-mobi's stock
trading at what we believe to be a significantly undervalued
level," said Mr. Michael Song, Sky-mobi's Chairman and Chief
Executive Officer. "We have made significant progress in the smart
phone segment and are confident about establishing a leading market
position in the segment through the year. Our strong balance sheet
and cash flow from the feature phone business provides strong
financial base to execute our smart phone strategy. At the same
time, we feel it is important to use a portion of our cash to
enhance shareholder value."
About Sky-mobi Limited
Sky-mobi Limited operates the leading mobile application store
in China based on number of user visits, downloads and handset
manufacture partners. The Company works with handset companies to
pre-install its Maopao mobile application store on handsets and
with content providers to provide users with applications and
content titles. Users of its Maopao store can browse, download, and
enjoy a range of applications and content, such as single-player
games, mobile music, and books. The Company's Maopao store enables
mobile applications and content to be downloaded and run on various
mobile handsets with different hardware and operating system
configurations. The Company also operates a mobile social network
community in China, the Maopao Community, where it offers mobile
social games, as well as applications and content with social
network functions to its registered members. The Company is based
in Hangzhou, the People's Republic of China. For more information,
please visit: www.sky-mobi.com.
The Sky-mobi Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8458
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. In some cases, you can identify
forward-looking statements by such terms as "may," "will,"
''believes,'' ''expects,'' ''anticipates,'' ''intends,''
''estimates,'' "plans," "continues" or other similar expressions,
the negative of these terms, or other comparable terminology. Such
statements, including the statements relating to the Company's
business outlook, are subject to risks and uncertainties that could
cause actual results to differ materially from those projected.
Potential risks and uncertainties include the effectiveness,
profitability, and marketability of the Company's solutions; the
Company's limited operating history; measures introduced by the PRC
government and mobile network operators aimed at mobile
applications-related services; the Company's ability to
maintain relationships with handset companies, content providers
and payment service providers; its dependence on mobile service
providers and mobile network operators for the collection of a
substantial majority of its revenues; billing and transmission
failures, which are often beyond the Company's control; its ability
to compete effectively; its ability to capture opportunities in the
growing smart phone market; its ability to obtain and maintain
applicable permits and approvals; general economic and business
conditions; the volatility of the Company's operating results and
financial condition; the Company's ability to attract or retain
qualified senior management personnel and research and development
staff; and other risks described in the Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 20-F filed on June 29, 2012. These forward-looking statements
are based on current expectations, assumptions, estimates and
projections about the Company and its industry. The Company
undertakes no obligation to update forward-looking statements to
reflect subsequent occurring events or circumstances, or changes in
its expectations, except as may be required by law.
CONTACT: Sky-mobi Limited
Mr. Carl Yeung, CFO
Phone: +(86) 571-87770978 (Hangzhou)
Email: ir@sky-mobi.com
CCG Investor Relations
Elaine Ketchmere, Partner and VP
Phone: +(1) 310-954-1345 (Los Angeles)
Email: elaine.ketchmere@ccgir.com
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