Sky-mobi Announces Extension of Existing Share Repurchase Program
September 17 2013 - 8:30AM
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 twelve-month extension for its previously
announced share repurchase program through August 11, 2014.
Upon such extension, Sky-mobi is authorized, but not obligated,
to continue to repurchase, up to the remaining balance of the US$10
million, its American Depositary Shares, or ADSs from time to time,
in both open market and privately negotiated transactions at the
discretion of the Company's management and in compliance with
applicable legal requirements. The timing and actual number of
shares purchased will depend on a variety of factors such as
price, corporate and regulatory requirements, and other prevailing
market conditions. To date, the Company has repurchased a
total of 2,930,482 ADSs, representing 23,443,856 common shares, for
aggregate consideration of approximately US$6,741,364 (including
commissions) under the existing share repurchase program.
Michael Tao Song, Chairman and Chief Executive Officer of
Sky-mobi, stated, "Our decision to extend our share repurchase
program reiterates our commitment to maximizing shareholder value
while reflecting our steadfast confidence in Sky-mobi's strategy
and long-term growth potential. As we continue to make solid
progress in growing our smartphone business, we believe that the
extension of the share repurchase program is in the best interests
of our Company and the shareholders."
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.
CONTACT: Investor Relations Contact:
ICR, Inc.
Mr. Jeremy Peruski
Phone: + (1) (646) -915-1615 (US)
Email: investor.relations@sky-mobi.com
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