Sky-mobi Limited Appoints New Chief Financial Officer
October 30 2013 - 9:00AM
Sky-mobi Limited ("Sky-mobi" or the "Company")
(Nasdaq:MOBI), a leading mobile application store and mobile social
network community operator in China, announced today the
appointment of Mr. Yijia (John) Bi as Chief Financial Officer of
the Company, effective October 30, 2013.
Prior to this appointment, Mr. Bi held a senior executive
position at Accenture China, a global consulting firm, and served
as the Chief Financial Officer to a joint venture of Accenture and
China Telecom from 2012 to 2013. From February to September 2011,
Mr. Bi served as Chief Financial Officer of Cathay Industrial
Biotech, a clean-tech company based in Shanghai, China. From 2009
to 2011, he worked as the corporate finance director of Asia Timber
Products, a manufacturing company owned by CVC Asia Pacific, the
Asian affiliate of CVC Capital Partners, a leading global private
equity firm.
From 2008 to 2009, Mr. Bi served as the Chief Financial Officer
of Jingwei International Limited, and worked as a consultant to
Jingwei International Limited from 2007 to 2008. In 2006, Mr. Bi
was the director of corporate finance and accounting of Timken
(China) Investment Co., Ltd. and from 2004 to 2006 was the
financial controller of DIC (China) Co., Ltd.
From 1997 to 1999, he served as the financial controller of Lear
Jiangling Interior System, Inc., a joint venture between Lear
Corporation and Jiangling Motors Company (Group). From 1994 to
1997, Mr. Bi worked for Motorola (China) Electronics Ltd. as a
credit analyst and a financial analyst.
Mr. Bi received an MBA from the Sprott School of Business at
Carleton University in Canada in 2002 and a bachelor's degree in
economics from Renmin University of China in 1994 through China's
self-study examination system (whereby self-study examinees can
receive a record of higher education by passing
examinations). From 1990 to 1994, Mr. Bi studied at
Yanjing Overseas Chinese University (now part of the Capital
University of Economics and Business) where he received a diploma
in Financial Accounting.
Mr. Bi replaces Mr. Carl Yeung, who stepped down as the
Company's Chief Financial Officer earlier this year, but remains a
non-executive director of the Company.
"We are pleased to welcome John as our new CFO," said Mr.
Michael Tao Song, Chairman and Chief Executive Officer of the
Company. "We believe that John's excellent corporate finance
background and strong management experience will significantly
contribute to Sky-mobi's growth and development. We are
fortunate to have John join us at this stage and look forward to
him helping us build Sky-mobi."
"In his three and a half years as Chief Financial Officer, Carl
did a tremendous job guiding the Company during a period of growth
and expansion," continued Mr. Song. "I am pleased that Carl
has been available to assist the Company during its transition to a
new CFO. We thank him for his important contributions and look
forward to his continued involvement as a director of
Sky-mobi."
About Sky-mobi Limited
Sky-mobi Limited operates the leading mobile application store
in China in terms of the user visits to the Company's Maopao
application store. 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.
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 revenue projections for future periods; 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; the timing and extent of any share
repurchases under the Company's share repurchase program; 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 28, 2013. 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: For investor and media inquiries please contact:
Sky-mobi Limited
John Bi, Chief Financial Officer
Phone: + (86) 571-87770978 (Hangzhou)
Email: investor.relations@sky-mobi.com
ICR Inc.
Mr. Jeremy Peruski, Senior Vice President
Phone: + (1) (646) -915-1615 (US)
Email: investor.relations@sky-mobi.com
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