Sky-mobi Announces Sale of Stake in Fangcun
June 18 2014 - 8:00AM
Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a
leading mobile application platform in China, today announced the
sale of its 37.9% equity interest in Shanghai Fangcun Information
Technology Co., Ltd. ("Fangcun"), a leading China-based mobile game
developer, to Guangdong Alpha Animation and Culture Co., Ltd.
(SZ:002292), a company listed on the Shenzhen Stock Exchange. The
Company realized a capital gain of RMB56.4 million1 from this
transaction.
Michael Tao Song, Chairman and Chief Executive Officer of
Sky-mobi, stated, "We are extremely pleased with the growth of
Fangcun's capabilities for mobile games in China. MonsterxMonster,
a light mobile game, which we closely collaborated on with the
Fangcun team from concept design to product distribution, has
become a recent hit in China and overseas. The success of Fangcun
as well as the increasing recognition of Sky-mobi's other strategic
investments demonstrate our strong capabilities in discovering and
cultivating game developers. These strengths are undergirded by our
ability to leverage our deep understanding of Chinese light mobile
game players' preferences and identify strategic investments that
possess tremendous potential. One of our strategic objectives in
solidifying Sky-mobi's leadership in the mobile game publishing
market is to continue our dedication in collaborating with and
investing in start-up mobile game developers with innovative and
unique solutions. We endeavor to consistently distribute the
highest-quality and most popular mobile games and applications
through our well established distribution networks. Motivating us
in this endeavor is our strong commitment to further supporting
growth for every participant in our eco-system. We believe that the
Fangcun deal is just the beginning of this commitment to strengthen
our pipeline of talent. Going forward, we may further leverage our
broad platform and explore opportunities of investing in such
talented emerging gaming developers, adding an additional avenue of
growth in near future."
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 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; 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.
About Sky-mobi Limited
Sky-mobi Limited is a leading mobile application platform in
China. 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 on various mobile handsets with different hardware and
operating system configurations. The Company's mobile social
network community in China, the Maopao Community, offers mobile
social games, as well as applications and content with social
network functions to its registered users. The Company is based in
Hangzhou, China. For more information, please visit:
www.sky-mobi.com.
1 Unaudited estimate
CONTACT: Investor Relations Contact:
Sky-mobi Limited
Mr. John Bi, Chief Financial Officer
Phone: + (86) 571-8777 0978 (Hangzhou, China)
Email: investor.relations@sky-mobi.com
ICR, Inc.
Qiyiana Tian
Phone: + (1) (646) 915-1615 (US)
Email: investor.relations@sky-mobi.com
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