SHANGHAI, Sept. 28, 2012 /PRNewswire/ -- Taomee Holdings
Limited (NYSE: TAOM) ("Taomee" or the "Company"), one of the
leading children's entertainment and media companies in
China, today announced that its
Board of Directors approved the extension of the Company's previous
share repurchase plan dated November 22,
2011 for another 12 months from November 23, 2012 to November 23, 2013. Upon such extension, Taomee is
authorized, but not obligated, to continue to repurchase, through
open market purchase or privately negotiated transactions, up to
the remaining balance of the US$10 million worth of
outstanding American Depositary Shares ("ADSs") representing the
ordinary shares of Taomee over the next 12 months, depending on
market conditions, share price and other factors, subject to
relevant rules and regulations under the U.S. securities laws.
The share repurchase plan will be funded by the Company's free
cash flow as well as existing working capital. As of June 30,
2012, the Company had cash and cash equivalents of
approximately US$122.0 million.
About Taomee:
Taomee Holdings Limited is one of the leading children's
entertainment and media companies in China driven to deliver exceptional
entertainment to children and families. Founded in 2007, Taomee is
one the first companies in Greater
China to develop animated franchises for children through
online virtual world that are both fun and educational. The
Company's virtual worlds are widely trusted by millions of parents
and caregivers across Asia. The
Company's Mole's World and Seer franchises and characters have
reached millions of children and families through virtual worlds,
books, monthly print magazines, mobile applications, animated
television series and movies. For more information, please visit:
http://www.taomee.com/en_taomee.html.
- Visit online virtual world communities at
http://www.61.com
- Watch animations and films at http://v.61.com/
- Download mobile games and applications at http://m.61.com/
- Share with other parents and caregivers at
http://mama.61.com/
Safe Harbor Statements
This press release contains statements that may constitute
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words or phrases
such as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. Among other things, the
management's quotations and outlook information contain
forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to
be materially different from those expressed or implied by the
forward-looking statements. Potential risks and uncertainties
include, but are not limited to: the Company's business strategies
and initiatives as well as business plans; future business
development, results of operations and financial condition;
expected changes in revenues and certain cost or expense items;
expectations with respect to increased revenue growth and the
Company's ability to sustain profitability; the Company's services
and products under development or planning; the Company's ability
to attract users and further enhance the Company's brand
recognition; and trends and competition in the children's
entertainment and media market and industry, including those for
online entertainment. Further information regarding these and other
risks is included in Taomee's filings with the U.S. Securities and
Exchange Commission, including its registration statement on its
final prospectus dated June 10, 2011.
All information provided in this press release is as of the date of
the press release, and the Company undertakes no obligation to
update any forward-looking statements to reflect subsequent
occurring events or circumstances, or changes in its expectations,
except as required under applicable law. Although the Company
believes that the expectations expressed in these forward looking
statements are reasonable, the Company cannot assure you that their
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
For further information, please contact
Na You
Taomee Holdings Limited
+86-21-61280056-8578
ir@taomee.com
SOURCE Taomee Holdings Limited