SHANGHAI, Dec. 2, 2013 /PRNewswire/ -- Taomee Holdings
Limited (NYSE: TAOM) ("Taomee" or the "Company"), China's leading children's entertainment and
media company, today announced that its Board of Directors approved
and ratified the further extension of the Company's previous share
repurchase plan, which was dated November
22, 2011 and previously extended to November 23, 2013, for another 12 months from
November 24, 2013 to November 23, 2014. 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 September
30, 2013, the Company had cash and cash equivalents of
approximately US$113.3 million.
About Taomee:
Taomee Holdings Limited ("Taomee" or "the Company") is
China's leader in children's
entertainment and media. Its award winning content offerings are
both engaging and educational, endearing it to children, as well as
to parents and teachers. The Company was founded in 2007 with the
mission to bring joy and inspiration to children. Its popular
character franchises, including SEER and MOLE'S WORLD, are
distributed online via virtual worlds, web games and mobile
applications, as well as through traditional media, including
animated box office films, TV series, books and consumer products,
most notably interactive toys and trading cards. Its online
community regularly achieves top search ranking in China, Hong
Kong and Taiwan. Taomee has
been consistently recognized for its leadership and innovative
contributions to the children's market, including accolades from
China's Ministry of Culture and
the China Animation Association.
For more information, please visit:
http://www.taomee.com/en_taomee.html
- Visit online virtual world communities at 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 annual report on Form 20-F and other
documents filed with the U.S. Securities and Exchange Commission..
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.
SOURCE Taomee Holdings Limited