BEIJING, May 20 /PRNewswire-Asia/ -- KongZhong Corporation (Nasdaq: KONG),
a leading mobile Internet company in China, today announced that its Board of
Directors has authorized the Company to amend its share repurchase plan, which
was initially announced on October 27, 2008, to purchase up to US$15 million
worth of the Company's American Depositary Shares (ADSs), compared to US$10
million as originally authorized. The share repurchase plan calls for the
ADSs to be purchased in the open market or through other means from time to
time depending upon market conditions, the market price of Company's ADSs and
the management's assessment of the Company's liquidity and cash flow needs.
The Company expects to finance the purchases from existing and future cash
reserves. The Company may amend, suspend or discontinue the plan at any time.
As part of the Company's share repurchase plan, the Board of Directors has
authorized the Company to purchase 1.3 million ADSs from an individual
shareholder of the Company.
About KongZhong
KongZhong Corporation is a leading mobile Internet company in China. The
Company delivers wireless value-added services to consumers in China through
multiple technology platforms including WAP, multimedia messaging service
(MMS), Java(TM), short messaging service (SMS), interactive voice response
(IVR), and color ring-back tone (CRBT). The Company operates three wireless
Internet sites, Kong.net, Ko.cn and cn.NBA.com, which enable users to access
media, entertainment and community content directly from their mobile phones.
The Company also designs and operates mobile games, including mobile online
games, Java(TM) games and WAP games.
Safe Harbor Statement
This press release contains '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. Such forward-looking
statements include, without limitation, statements regarding trends in the
wireless value-added services, wireless media and mobile games industries and
our future results of operations, financial condition and business prospects.
Although such statements are based on our own information and information from
other sources we believe to be reliable, you should not place undue reliance
on them. These statements involve risks and uncertainties, and actual market
trends and our results may differ materially from those expressed or implied
in these forward looking statements for a variety of reasons. Potential risks
and uncertainties include, but are not limited to, continued competitive
pressure in China's wireless value-added services, wireless media and mobile
games industries and the effect of such pressure on prices; unpredictable
changes in technology, consumer demand and usage preferences in the market;
the state of and any change in our relationship with China's
telecommunications operators; our dependence on the billing systems of
telecommunications operators for our performance; the outcome of our
investment of operating income generated from the wireless value-added
services segment into the development of our wireless Internet segment and
mobile games segment; changes in the regulations or policies of the Ministry
of Industry and Information Technology and other relevant government
authorities; and changes in political, economic, legal and social conditions
in China, including the Chinese government's policies with respect to economic
growth, foreign exchange, foreign investment and entry by foreign companies
into China's telecommunications market. For additional discussion of these
risks and uncertainties and other factors, please see the documents we file
from time to time with the Securities and Exchange Commission. We assume no
obligation to update any forward-looking statements, which apply only as of
the date of this press release.
SOURCE KongZhong Corporation
