Hurray! Announces Completion of Merger with Ku6 and Appointment of New Board Members
January 21 2010 - 9:00AM
PR Newswire (US)
BEIJING, Jan. 21 /PRNewswire-Asia/ -- Hurray! Holding Co., Ltd.
(NASDAQ:HRAY), a leading company in artist development, music
production and wireless music distribution and other wireless
value-added services in China, today announced the successful
completion, effective January 18, 2010, of the previously announced
merger with Ku6 Holding Limited ("Ku6"), pursuant to the Share
Purchase Agreement by and among Hurray!, Ku6 and the shareholders
of Ku6 dated as of November 26, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050314/CNM005LOGO ) Following
the completion of this merger, the Company is pleased to announce
the appointment of Mr. Danian Chen and Mr. Shanyou Li to the
Hurray! Board of Directors, effective January 19, 2010. Mr. Danian
Chen has served as chief operating officer of Shanda Interactive
Entertainment Limited ("Shanda") since April 2008 and as a director
since 1999. Previously, he served as Shanda's director of products,
vice president, senior vice president, and executive senior vice
president. Prior to joining Shanda, he held various positions with
Xinghui International Transport Company, Haijie Shipping Agency
Company, and Jinyi Network Company from 1996 to 1999. Mr. Shanyou
Li is the Founder and Chief Executive Officer of Ku6. From 2000 to
2006, Mr. Li served in various senior management positions with
Sohu.com. Prior to that, Mr. Li worked for Motorola, Alcoa Group
and Bausch & Lomb. Mr. Li holds a bachelor's degree in
mathematics from Nankai University and an EMBA from China Europe
International Business School. About Hurray! Holding Co., Ltd.
Hurray! is a leading company in artist development, music
production and offline distribution in China through its record
labels Huayi Brothers Music, Freeland Music, New Run Entertainment,
Secular Bird and Seed Music. The Company, through Fly Songs, also
organizes concerts and other music events in China. Hurray! is also
a leading online distributor of music and music-related products
such as ringtones, ringbacktones, and truetones to mobile users in
China through the full range of wireless value-added services
platforms over mobile networks and through the internet. The
Company also provides a wide range of other wireless value-added
services to mobile users in China, including games, pictures and
animation, community, and other media and entertainment services.
About Ku6 Founded in June 2006, Ku6.com is a web2.0-based online
video website and has quickly become one of the leading online
video portals in China. In June 2008, Ku6 was the first privately
held video portal to receive a License for Internet Broadcasting
Audio-Visual Programs issued by the State Administration for Radio,
Film and Television (the "SARFT"). After that, Ku6 was awarded by
CCTV, China's national broadcaster, the rights to provide VOD
services on the 2008 Beijing Olympic Games using CCTV's video
images, as the first one amongst all online video portals. Ku6
received its first round of venture funding in 2007 and second
round of venture funding in 2008, which were led by Draper Fisher
Jurvetson (DFJ) and DT Capital Partners, UMC Capital and SBI
Broadband Fund respectively. Forward-looking Statements This press
release contains statements of a forward-looking nature. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. You can identify
these forward- looking statements by terminology such as "will",
"expects", "believes" and similar statements, which include without
limitation statements regarding (A) Hurray!'s and Ku6's ability to
(i) achieve synergies and (ii) capture opportunities in the
internet and media market in China; and (B) Hurray!'s ability to
(i) further enhance the efficiency of Ku6's operations, and (ii)
better leverage Ku6's business and resources.. The accuracy of
these statements may be impacted by a number of business risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated, including: the risk that this
or any future merger will not create the operational and financial
results that the management and boards of directors of Hurray! and
Ku6 expect, including in particular the possibility that this
merger may not be accretive to earnings in any future period or
that Ku6 will not continue to be able to attract users in China;
the risk that Hurray! will not be able to effectively manage Ku6 or
effectively utilize its online video portal; the ability of Hurray!
to avoid disruptions to its business caused by changes in the
board; the ability of Hurray! to recruit and retain suitable board
members; the risk that the popularity of music-related wireless
value-added services will not continue to grow or that it may
decrease; the risk that this and any future merger could divert
management's attention from Hurray!'s operations, which could
adversely affect its results of operations; and the risks outlined
in our filings with the Securities and Exchange Commission,
including our registration statement on Form F-1, as amended, and
annual reports on Form 20-F. We do not undertake any obligation to
update this forward-looking information, except as required under
applicable law. For more information, please contact: Christina Low
Investor Relations Officer Tel: +86-10-8869-5237 Email:
http://www.newscom.com/cgi-bin/prnh/20050314/CNM005LOGO DATASOURCE:
Hurray! Holding Co., Ltd. CONTACT: Christina Low, Investor
Relations Officer, +86-10-8869-5237, Web site:
http://www.hurray.com/
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