BEIJING, May 14 /PRNewswire-Asia/ -- Hurray! Holding Co.,
Ltd. (Nasdaq: HRAY), a leader in online video portal operation,
artist development, music production and wireless music
distribution and other wireless value-added services in
China, today announced that
Hurray! has agreed to sell all of its equity interest in Beijing
Huayi Brothers Music Co., Ltd ("Huayi Music") to Huayi Brothers
Media Corporation. ("Huayi Media") for an aggregate consideration
of RMB34,450,000.00.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050314/CNM005LOGO
)
Concurrently, Hurray! announced that it has terminated its
agreements with Beijing Brothers ShengShi Enterprise Management
Co., Ltd. ("Brothers ShengShi") and Beijing QiXinWeiYe Culture
Development Co., Ltd. ("QiXinWeiYe"), which were entered into when
Hurray! purchased its equity interest in Huayi Music.
Hurray! and Huayi Media intend to continue to cooperate in the
future in the areas of music, movie and television program
production.
About Hurray! Holding Co., Ltd.
Hurray! operates Ku6.com, one of the leading online video
portals in China.
Hurray! is a leader in artist development, music production and
offline music distribution in China through its record labels 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
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", "future" and
similar statements. 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 risks related to: continued competitive
pressures in China's wireless
value-added services market; 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;
changes in technology and consumer demand in this market; the risk
that Hurray! may not be able to control its expenses in future
periods; Hurray!'s ability to succeed in the music development,
production and distribution business, with which it has only
limited experience; changes in the policies of the mobile operators
in China or the laws governing
wireless value-added services; the state of Hurray!'s relationships
with China's mobile operators and
the risk that Hurray! may be subject to further sanctions and
penalties from them in future periods; and other risks outlined in
Hurray!'s filings with the Securities and Exchange Commission,
including its registration statement on Form F-1, as amended, and
annual reports on Form 20-F. Hurray! does not undertake any
obligation to update this forward-looking information, except as
required under applicable law.
SOURCE Hurray! Holding Co., Ltd.