BEIJING, March 19, 2015 /PRNewswire/ -- eLong, Inc.
(NASDAQ: LONG), a leading mobile and online travel service provider
in China, today announced that it
entered into a share transfer agreement (the "Share Transfer
Agreement") with respect to Nanjing Xici Information Technology
Share Co., Ltd. ("Nanjing Xici").
![eLong, Inc. Logo eLong, Inc. Logo](http://photos.prnewswire.com/prnvar/20041118/ELONGLOGO)
On March 19, 2015, eLong, Inc.,
through its wholly-owned subsidiary eLongNet Information Technology
(Beijing) Co., Ltd. and a
consolidated affiliated company (together, "eLong"), entered into
the Share Transfer Agreement with ADDOR Capital Management Co.,
Ltd. and its subsidiary Jiangsu Zijin Huiwen Media Investment Co.,
Ltd. ("JZH Media"), pursuant to which JZH Media will acquire a 90%
equity interest and all assets relating to eLong's Nanjing Xici
business for a purchase price of RMB76.5
million (US$12.2 million).
Nanjing Xici operates a regional BBS business in Jiangsu Province, China. Immediately prior to entering into the
Share Transfer Agreement, eLong and Nanjing Xici employees owned
95.05% and 4.95%, respectively, of Nanjing Xici. The Share Transfer
Agreement also provides that eLong will transfer its remaining
5.05% equity interest in Nanjing Xici to employees of Nanjing Xici
upon JZH Media's payment of the full purchase price.
eLong currently expects the transactions contemplated by the
Share Transfer Agreement to be completed in the fourth quarter of
2015, and intends to use the funds received by eLong from the
transactions for general corporate purposes.
Safe Harbor Statement
Statements in this press release concerning eLong's expectations
as to the completion of the transactions contemplated by the Share
Transfer Agreement are "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and
as defined in the Private Securities Litigation Reform Act of
1995.These forward-looking statements are based upon management's
current expectations with respect to future events, and therefore
you should not place undue reliance on them. Such forward-looking
statements involve inherent risks and uncertainties, and in
particular the risk that the transactions contemplated by the Share
Transfer Agreement will not be completed as planned.
Further information regarding risks faced by eLong in its
business is included in eLong's filings with the U.S. Securities
and Exchange Commission, including eLong's Annual Report on Form
20-F filed on March 13, 2015.
About eLong, Inc.
eLong, Inc. (Nasdaq: LONG - News) is a leader in mobile and
online accomodations reservations in China offering consumers a network of more
than 400,000 properties worldwide. eLong technology enables
travelers to book hotels, guesthouses, apartments and other
accommodations, as well as air and train tickets, through
convenient mobile and tablet applications (m.eLong.com), websites
(www.eLong.com), 24 hour customer service, and easy to use tools
such as destination guides, maps and user reviews. eLong's largest
shareholders are Expedia, Inc. (Nasdaq: EXPE) and Tencent Holdings Ltd. (HKSE: 0700).
For more information, please contact:
eLong, Inc.
Investor Relations
Tel: +86-10-6436-7570
Email: ir@corp.elong.com
Logo - http://photos.prnewswire.com/prnh/20041118/ELONGLOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/elong-entered-into-share-transfer-agreement-for-nanjing-xici-300053021.html
SOURCE eLong, Inc.