SHANGHAI, March 28, 2014 /PRNewswire/ -- Taomee
Holdings Limited (NYSE: TAOM) ("Taomee" or the "Company"), a
leading children's entertainment and media companies in China,
today announced that its Board of Directors approved a share
repurchase plan on March 28, 2014,
effective upon the approval. Under the plan, Taomee is authorized,
but not obligated, to repurchase, through open market purchase or
privately negotiated transactions, up to 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 December 31, 2013, the Company had cash and cash
equivalents of approximately US$114.3 million.
As of March 27, 2014, the Company
had 757,684,760 ordinary shares issued and outstanding.
About Taomee Holdings Limited
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.
For further information, please contact
Angela Wang
Taomee Holdings Limited
+86-21-61280056-8651
ir@taomee.com
SOURCE Taomee Holdings Limited