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Hurray! to Acquire a Wireless Value-added Service Provider23 September 2005
Hurray! Holding Co., Ltd.
(Nasdaq: HRAY), a provider of advanced wireless value-added services and
mobile telecommunication network software in China, announced today the
signing of definitive agreements to acquire a wireless value-added services
provider in China for a total consideration of US$0.7 million. While not yet
generating significant revenues, the company acquired provides short message
services (SMS) to China Mobile users nationwide. The transaction is expected
to be closed by the end of September 2005, subject to certain consents,
authorizations and other customary closing conditions.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050314/CNM005LOGO )
"Following two acquisitions of an IVR company and an MMS company earlier
this year," Hurray!'s Chairman and Chief Executive Officer QD Wang commented,
"this new acquisition will help us further enhance and expand our portfolio of
wireless value added services. We believe that the acquisition should
position us to more effectively grow our SMS business over China Mobile
platform and create further leverage for cross-selling activities among all
our wireless value added services."
About Hurray! Holding Co., Ltd.
Hurray! provides wireless value-added services such as ringtones, picture
downloads, community and entertainment services to mobile users in China. The
company is one of the market leaders in providing these services using
wireless application protocol, commonly referred to as WAP, in China. WAP
services are offered through the advanced 2.5G mobile networks, the most
advanced broadly available mobile networks deployed in China. Hurray! also
offers these services through 2G mobile networks.
In addition, Hurray! designs, develops, sells and supports a service
provisioning and management software that is used by China Unicom, one of the
two principal mobile operators in China, to support its 2.5G services platform.
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. 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: the possibility that the proposed acquisition may
not occur and the challenge of integrating the companies to be acquired into
Hurray!'s operations; the risk that this or any future acquisition will not
create the operational and financial results that Hurray!'s management and
board of directors expects, including in particular the possibility that this
acquisition may not expand Hurray!'s market share in the SMS sectors and
maximize effectiveness of its cross-selling marketing activities; continued
competitive pressures in China's wireless value-added services market; the
state of Hurray!'s relationship with China's mobile operators; and changes in
the operating environment, the character and effects of which are difficult to
predict.; and other risks outlined in Hurray!'s filings with the Securities
and Exchange Commission, including its registration statement on Form F-1, as
amended. Hurray! does not undertake any obligation to update this forward-
looking information, except as required under applicable law.
Source: http://www.prnewswire.com
All trademarks and copyrighted information contained herein are the property of their respective owners.
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