TechFaith Reiterates Second Quarter 2011 Outlook; Announces 17Vee to Launch 3D Massive Motion Game
BEIJING, June 6, 2011 /PRNewswire-Asia-FirstCall/ -- China TechFaith Wireless Technology Limited (Nasdaq: CNTF) ("TechFaith") today reiterated its outlook for the second quarter 2011, as provided in the Company's press release on May 24, 2011. TechFaith expects revenue for the second quarter of 2011 to be in the range of US$82.0 million to US$84.0 million, with gross margin levels similar to the first quarter of 2011. The above forecast reflects TechFaith's current and preliminary view, which is subject to change.
TechFaith also announced it will launch a 3D massive motion PC console game, "Legend of the 7 Swordsmen", through its 17Vee Motion Game platform. Legend of the 7 Swordsmen, based on Unreal Engine 3, has deep storylines with engaging character role playing in an interactive virtual environment. Legend of the 7 Swordsmen will be available for all 17Vee motion game phones and controllers bundled sales through gift box by DVD package.
Mr. Tony Kong CEO of TechFaith's gaming business, 798 Entertainment, said, "We view this as a potential 'Game Changing' event for the broader market with considerable upside for gamers in the form of even richer, more intense, action packed game content. From June onwards, all our motion devices will ship bundled with 15 in-house developed 17Vee sports games and Legend of 7 Swordsmen. By combining our portfolio of intellectual property in motion gaming with the popular elements gamers want, we have the real opportunity to create and lead an entirely new gaming segment."
Mr. Tony Kong further added, "To date, 17Vee has developed 15 motion sports and casual games in-house and has the licensing rights to distribute approximately 52 games from third parties. Additionally, 17Vee motion devices, through convertible software, are able to support approximately 50 PC Online games and 300 standalone console games. We expect to further expand our game catalog as we move forward in order to provide compelling content to gamers for use on our game controllers and motion mobile phone users. We plan to expand our in-house motion sports and casual games titles to 50 and our in-house massive motion PC Game titles to four in the next two years. Additionally, we would also like to expand available titles from the third parties to approximately 100 over the next two years."
For more information on gaming content, please visit: http://shop.17vee.com/
TechFaith (Nasdaq: CNTF) has three primary businesses. Under the TechFaith umbrella, the Company is a leading global mobile solutions provider for global mobile handsets market (Which previous called ODP (Original Developed Product) business)). Under its TecFace brand, the Company is a leading developer of specialized mobile phones for differentiated market segments, including the rapidly growing Smartphone market targeting users and Operators through its QIGI brand; Outdoor and Sports enthusiasts through its Jungle brand; and the Teen market through licensed brands. Under the Company's 17Vee brand, the Company has built a leading, intellectual property based motion gaming business ranging from Bluetooth enabled motion gaming controllers and software to a planned proprietary set-top motion game box. For more information, please visit www.techfaithwireless.com, www.17vee.com and www.798game.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "outlook" and similar statements. Among other things, the business outlook and strategic and operational plans of TechFaith and management quotations contain forward-looking statements. TechFaith may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about TechFaith's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in TechFaith's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. TechFaith does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
SOURCE China TechFaith Wireless Technology Limited