BEIJING, Jan. 21 /PRNewswire-Asia/ -- Hurray! Holding Co., Ltd. (Nasdaq: HRAY), a leading company in artist development, music production and wireless music distribution and other wireless value-added services in China, today announced the successful completion, effective January 18, 2010, of the previously announced merger with Ku6 Holding Limited ("Ku6"), pursuant to the Share Purchase Agreement by and among Hurray!, Ku6 and the shareholders of Ku6 dated as of November 26, 2009.
Following the completion of this merger, the Company is pleased to announce the appointment of Mr. Danian Chen and Mr. Shanyou Li to the Hurray! Board of Directors, effective January 19, 2010.
Mr. Danian Chen has served as chief operating officer of Shanda Interactive Entertainment Limited ("Shanda") since April 2008 and as a director since 1999. Previously, he served as Shanda's director of products, vice president, senior vice president, and executive senior vice president. Prior to joining Shanda, he held various positions with Xinghui International Transport Company, Haijie Shipping Agency Company, and Jinyi Network Company from 1996 to 1999.
Mr. Shanyou Li is the Founder and Chief Executive Officer of Ku6. From 2000 to 2006, Mr. Li served in various senior management positions with Sohu.com. Prior to that, Mr. Li worked for Motorola, Alcoa Group and Bausch & Lomb. Mr. Li holds a bachelor's degree in mathematics from Nankai University and an EMBA from China Europe International Business School.
About Hurray! Holding Co., Ltd.
Hurray! is a leading company in artist development, music production and offline distribution in China through its record labels Huayi Brothers Music, 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.
Founded in June 2006, Ku6.com is a web2.0-based online video website and has quickly become one of the leading online video portals in China. In June 2008, Ku6 was the first privately held video portal to receive a License for Internet Broadcasting Audio-Visual Programs issued by the State Administration for Radio, Film and Television (the "SARFT"). After that, Ku6 was awarded by CCTV, China's national broadcaster, the rights to provide VOD services on the 2008 Beijing Olympic Games using CCTV's video images, as the first one amongst all online video portals. Ku6 received its first round of venture funding in 2007 and second round of venture funding in 2008, which were led by Draper Fisher Jurvetson (DFJ) and DT Capital Partners, UMC Capital and SBI Broadband Fund respectively.
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, which include without limitation statements regarding (A) Hurray!'s and Ku6's ability to (i) achieve synergies and (ii) capture opportunities in the internet and media market in China; and (B) Hurray!'s ability to (i) further enhance the efficiency of Ku6's operations, and (ii) better leverage Ku6's business and resources.. 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: the risk that this or any future merger will not create the operational and financial results that the management and boards of directors of Hurray! and Ku6 expect, including in particular the possibility that this merger may not be accretive to earnings in any future period or that Ku6 will not continue to be able to attract users in China; the risk that Hurray! will not be able to effectively manage Ku6 or effectively utilize its online video portal; 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; the risk that the popularity of music-related wireless value-added services will not continue to grow or that it may decrease; the risk that this and any future merger could divert management's attention from Hurray!'s operations, which could adversely affect its results of operations; and the risks outlined in our filings with the Securities and Exchange Commission, including our registration statement on Form F-1, as amended, and annual reports on Form 20-F. We do not undertake any obligation to update this forward-looking information, except as required under applicable law.
For more information, please contact: Christina Low Investor Relations Officer Tel: +86-10-8869-5237 Email: IR@hurray.com.cn
SOURCE Hurray! Holding Co., Ltd.