BEIJING, Jan. 6 /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 that its shareholders have approved the issuance of
723,684,204 ordinary shares of Hurray! in connection with the merger of 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 (the
"Transaction") at a special general meeting of shareholders held earlier today.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050314/CNM005LOGO )
Consummation of the merger remains subject to other customary closing
conditions and is currently expected to be completed in this month.
Further detailed information regarding the special general meeting of
shareholders is available on our website at http://www.hurray.com under the
heading "Investor Relations".
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
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
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 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. We do not
undertake any obligation to update this forward-looking information, except as
required under applicable law.
For more information, please contact:
Investor Relations Officer
SOURCE Hurray! Holding Co., Ltd.