DALLAS and BEIJING, Oct. 27, 2014 /PRNewswire/ -- NQ Mobile Inc. (NYSE: NQ) ("NQ Mobile" or the "Company"), a leading global provider of mobile Internet services, today announced that it filed its annual report for the year ended December 31, 2013 on Form 20-F with the U.S. Securities and Exchange Commission. The annual report on Form 20-F, which contains the unqualified audited financial statements for the three years ended December 31, 2013, can be accessed and downloaded through the investor relations section of the Company's website at http://ir.nq.com.
The audited financial results contain no qualification and no adverse findings and are consistent with the Company's previous financial disclosures and reports. They follow an extensive review of the business and financial affairs of the Company that was undertaken by several highly reputable firms, including the global law firm of Shearman & Sterling LLP. assisted by Deloitte & Touche Financial Advisory Services Limited, and Marcum Bernstein & Pinchuk LLP, the Company's independent auditor. The Audit Committee of the Company was further assisted in completing the audit by its counsel DLA Piper LLP and IT forensic firms Control Risks Group and Stroz Friedberg.
Among many other conclusions,
- The Company's cash (and cash equivalents) of approximately $283 million as of December 31, 2013 was verified and found consistent with public disclosures and major expenditures were confirmed as having been incurred for legitimate business purposes.
- The Company's acquisitions were evaluated using reasonable metrics and internal due diligence processes, and those acquisitions have contributed to increasing the Company's revenue and user traffic.
- The Audit Committee was able to conclude that there was no evidence of an effort within the Company to delete any documents relevant to the Special Committee's investigation. Additional, highly specialized, forensic examination of devices where there was an indication that information might be missing as identified by the Special Committee was conducted by Control Risks Group, at the direction of DLA Piper LLP, and the examination protocol was reviewed by Stroz Friedberg. As a result of this examination, Control Risks Group and DLA Piper LLP were able to recover and review many files from the subject devices that were deleted prior to and subsequent to the publication of the Muddy Waters report but prior to the collection of data from those devices by the Special Committee. None were relevant to the fraud allegations or the Special Committee's investigation.
"We are pleased to be able to return our full attention to growing our business and increasing long term value for our shareholders," said Henry Lin, Chairman and co-Chief Executive Officer of NQ Mobile. "During this extensive process, we have learned much about how we can improve some of our practices, including corporate governance, disclosure, and internal procedures. We are fully committed to carrying out such improvements. As we turn the page and look to the future, I want to thank all our employees and loyal shareholders who have confidence in our company and our prospects."
About NQ Mobile
NQ Mobile Inc. (NYSE: NQ) is a leading global provider of mobile Internet services. NQ Mobile is a mobile security pioneer with proven competency to acquire, engage, and monetize customers globally. NQ Mobile's portfolio includes mobile security and mobile games & advertising for the consumer market and consulting, mobile platforms and mobility services for the enterprise market. As of December 31, 2013, NQ Mobile maintains a large, global user base of 481 million registered user accounts and 136 million monthly active user accounts through its consumer mobile security business, 107 million registered user accounts and 20 million monthly active user accounts through its mobile games & advertising business and over 1,250 enterprise customers. NQ Mobile maintains dual headquarters in Dallas, Texas, USA and Beijing, China. For more information on NQ Mobile, please visit http://www.nq.com.
NQ Mobile Inc.
Phone: +852 3975 2853
+1 469 310 5280
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SOURCE NQ Mobile Inc.