TAIPEI, Taiwan, Nov. 18, 2015 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced that its Chief Executive Officer Collin Hwang has purchased a total of 858,412 shares of GigaMedia stock at an average price of $0.58 during the period between November 9, 2015 and November 16, 2015. The purchases were made during an open window period and in full compliance with all company and legal guidelines.
Collin Hwang, CEO of the Company, stated " Due to the the rapid changes and instability in global economic condition, we had to re-evaluate our moving forward strategy. On the other hand, we keep the cash in hand and will continue to look for potential investment opportunities which could bring consistent revenue and profits to the Company. At present, our company's net cash value is about US$1.2 per share and around 90% of the cash is in US dollar which is getting strong but we are able to minimize the loss on currency exchange. In addition to the aforementioned, I do believe that our company's current stock price is far more undervalued. And that's why I purchased more our company's shares on the market."
Mr. Collin Hwang now holds a total of 2,316,550 shares, an ownership of around 4.2% in the Company.
Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of online games and cloud computing services. GigaMedia's online games business is an innovative leader in Asia with growing game development, distribution and operation capabilities, as well as platform services for games; focus is on mobile games and social casino games. The company's cloud computing business is focused on providing enterprises in Greater China with critical communications services and IT solutions that increase flexibility, efficiency and competitiveness. More information on GigaMedia can be obtained from www.gigamedia.com.
The statements included above and elsewhere in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. GigaMedia cautions readers that forward-looking statements are based on the company's current expectations and involve a number of risks and uncertainties. Actual results may differ materially from those contained in such forward-looking statements. Information as to certain factors that could cause actual results to vary can be found in GigaMedia's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission in April 2014.
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SOURCE GigaMedia Limited