Air Network announces 50 million dollars to buy mobile gaming company

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Beijing Time June 22 evening, the Air network (KongZhong Corporation) announced today the acquisition of mobile game developers China New Thermal Technology Co., Ltd. (Simlife Analysys. Inc., hereinafter referred to as new thermal). After the acquisition is complete, the new heat will become a wholly owned subsidiary of the Air network.

At present, the aerial network of SP business still accounts for its total revenue of 90%, mobile gaming business accounted for only 10%, the air network abnormal bullish mobile gaming market. Wulin Light revealed that the air network mobile gaming operations will take a diversified model, stand-alone games, WAP page games and mobile gaming will be involved in, "this year stand-alone game will operate 80, of which 70% is self-development, 30% is by brand cooperation and partitioning mode;" WAP page game will have five or so, mobile games will operate four. ”

It is reported that by the air network carefully original research and development of the domestic first 3G mobile games "Seal God Online" has officially begun to test. "God Online" is by the air network's well-known mobile phone game brand aerial mammoth investment two years time meticulously original research and development, is a large-scale myth of instant combat mobile phone network game, to the public familiar with the seal of the list of gods as the background, with the novel interesting plot task, let the player feel the Chinese classical cultural charm. Industry believes that "seal God online" will be the launch of the Air network 2009 mobile gaming strategy of the key battle. Wulin, vice president of the air network, said that with the advent of the 3G era, mobile gaming has become the main driver of corporate revenue growth this year, hoping to account for 25% to 30% of the overall revenue.

"I am very pleased to welcome the new thermal team to the air network," said Lei, chief executive and chairman of the board. At present, the new thermal has more than 200 mobile phone games, there is more than 50 has a wealth of 3D mobile game development experience development team. In the 2009 Nokia Forum Global "Innovator Call Order" contest, its music game "X Dancery" Yong won the "Technology show" category Grand prize. We believe that the new thermal mobile phone games and development team will become our mobile games and development team important complement. We also believe that the new thermal power of development can help consolidate and expand the air network in China's mobile gaming market leading position. ”

The air network reached a final agreement with the new heat and decided to pay 3 million dollars in cash to the new thermal shareholders. And if the new heat is well within a year of being bought by the Internet, then its shareholders can get 1.25 million dollars in cash and 6 million shares in the common Air network, which, according to the current air network's near $8 trillion, involves a merger of about $50 million. IDG Technology Venture capital (IDGVC), a well-known venture capitalist who holds 6.7% common shares in the air network, also holds a new 30% per cent stake in the heat.

Investigation found that the object of the acquisition of the new heat is located in Xiamen, Fujian, founded in 2002, is China's well-known embedded intelligent terminal software development and operators, is committed to China's nearly 400 million mobile users to provide mobile games, mobile applications, online services and other products, and in the global establishment of a wide range of cooperation channels, Provide a variety of localized products to users around the world. In addition, the new heat and the major terminal manufacturers have established good relations of cooperation, for their production of various intelligent terminals, including mobile phones, a variety of handheld devices, set-top boxes, etc., to provide good customization software support.

Air network is China's mobile phone entertainment pioneer. The mission of the Air network is to provide the most user-friendly service for the global mobile phone users, promote the convenient and fashionable mobile lifestyle, convenient for people to access information, communication and entertainment anytime, and provide the most convenient information products and technical support. Air network is a close strategic partner of China Mobile, its MMS, mobile games and mobile internet services in the domestic has been in the leading position.

On the basis of an earlier information from the board, the Air Network Board has approved the company's revision of its stock repurchase plan announced October 27, 2008, in preparation for the acquisition and the funding to ensure its success. Under the revised stock repurchase plan, the air network will buy back the US depository receipts of up to $15 million trillion, higher than the planned repo value of US $10 million trillion. This stock repurchase activity will be carried out on a regular basis through open market transactions or otherwise, based on market conditions, the market price of the American depository Receipts in the air network, and the assessment by the company's management of the air network liquidity and cash flow requirements.

The network is expected to finance the stock repurchase plan with existing and future cash reserves and may revise, suspend or suspend the plan at any time. As part of the stock repurchase plan, the Air Network Board has approved the company to buy back 1.3 million U.S. depository receipts from a single shareholder.