Hurray! News
Hurray! Shareholders Approve Share
Repurchase Plan
BEIJING, April 4, 2006/Xinhua-PRNewswire/ -- Hurray! Holding Co.,
Ltd. (Nasdaq: HRAY - News), a leader in wireless music distribution
and other wireless value-added services, artist development and
music production, and wireless value-added services management software
in China, today announced that its shareholders approved a share
repurchase plan at an Extraordinary General Meeting of Shareholders
held on April 3, 2006. Under the plan, Hurray! is authorized to
buy back up to $15.0 million worth of outstanding ordinary shares
or American Depositary Shares (ADSs) representing the ordinary shares
of Hurray! from time to time through open market purchases, depending
on market conditions, share price and other factors deemed relevant
by the Company's Board of Directors. Repurchases will also be subject
to the relevant rules under United States securities regulations
and Cayman Islands law. The plan may be suspended or discontinued
at any time.
Commenting on this event, Hurray!’s Chairman and Chief Executive
Officer, QD Wang, commented, “We are confident in our long-term
ability to grow revenue, profits and shareholder value through our
innovation and execution. This share repurchase plan highlights
our belief in the long-term strength of our business.”
The share repurchase plan will be funded by the Company’s available
working capital. As of December 31, 2005, the company had cash and
cash equivalents of approximately US$76.0 million.
About Hurray! Holding Co., Ltd.
Hurray! is a leading provider of music and music-related products
such as ringtones, ringbacktones, and truetones to mobile users
in China through SMS, IVR, RBT, WAP, MMS and Java 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.
In addition, Hurray! is a leader in artist development, music production
and offline and online distribution in China through its majority
controlled record labels Huayi Brothers Music and Hurray! Freeland
Music.
Hurray! also designs, develops, sells and supports a service provisioning
and management software for mobile operators in China to manage
wireless value-added services.
Forward-looking Statements
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. 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 risks related to: the effect any share repurchases, or
the failure to execute any share repurchases for whatever reason,
may have on the trading price of Hurray!'s ADSs; Hurray!'s ability
to maintain its leading position in the market for wireless value-added
services in China, including its ability to anticipate or address
changes in technologies and user preferences in an effective and
timely manner; the risk that Hurray's profitability may be adversely
affected in future periods for a variety of reasons, many of which
may be beyond management's control; the state of Hurray!'s relationships
with China's mobile operators; and other risks outlined in Hurray!'s
filings with the Securities and Exchange Commission, including its
registration statement on Form F-1, as amended. Hurray! does not
undertake any obligation to update this forward-looking information,
except as required under applicable law.
For more information, please contact:
Phoebe Meng
Investor Relations Manager
Tel: 8610-6518-8989 x 6806
yfmeng@hurray.com.cn
SOURCE: Hurray! Holding Co., Ltd.
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