Hurray! News
Hurray! to Acquire A Wireless
Value-added Service Provider
BEIJING, China -- /Xinhua-PRNewswire/ -- September 21, 2005 --
Hurray! Holding Co., Ltd. (Nasdaq: HRAY), a provider of advanced
wireless value-added services and mobile telecommunication network
software in China, announced today the signing of definitive agreements
to acquire a wireless value-added services provider in China for
a total consideration of US$0.7 million. While not yet generating
significant revenues, the company acquired provides short message
services (SMS) to China Mobile users nationwide. The transaction
is expected to be closed by the end of September 2005, subject to
certain consents, authorizations and other customary closing conditions.
“Following two acquisitions of a IVR company and a MMS company
earlier this year”, Hurray!’s Chairman and Chief Executive Officer
QD Wang commented, “this new acquisition will help us further enhance
and expand our portfolio of wireless value added services. We believe
that the acquisition should position us to more effectively grow
our SMS business over China Mobile platform and create further leverage
for cross-selling activities among all our wireless value added
services.
About Hurray! Holding Co., Ltd.
Hurray! provides wireless value-added services such as ringtones,
picture downloads, community and entertainment services to mobile
users in China. The company is one of the market leaders in providing
these services using wireless application protocol, commonly referred
to as WAP, in China. WAP services are offered through the advanced
2.5G mobile networks, the most advanced broadly available mobile
networks deployed in China. Hurray! also offers these services through
2G mobile networks.
In addition, Hurray! designs, develops, sells and supports a service
provisioning and management software that is used by China Unicom,
one of the two principal mobile operators in China, to support its
2.5G services platform.
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 possibility that the proposed acquisition
may not occur and the challenge of integrating the companies to
be acquired into Hurray!'s operations; the risk that this or any
future acquisition will not create the operational and financial
results that Hurray!'s management and board of directors expects,
including in particular the possibility that this acquisition may
not expand Hurray!'s market share in the SMS sectors and maximize
effectiveness of its cross-selling marketing activities; continued
competitive pressures in China's wireless value-added services market;
the state of Hurray!'s relationship with China's mobile operators;
and changes in the operating environment, the character and effects
of which are difficult to predict.; 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 ext 6806
yfmeng@hurray.com.cn
SOURCE: Hurray! Holding Co., Ltd.
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