|View printer-friendly version|
|NQ Mobile Inc. Announces Senior Management and Director Stock Purchase Plan|
BEIJING, June 16, 2011 /PRNewswire via COMTEX/ --
NQ Mobile Inc. ("NQ Mobile" or "the Company") (NYSE: NQ), a leading provider of consumer-centric mobile security and productivity applications, today announced that Dr. Henry Yu Lin, NQ Mobile's founder, chairman and chief executive officer, Dr. Vincent Wenyong Shi, NQ Mobile's director and chief operating officer, Mr. James Ding, NQ Mobile's director, and Mr. Weiguo Zhao, NQ Mobile's director, intend to use their personal funds to purchase up to an aggregate total of $2 million worth of the Company's American depositary shares ("ADSs") in open market transactions within the next six months.
"We consider NQ Mobile's stock to be severely undervalued currently," said Dr. Henry Yu Lin. "We saw strong growth momentum across all of the Company's security and productivity offerings during the first quarter of this year as the Company achieved record high numbers of registered users, active users and paying users. The plan to purchase NQ Mobile shares on the open market demonstrates our confidence in the Company and reflects our commitment to executing our long-term strategic vision and to delivering shareholder value."
Dr. Shi added, "Given that the cash value per NQ Mobile ADS is now more than $2, we do not believe the Company's tremendous growth prospects are fully reflected in the current stock price. As such, our directors James and Weiguo, Henry and I see our planned stock purchases as a way to emphasize our long-term commitment to NQ Mobile."
NQ Mobile is in the process of helping the four directors set up a Rule 10b5-1 share repurchase plan. The share purchases will be made subject to applicable legal restrictions and other factors and in a manner consistent with NQ Mobile's securities trading policy and applicable securities laws.
About NQ Mobile
Headquartered in Beijing, China, NQ Mobile Inc. is a leading provider of consumer-centric mobile Internet services focusing on security and productivity. NQ Mobile was one of the first companies to recognize the growing security threats targeting smartphone users and is now a leading Software-as-a-Service (SaaS) provider, serving both greater China and global clients. The company focuses on serving clients in three key sectors: 1) mobile security, providing mobile security services to protect users from mobile malware threats, data theft, and privacy intrusion; 2) mobile productivity, providing mobile productivity services designed to intelligently enhance time and relationship management; 3) personalized intelligent cloud services, providing personalized intelligent cloud services such as "NQ Space", which is accessible through a variety of Internet-enabled devices to provide a tailored user experience.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
SOURCE NQ Mobile Inc.