GUANGZHOU, China, Feb. 12, 2014 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that it had recently acquired GetJar, Inc. ("GetJar"), a privately held mobile ad network based in California for $5.3 million in cash. The Company may also issue up to an aggregate of 1,443,074 Class A ordinary shares to the seller of GetJar by early 2016 as earnout payments if certain performance targets are achieved. In addition, the Company will grant certain equity incentives to the management and key personnel of GetJar who will be employed by the Company.
"We are pleased to expand our global footprint with our first international acquisition," stated Mr. Yuqiang Deng, Sungy Mobile's chief executive officer. "Our acquisition of GetJar provides our platform with state-of-the-art mobile data analytics capabilities that will support our mobile advertising research and development initiatives, and accelerate our product development process. We are happy to bring GetJar underneath the Sungy Mobile umbrella, and look forward to working with the GetJar team to build out our service offerings together."
About Sungy Mobile Limited
Sungy Mobile Limited (Nasdaq:GOMO) is a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development. Sungy Mobile's platform product, GO Launcher EX, manages apps, widgets and functions on Android smartphones and serves as users' first entry point to their phones. Sungy Mobile also operates 3G.cn, a popular mobile internet portal, and a large mobile reading service, in China. For more information about Sungy Mobile, please visit http://www.sungymobile.com.
Safe Harbor Statements
This press release contains forward-looking statements. These statements constitute forward-looking statements under 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. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: Sungy Mobile's growth strategies; Sungy Mobile's ability to retain and increase its user base and expand its product and service offerings; Sungy Mobile's ability to monetize its platform; Sungy Mobile's future business development, financial condition and results of operations; competition from companies in a number of industries including internet companies that provide mobile internet portal services and operate mobile reading services; expected changes in Sungy Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Sungy Mobile's filings with the U.S. Securities and Exchange Commission. Sungy Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
CONTACT: For further information, please contact Sungy Mobile Limited Laura Huang Email: IR@sungymobile.com http://www.sungymobile.com ICR, LLC Jeremy Peruski Tel: +1-646-417-5388 Email: IR@sungymobile.comSource:Sungy Mobile Limited