GUANGZHOU, China, Oct. 16, 2014 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development ("Sungy Mobile" or the "Company"), today announced a corporate restructuring plan to reallocate resources towards strengthening and expanding its flagship GOSeries platform of applications.
As part of the restructuring initiative, the Company expects to complete a reduction in its workforce of approximately 100 employees associated with its portal business or approximately 12% of its overall workforce by the end of October 2014. The Company believes that, by refocusing on its core growth areas and improving its operational efficiency, it will strengthen its portfolio of mobile products and acquire additional resources to further expand its overall mobile platform.
Mr. Yuqiang Deng, chief executive officer of Sungy Mobile, stated, "Following our second quarter announcement, we continue to strategically realign our attention and resources towards strengthening our mobile applications platform, primarily our GOSeries portfolio. We believe that this corporate restructuring plan will enable us to more efficiently allocate resources towards the expansion of our mobile business both organically and through strategic acquisitions and enable us to continue to leverage and monetize our large user base. Going forward, we remain committed to maximizing value for our shareholders and expanding our product platform with high quality and popular mobile applications."
About Sungy Mobile Limited
Sungy Mobile Limited 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; it is the mobile access point from which many Android users are able to find new and innovative ways to customize their experience, download apps and interact with their mobile devices every day.
Safe Harbor Statements
This press release contains forward-looking statements. These statements, including management quotes and business outlook, 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. 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: Investor Relations Contact ICR, Inc. Chenjiazi Zhong Tel: +1-646-417-5388 Email: IR@sungymobile.comSource:Sungy Mobile Limited