HANGZHOU, China, April 15, 2013 (GLOBE NEWSWIRE) -- Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a leading mobile application store and mobile social network community operator in China, today announced that its board of directors has appointed Mr. Jimmy Lai, CPA, as the Company's independent director and a member of the audit committee, effective April 15, 2013. Mr. Lai succeeds Mr. Fan Bao who has resigned from his position as independent director and a member of the audit committee due to personal reasons.
Mr. Jimmy Lai has more than twenty years of finance and leadership experience with leading gaming, mobile and technology companies in the United States and China. Mr. Lai currently serves as the CFO of Gamewave Group Ltd, the largest web game provider and the leading provider of interactive entertainment services in China. Previously, he served as the CFO for several US-listed and private companies including Daqo New Energy Corp, a leading polysilicon manufacturer based in China, Linktone Ltd, a leading provider of interactive entertainment products and services in China. Earlier in his career, he worked in various financial roles at Semiconductor Manufacturing International Corp, one of the leading semiconductor foundries in the world, and AMX Corp, a leading system control company in the world. Mr. Lai received a MBA degree from the University of Texas at Dallas, and a bachelor's degree in statistics from the National Cheng Kung University in Taiwan.
Michael Tao Song, Chairman and Chief Executive Officer of Sky-mobi, stated, "We are excited about Mr. Lai's addition to our Board and warmly welcome him to Sky-mobi. His wealth of financial and industry experience in working with global and Chinese gaming and mobile companies is a welcome addition, and will further enhance our corporate governance practices and strategic planning capabilities. We also wish to express our sincere gratitude to Mr. Fan Bao for his service to Sky-mobi as our board member and wish him continued success in his future endeavors."
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "may," "will," ''believes,'' ''expects,'' ''anticipates,'' ''intends,'' ''estimates,'' "plans," "continues" or other similar expressions, the negative of these terms, or other comparable terminology. Such statements, including the statements relating to the Company's business outlook, are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Potential risks and uncertainties include the effectiveness, profitability, and marketability of the Company's solutions; the Company's limited operating history; measures introduced by the PRC government and mobile network operators aimed at mobile applications-related services; the Company's revenue projections for future periods; the Company's ability to maintain relationships with handset companies, content providers and payment service providers; its dependence on mobile service providers and mobile network operators for the collection of a substantial majority of its revenues; billing and transmission failures, which are often beyond the Company's control; its ability to compete effectively; its ability to capture opportunities in the growing smart phone market; its ability to obtain and maintain applicable permits and approvals; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on June 29, 2012.These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and its industry. 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.
About Sky-mobi Limited
Sky-mobi Limited operates the leading mobile application store in China, measured by revenues in 2010, according to a report commissioned by the Company and prepared by Analysys International in July 2011, an independent research and advisory firm. The Company works with handset companies to pre-install its Maopao mobile application store on handsets and with content providers to provide users with applications and content titles. Users of its Maopao store can browse, download, and enjoy a range of applications and content, such as single-player games, mobile music, and books. The Company's Maopao store enables mobile applications and content to be downloaded and run on various mobile handsets with different hardware and operating system configurations. The Company also operates a mobile social network community in China, the Maopao Community, where it offers mobile social games, as well as applications and content with social network functions to its registered members. The Company is based in Hangzhou, the People's Republic of China. For more information, please visit: www.sky-mobi.com.
CONTACT: Sky-mobi Limited Mr. Carl Yeung, CFO Phone: + (86) 571-87770978 (China) Email: firstname.lastname@example.org ICR Inc Jeremy Peruski, Senior Vice President Phone: + (1) (646) -915-1615 (US) Email: email@example.com