BEIJING, May 31 /Xinhua-PRNewswire/ -- Hurray! Holding Co., Ltd.
(Nasdaq: HRAY), a leader in artist development, music production, wireless music distribution, and other wireless value-added services in China, today announced that its co-founder Jesse Liu will, effective June 30, 2007, resign from his position as Chief Financial Officer, a role he has performed for the past six years. Following his resignation, Mr. Liu will remain a board member and continue to assist the company in its strategic transformation towards becoming a leading entertainment content provider and distributor in China. Sean Wang, currently President and Chief Operating Officer of the company, will also assume the role of acting Chief Financial Officer of the company. Mr Wang has previously been the Chief Financial Officer of two Nasdaq listed companies in the United States.
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"As a co-founder, Jesse has been instrumental in developing and executing our initial strategy, raising private finance culminating in our successful IPO on Nasdaq, and more recently working on our transformation strategies. We appreciate his invaluable contribution since inception and look forward to benefiting from his continued support as a member of the board," remarked QD Wang, Chairman and Chief Executive Officer of the company.
"It has been an exciting and fulfilling six years for me to grow with Hurray! from startup towards becoming a leading digital entertainment content production and distribution house in China. I have been hoping to transition away from day-to-day management and focus fully on our strategic transformation and think the timing now is good, as our strategic transformation takes shape while our core wireless business remains remarkably resilient. I have total confidence in our current management team's ability to take this company forward to new heights," commented Jesse Liu.
About Hurray! Holding Co., Ltd.
Hurray! is a leader in artist development, music production and offline distribution in China through its record labels Huayi Brothers Music, Freeland Music, New Run Entertainment, and Secular Bird.
Hurray! is also a leading online distributor of music and music-related products such as ringtones, ringbacktones, and truetones to mobile users in China through the full range of wireless value-added services platforms over mobile networks and through the internet.
The company also provides a wide range of other wireless value-added services to mobile users in China, including games, pictures and animation, community, and other media and entertainment services. The company has further expanded its reach through a new venture with Beijing TV Media, the new media channel of Beijing TV, to provide mobile interactive services for all Beijing TV programs.
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: continued competitive pressures in China's wireless value-added services market; changes in technology and consumer demand in this market; the risk that Hurray! may not be able to control its expenses in future periods; Hurray!'s ability to succeed in the music development, production and distribution business, with which it has only limited experience; changes in the policies of the mobile operators in China or the laws governing wireless value-added services; the state of Hurray!'s relationships with China's mobile operators and the risk that Hurray! may be subject to further sanctions and penalties from them in future periods; 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.
