BEIJING, April 4 /Xinhua-PRNewswire/ -- Hurray! Holding Co., Ltd.
(Nasdaq: HRAY), a leader in wireless music distribution and other wireless value-added services, artist development and music production, and wireless value-added services management software in China, today announced the signing of a framework contract with Beijing TV Media Co., Ltd. ("BTVM") to establish an exclusive partnership in developing and delivering wireless services enabling all Beijing TV's ("BTV") channels and programs to interact with TV audience. The detailed terms and conditions of the partnership will be set forth in definitive agreements to be agreed by the parties.
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BTV is one of top five TV networks in China. It operates one national satellite TV channel and twelve local channels, and offers a broad range of programs including news, TV drama, business, entertainment and sports. BVTM is the new media subsidiary of BTV and owns exclusive rights for wireless value-added services offered through all BTV programs and channels, in addition to other new media services rights.
Commenting on this announcement, QD Wang, Chairman and Chief Executive Officer of Hurray!, said, "We are extremely pleased to announce the framework contract for this strategic partnership with BTV, one of the major TV networks in China, with a broad audience of more 250 million viewers. This event is a breakthrough for us in developing new distribution channels and gaining access to TV and video content. It takes us one step closer toward our goal of becoming a leading digital entertainment content production and distribution house in China."
About Hurray! Holding Co., Ltd.
Hurray! is a leading provider of music and music-related products such as ringtones, ringback tones, and truetones to mobile users in China through SMS, IVR, RBT, WAP, MMS and Java 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.
In addition, Hurray! is a leader in artist development, music production and offline and online distribution in China through its majority controlled record labels Huayi Brothers Music and Hurray! Freeland Music.
Hurray! also designs, develops, sells and supports a service provisioning and management software for mobile operators in China to manage wireless value-added services.
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,"
"anticipates," "future," "intends," "plans," "believes," "estimates" 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: the risk that Hurray! and BTVM may not be able to agree on the specific terms of the proposed partnership, in which case such partnership may not be established in a timely manner or at all; the risk that this or any future cooperation will not create the operational and financial results that the management and board of directors of Hurray! expect, including in particular the risk that BTV's programming will not continue to be able to attract audiences in China; the risk that the popularity of BTV program related wireless value-added services will not continue to grow or that it may decrease; the risk that this and any future partnership or acquisition could divert management's attention from Hurray!'s operations, which could adversely affect its results of operations; and the risks outlined in our filings with the Securities and Exchange Commission, including our registration statement on Form F-1. We do not undertake any obligation to update this forward-looking information, except as required under applicable law.
