BEIJING, Aug. 26, 2011 /PRNewswire-Asia/ -- The board of directors of VODone Limited (the "Company”) announces that it is undergoing a series of transactions to transfer its mobile game development, operation and distribution and handset design businesses (the "Mobile Game and Handset Design Businesses”) to a newly incorporated subsidiary of the Company ("Newco”) and is considering to spin-off (the "Proposed Spin-off”) and separately list (the "Listing”) its Mobile Game and Handset Design Businesses on an international stock exchange. It is intended that upon completion of the Proposed Spin-off, Newco will remain a majority-owned subsidiary of the Company and the financial results of Newco will continue to be consolidated into the accounts of the Company. The Board expects that the Proposed Spin-off will constitute a discloseable transaction of the Company.
The terms of the Proposed Spin-off including offer size, price range, expected timetable and assured entitlement for shareholders of the Company required under Practice Note 15 to the Listing Rules, have not yet been finalised. Further announcement(s) will be made by the Company in this regard as and when appropriate.
About VODone Limited
VODone (www.v1.cn) is currently the only Internet video broadcasting company listed in Hong Kong. The affiliated company of VODone - VODone Telemedia is a State-owned Enterprise which owns the fullest set of qualifications and licenses in China’s New Media industry. It has also obtained the Information Network Communicated Audio-Video Program License, Internet News Permit, Value added Telecom Service Operation License, Internet Publication Permit and all other required licenses, ensuring itself a healthy development in the future.
VODone IR website: http://ir.vodone.com
