KongZhong Corporation Announces Acquisition of a Leading Mobile Game Developer
BEIJING, -- KongZhong Corporation (Nasdaq: KONG), a leading mobile Internet company in China, announced that it has entered into a definitive agreement to acquire the entire issued share capital of Simlife International, Inc. ("Simlife"), a leading mobile game developer in China. Upon the closing of the acquisition, Simlife would become a wholly-owned subsidiary of the Company.
Commenting on the acquisition, Leilei Wang, the CEO and Chairman of the Company, said, "I'm excited to welcome the Simlife team to the Company. Simlife currently has a portfolio of over 200 mobile games and a development team of more than 50 members with years of experience in developing high-quality 3D mobile games. One of Simlife's mobile games, X Dancery, was selected by Nokia in 2009 as a Grand Prize winner in the Technology Showcase category in the global Calling All Innovators contest for mobile applications and solutions. We believe that Simlife's mobile games and development team will be important additions to our own portfolio of mobile games and development team. We also believe that Simlife's strong development capabilities, including its self-developed 3D mobile game engine, can help consolidate and extend the Company's leadership in the Chinese mobile games market."
The Company has agreed to pay US$3 million in cash to the shareholders of Simlife. An additional payment of US$1.25 million in cash and the issuance of 6 million of the Company's ordinary shares (equivalent to 150,000 ADSs) to certain shareholders of Simlife are contingent upon Simlife's performance in the year subsequent to completion of the acquisition. IDGVC Partners, which owns approximately 6.7% of the outstanding ordinary shares of the Company, also owns approximately 30% of the issued share capital of Simlife.
About Simlife
Based in Xiamen, Fujian Province, China, Simlife was founded in 2002 and is one of China's leading developers of mobile games. Two of Simlife's 3D mobile games, Lament Island and X Dancery, which are based on its self-developed 3D mobile game engine, have been recognized by various awards as some of the most innovative mobile games in the mobile games industry.
About KongZhong
KongZhong Corporation is a leading mobile Internet company in China. The Company delivers wireless value-added services to consumers in China through multiple technology platforms including WAP, multimedia messaging service (MMS), Java , short messaging service (SMS), interactive voice response (IVR), and color ring-back tone (CRBT). The Company operates three wireless Internet sites, Kong.net, Ko.cn and cn.NBA.com, which enable users to access media, entertainment and community content directly from their mobile phones. The Company also designs and operates mobile games, including mobile online games, Java games and WAP games.
Commenting on the acquisition, Leilei Wang, the CEO and Chairman of the Company, said, "I'm excited to welcome the Simlife team to the Company. Simlife currently has a portfolio of over 200 mobile games and a development team of more than 50 members with years of experience in developing high-quality 3D mobile games. One of Simlife's mobile games, X Dancery, was selected by Nokia in 2009 as a Grand Prize winner in the Technology Showcase category in the global Calling All Innovators contest for mobile applications and solutions. We believe that Simlife's mobile games and development team will be important additions to our own portfolio of mobile games and development team. We also believe that Simlife's strong development capabilities, including its self-developed 3D mobile game engine, can help consolidate and extend the Company's leadership in the Chinese mobile games market."
The Company has agreed to pay US$3 million in cash to the shareholders of Simlife. An additional payment of US$1.25 million in cash and the issuance of 6 million of the Company's ordinary shares (equivalent to 150,000 ADSs) to certain shareholders of Simlife are contingent upon Simlife's performance in the year subsequent to completion of the acquisition. IDGVC Partners, which owns approximately 6.7% of the outstanding ordinary shares of the Company, also owns approximately 30% of the issued share capital of Simlife.
About Simlife
Based in Xiamen, Fujian Province, China, Simlife was founded in 2002 and is one of China's leading developers of mobile games. Two of Simlife's 3D mobile games, Lament Island and X Dancery, which are based on its self-developed 3D mobile game engine, have been recognized by various awards as some of the most innovative mobile games in the mobile games industry.
About KongZhong
KongZhong Corporation is a leading mobile Internet company in China. The Company delivers wireless value-added services to consumers in China through multiple technology platforms including WAP, multimedia messaging service (MMS), Java , short messaging service (SMS), interactive voice response (IVR), and color ring-back tone (CRBT). The Company operates three wireless Internet sites, Kong.net, Ko.cn and cn.NBA.com, which enable users to access media, entertainment and community content directly from their mobile phones. The Company also designs and operates mobile games, including mobile online games, Java games and WAP games.
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