GUANGZHOU, China, April 16, 2015 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq: GOMO ) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that in response to the preliminary non-binding proposal dated April 13, 2015 (the "Proposal") that the Company's board of directors (the "Board") received, the Board has formed a special committee of independent directors (the "Special Committee") to review and evaluate the Proposal.
The Proposal from Mr. Yuqiang Deng, chairman and chief executive officer of Sungy Mobile, and Mr. Zhi Zhu, co-chief operating officer of the Company, outlines their interest in acquiring all of the Company's outstanding ordinary shares that are not currently beneficially owned by them, including ordinary shares represented by the Company's American depositary shares or "ADSs" (each representing six Class A ordinary shares of the Company), at a price of $4.90 in cash per ADS, or approximately $0.82 in cash per ordinary share.
The Special Committee is composed of Mr. Yong Chen, Dr. Feng Li and Ms. Xiangguang Zou, who are independent directors of the Company and are unaffiliated with the Proposal. Mr. Yong Chen will be the chairman of the Special Committee. The Board also expects that the Special Committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process.
The Company cautions its shareholders and others considering trading its securities that neither the Board nor the Special Committee has made any decision with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made by Mr. Yuqiang Deng, Mr. Zhi Zhu or any other person, that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated.
About Sungy Mobile Limited
Sungy Mobile Limited is a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development. Sungy Mobile's platform product, GO Launcher EX, manages apps, widgets and functions on Android smartphones and serves as users' first entry point to their phones; it is the mobile access point from which many Android users are able to find new and innovative ways to customize their experience, download apps and interact with their mobile devices every day.
Safe Harbor Statements
This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Sungy Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
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