HANGZHOU, China, Sept. 17, 2013 (GLOBE NEWSWIRE) -- Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a leading mobile application store and mobile social network community operator in China, today announced that its board of directors has approved a twelve-month extension for its previously announced share repurchase program through August 11, 2014.
Upon such extension, Sky-mobi is authorized, but not obligated, to continue to repurchase, up to the remaining balance of the US$10 million, its American Depositary Shares, or ADSs from time to time, in both open market and privately negotiated transactions at the discretion of the Company's management and in compliance with applicable legal requirements. The timing and actual number of shares purchased will depend on a variety of factors such as price, corporate and regulatory requirements, and other prevailing market conditions. To date, the Company has repurchased a total of 2,930,482 ADSs, representing 23,443,856 common shares, for aggregate consideration of approximately US$6,741,364 (including commissions) under the existing share repurchase program.
Michael Tao Song, Chairman and Chief Executive Officer of Sky-mobi, stated, "Our decision to extend our share repurchase program reiterates our commitment to maximizing shareholder value while reflecting our steadfast confidence in Sky-mobi's strategy and long-term growth potential. As we continue to make solid progress in growing our smartphone business, we believe that the extension of the share repurchase program is in the best interests of our Company and the shareholders."
About Sky-mobi Limited
Sky-mobi Limited operates the leading mobile application store in China based on number of user visits, downloads and handset manufacture partners. The Company works with handset companies to pre-install its Maopao mobile application store on handsets and with content providers to provide users with applications and content titles. Users of its Maopao store can browse, download, and enjoy a range of applications and content, such as single-player games, mobile music, and books. The Company's Maopao store enables mobile applications and content to be downloaded and run on various mobile handsets with different hardware and operating system configurations. The Company also operates a mobile social network community in China, the Maopao Community, where it offers mobile social games, as well as applications and content with social network functions to its registered members. The Company is based in Hangzhou, the People's Republic of China. For more information, please visit: www.sky-mobi.com.