WEB NEWS Going Private News
SHENZHEN, China , March 30, 2012 /PRNewswire-Asia-FirstCall / -- Jingwei International Limited (NASDAQ: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services in China , today announced that its previously disclosed "going private" transaction designed to eliminate Jingwei's status as a public company in the U.S. has been consummated.
Following suspension of trading in Jingwei's common stock on the NASDAQ, the Company effected a 1 for 20,000 reverse stock split, with the result that all shareholders owning less than 20,000 shares as of 7:00am (EDT) on March 30, 2012 will receive a cash payment of $2.20 per shares from a fund established by Jingwei with the exchange agent for the transaction. Immediately following the reverse stock split, the Company effected a 20,000 for 1 forward stock split, with the result that all shareholders owning more than 20,000 shares as of 7:01am (EDT) on March 30, 2012 will continue to hold the same number of shares as they did prior to both stock splits.
Following the filing of its Annual Report on Form 10-K for the year ended December 31, 2011 , the Company plans to file a Form 15 to suspend its duty to file reports under Section 15(d) of the Securities Exchange Act of 1934. It will be eligible to suspend such duty because it has fewer than 300 record holders following the reverse stock split. Upon filing of the Form 15, the Company's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, will immediately be suspended.
Investor Alert
SHENZHEN, China , March 10, 2012 /PRNewswire-Asia-FirstCall / -- Jingwei International Limited (NASDAQ: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services in China , today announced that it has notified The NASDAQ Stock Market LLC ("NASDAQ") of its intent to delist its common stock from the NASDAQ Global Market following the completion of its recently announced "going private" transaction designed to eliminate Jingwei's status as a public company in the U.S.
The Company intends to file a Form 25 with the SEC on March 20, 2012 relating to the delisting of its common stock, with the delisting of its common stock to be effective ten days thereafter. Accordingly, the Company expects that the last day of trading of its common stock on the Nasdaq Global Market will be on or about March 30, 2012 .
On the effective date of the delisting, the Company plans to file a Form 15 to suspend its duty to file reports under Section 15(d) of the Securities Exchange Act of 1934. It will be eligible to suspend such duty because it has fewer than 300 record holders following the reverse stock split, subject to the receipt by the Company of a no-action letter regarding the filing of its Annual Report on Form 10-K for the year ended December 31, 2011 from the Staff of the US Securities and Exchange Commission for which a request has been submitted. Upon filing of the Form 15, the Company's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, will immediately be suspended.
Going Private News
SHENZHEN, China , February 16, 2012 /PRNewswire-Asia-FirstCall / -- Jingwei International Limited (NASDAQ: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services in China, today announced its intent to accept a "going private" proposal proposed by Mr. George (Jianguo) Du, Chairman and CEO of the Company, and cease its public company status.
A special committee of the company's board of directors, comprised of independent directors, has recommended, and the board of directors has approved, plans to voluntarilty delist the common shares from the NASDAQ Global Market and cease the registration of the Company's common shares with the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934.
Going-Private Transaction
In order to ensure that it will be eligible to deregister its common shares, in accordance with SEC rules and regulations, Jingwei will reduce its number of record shareholders to below 300. To accomplish this, the special committee of the board recommended, and the board of directors approved, an amendment to the Company's articles of incorporation to effect a 1-for- 20,000 reverse stock split whereby each 20,000 outstanding shares of Jingwei common shares will be converted into one whole share and, in lieu of us issuing fractional shares to shareholders owning less than 20,000 pre-reverse stock split shares, Jingwei will pay cash equal to $2.20multiplied by the number of pre-reverse stock split shares held by such shareholder. Immediately following the reverse stock split, the Company will file a second amendment to its articles of incorporation to effect a 20,000-for-1 forward stock split. As a result, shareholders owning 20,000 or more common shares at the time of the reverse split will retain their current numbers of common shares without change and not receive cash in the transaction. The funding for the cash payment for the fractional shares described above will be provided by the company's largest shareholder, George (Jianguo) Du, Chairman and CEO of the Company. Following the funding of the amount required to cash-out fractional shares and in consideration of Mr. Du assuming Jingwei's obligation to cash-out fractional shares, Jingwei will issue Mr. Du a number of common shares equal to the amount he funded divided by $2.20 (rounded to the nearest whole share).
Jingwei's board of directors decided to pursue taking the Company private after concluding that the disadvantages of remaining an SEC-reporting company, including the costs associated with ongoing regulatory requirements, outweighed the benefits of public company status to the Company and its shareholders. American Appraisal China Limited, independent financial advisor to the special committee, provided an opinion to the Special Committee that the $2.20 per share cash-out price in lieu of fractional shares is fair from a financial point of view to those shareholders who would be cashed out in the proposed transaction.
Under Nevada law, the Company's board may amend its articles of incorporation to conduct the stock splits without the approval of the Company's shareholders, and therefore the Company is not seeking the approval of the going-private transaction from its shareholders.
Prior to consummating the going-private transaction described above, the Company must file a preliminary information statement and a transaction statement with the SEC on Schedule 13E-3. Following review by the SEC, the Company intends to distribute a definitive information statement to its shareholders and to effect the going-private transaction as soon as practicable following the date that is 20 days after the distribution of the information statement to shareholders. The Company anticipates the transaction will be completed in the second quarter of 2012. If the transaction is completed, the company would no longer file periodic reports with the SEC. This release is not an offer to acquire or sell any securities.
The special committee may determine not to proceed with the going-private transaction as currently contemplated, or to change certain of the terms of the transaction, if it believes that abandoning or changing the terms of the transaction is in the best interests of the Company's unaffiliated shareholders. If the special committee determines not to proceed with the going-private transaction, we will continue to operate our business as presently conducted.
CFO Trail
SHENZHEN, China , January 13, 2012 /PRNewswire-Asia-FirstCall / -- Jingwei International Limited (NASDAQ: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services in China , today announced that Mr. Yong Xu will resign from his post as Chief Financial Officer effective January 13, 2012 to pursue another career opportunity.
Until a permanent replacement is officially named, Ms. Li Suwen, CPA, who is the Company's Financial Controller, will serve as interim Chief Financial Officer and manage daily financial operations, supported by the Company's established accounting and finance team. Ms. Cao Wei , Director of Investor Relations and Corporate Secretary, will continue to manage the Company's investor relations activities. Mr. Yong Xu has agreed to serve as an advisor to the Company during this transition period.
"Mr. Yong Xu has been a highly valued member of our management team and we wish him all the best in his future endeavors," said Mr. George (Jianguo) Du , Chairman and Chief Executive Officer. "I would like to thank him for his extraordinary contributions during his tenure, including leading our NASDAQ listing in 2011, strengthening our financial management and internal controls, and developing our investor relations program in both China and the U.S. We will take the time necessary to ensure that we find the best possible candidate to build on his accomplishments."
Going Private News
SHENZHEN, China , January 6, 2012 /PRNewswire-Asia-FirstCall / -- Jingwei International Limited (NASDAQ: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services in China , today announced it has received a proposal from George (Jianguo) Du , Chairman and CEO of the Company, for a "going private" transaction designed to eliminate Jingwei's status as a public company in the U.S..
Mr. Du owns 41.1% of Jingwei's common shares. According to the proposal letter, he would ask the Board of Directors to consider a reverse stock split transaction that would include a reverse split at a 1-for-50,000 share ratio followed by a cancellation of all fractional shares below one whole share at a per share price of $1.56 . To the extent necessary to finance the proposed transaction, he is willing to provide funding to Jingwei at a price of $1.56 per share to fund the cancellation of fractional shares following a reverse split in order to effect the going-private transaction, which would be financed solely through available personal funds.
The board of directors cautions Jingwei's shareholders and others considering trading in its securities that it has only received the proposal and that no decisions have been made by the board of directors with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The board of directors has formed a special committee of independent directors to consider the proposal. The committee has retained independent financial advisors to assist it in its work.
Comments & Business Outlook
Third Quarter 2011 Results
Total revenue decreased 17% year-over-year to $8.6 million
Data Mining segment revenue decreased 33% year-over-year to $3.6 million
Software Services segment revenue declined 1% year-over-year to $5.1 million
Gross profit declined 19% year-over-year to $3.9 million
Net income (non-GAAP) (1) declined 65% year-over-year to $1.3 million
Net loss declined to $(0.8) million
Loss per share for the quarter was $(0.04) per basic share and $(0.04) per diluted share, as compared to earnings per share of $0.13 per basic share and $0.13 per diluted share last year
Cash and cash equivalents at end of the third quarter was $4.0 million , as compared to $7.5 million at the end of 2010
"After a strong performance in operating results in 2010, we experienced some softness in our key BSS/OSS product offerings to the telecom carriers. Management changes within a major telecom carrier have also impacted the expected ramp-up of our interactive marketing services in the quarter; which in turn negatively impacted our cost structure for the services," commented Mr. George Du , Chairman and Chief Executive Officer of Jingwei. "In addition, net income was negatively affected by a one-time impairment charge of about $1.1 million to a long-term investment, as well as a sharp increase in SG&A Expense in part to support our quick business expansion in the Data mining segment."
Mr. George Du continued, "In spite of the challenges, we have invested greatly to expand our product offerings and strengthen the sales team in data mining segment. We have upgraded our major MVAS "Stock Trading Secretary" to a more comprehensive program, adding new features such as personal wealth management information, financial advisor commentaries and basic wealth management consultation over the phone. With successful deployment of the MVAS Society Channel and marketing support system for China Unicom in four provinces, the Company has built up a strong operating team for this product line. We aim to build on momentum to quickly expand the coverage to ten provinces in the next six months. In the software services segment, we have maintained our market leadership in development of IPTV billing and OSS solution, and continued to upgrade integrated call center platforms in multiple provinces for China Unicom in support of its widely popular "116114" service. Moreover we are making efforts to diversify our customer base into municipal governments and telecom carriers in Eastern European and African countries."
Financial Outlook
Jingwei has revised its initial outlook for full year 2011 and now expects total revenue between $36.0 million and $40.0 million , net income of between $3.0 million and $4.6 million , and dilutive earnings per basic share of between $0.15 and $0.23 assuming 20.5 million weighted average common shares outstanding on a fully diluted basis.
Comments & Business Outlook
SHENZHEN, China ,October 26, 2011 /PRNewswire-Asia-FirstCall / -- Jingwei International Limited (NASDAQ: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services inChina , today announced its preliminary financial results for the third quarter endedSeptember 30, 2011 .
The Company now expects revenue to be $8.6 million , a decrease of approximately 17% compared to $10.4 million of revenue reported in the third quarter 2010. For the third quarter 2011, the Company now expects diluted earnings per share to be between $(0.02) and $0.02 , as compared to diluted earnings per share of $0.13 in the third quarter 2010.
"After a strong performance in operating results in 2010, we experienced some softness in our key BSS/OSS product offerings to the telecom carriers. Management changes within a major telecom carrier have also impacted the expected ramp-up of our interactive marketing services in the quarter; which in turn negatively impacted our cost structure for the services," commented Mr.George Du , Chairman and Chief Executive Officer of Jingwei. "In addition, net income was negatively affected by a one-time impairment charge of about$1.1 million to a long-term investment, as well as a surge in Selling, General & Administrative Expense in part to support our quick business expansion in the Data mining segment."
Mr.George Du continued, "We have continued to make strides in our market development of the mobile value-added services ("MVAS") Society Channel and marketing support system during the third quarter of 2011. So far, we have successfully deployed our platforms with four China Unicom provincial offices. We can expect significant earnings contribution from this product line in 2012. "
Jingwei plans to report full third quarter 2011 financial results onMonday, November 14, 2011 .
Jingwei also has revised its initial outlook for full year 2011 and now expects total revenue between $36.0 million and $40.0 million , net income of between $3.0 million and $4.6 million , and dilutive earnings per basic share of between $0.15 and $0.23 assuming 20.5 million weighted average common shares outstanding on a dilutive basis.
Acquisitions
On September 23, 2011, Jingwei International Limited (the “Company”), New Yulong Information Technology Co. Ltd. (“New Yulong IT” or the “Seller”), a wholly owned subsidiary of the Company, and Mr. George Du (the “Purchaser”), the Company’s Chief Executive, President and Chairman, entered into a Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which New Yulong IT agreed to sell and the
Purchaser agreed to acquire all of the outstanding shares of Beijing New Media Advertising Co. Ltd. (“Beijing New Media”). Under the terms of the Purchase Agreement, the Purchaser will pay New Yulong IT a purchase price of $858,149, which is equal to the net book value of Beijing New Media (the “Purchase Price”), and the Purchase Price shall be paid in full at closing, by wire transfer of immediately available funds to an account designated by Seller in writing prior to the closing date. This acquisition is expected to be completed before October 31, 2011.
Corporate Structure Info.
SHENZHEN, China ,
October 14, 2011 /
PRNewswire-Asia-FirstCall / -- Jingwei International Limited (NASDAQ: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services in
China , today announced that New Yulong Information Technology Co. Ltd. ("New Yulong IT" or the "Seller"), a subsidiary of the Company, has completed its previously announced disposition of its legacy media business in Beijing New Media Advertising Co. Ltd. ("Beijing New Media") to Mr.
George Du (the "Purchaser"), the CEO, President and Chairman of the Company.
Comments & Business Outlook
Second Quarter 201 1 Highlig h ts:
Total revenue increased 39% year-over-year to $11.4 million
Data Mining segment revenue grew 9% year-over-year to $4.8 million
Software Services segment revenue rose 73% year-over-year to $6.6 million
Gross profit declined 2% year-over-year to $4.5 million
Net income (non-GAAP)(1) declined 16% year-over-year to $3.0 million
Net income declined 23% year-over-year to $1.9 million
EPS for the quarter was$0.09 per basic share and $0.09 per diluted share compared to $0.15 per basic share and $0.12 per diluted share last year
Cash and equivalents at end of the second quarter was $4.4 million , as compared to $7.5 million at the end of 2010
"We have continued our strong year-over-year revenue growth in both of our business segments during the second quarter of 2011," commented Mr. George Du , Chairman and Chief Executive Officer of Jingwei. "In data mining, we have expanded greatly our product offering in 3G related MVAS business, and have seen significant revenue contribution from this part of the business in the current period. In the second quarter of 2011, the Company successfully deployed the mobile value-added services ("MVAS") Society Channel and marketing support system in Fujian province, and is currently operating the system with early success. Furthermore, the Company is in discussion with several other provincial operators to leverage similar capabilities to benefit their local operation. In the software service segment, the Company took significant system integration
Liquidity Requirements
As of March 31, 2011, we had $5.0 million in cash and cash equivalents. While we have incurred a reduction in cash and cash equivalents in the last two quarters, largely resulting from a high growth of revenues in the last three quarters, we believe our ability to generate cash flow from our operating activities, our focus and commitment in improving trade receivables, along with our available cash
will be sufficient to fund our operating activities, capital expenditures and other obligations through 2011 and beyond .
Notable Share Transactions
SHENZHEN, China, June 3, 2011 /PRNewswire-Asia-FirstCall / -- Jingwei International Limited (NASDAQ: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services in China's rapidly growing economy, today announced that its Board of Directors has approved the repurchase of up to $2 million of its outstanding common shares in the next twelve months, subject to market and other conditions. Under this plan, the Company can repurchase shares from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable US federal securities laws. This share repurchase program may be modified, suspended, terminated or extended by the Company at any time without prior notice. The repurchases will be funded with available cash on hand; any shares of common stock repurchased under the program will be returned to treasury. Global Hunter Securities LLC has been engaged to effect market transactions pursuant to the program.
Mr. George Du, Chairman and Chief Executive Officer of the Company, commented, "Recognizing the company's future growth opportunities, we think now is a great time for us to use our healthy financial position to invest in Jingwei, and to maximize value for our shareholders."
Comments & Business Outlook
First Quarter 201 1 Highlig h ts:
Total revenue increased 47% year-over-year to $7.5 million
Data Mining segment revenue grew 18% year-over-year to $3.6 million
Software Services segment revenue rose 92% year-over-year to $3.9 million
Gross profit climbed 49% year-over-year to $3.9 million
Gross margin was flat year-over-year at 52%
Net income declined 8% year-over-year to $0.9 million
EPS for the quarter was$0.05 per basic share and $0.05 per diluted share compared to $0.06 per basic share and $0.05 per diluted share last year
"We are pleased to report strong year-over-year revenue growth in our two business segments as we sharpened our focus in mobile value-added services ("MVAS") during the quarter," commented Mr. George Du, Chairman and Chief Executive Officer of Jingwei. "In data mining, we have expanded our offerings in 3G related services, and have entered into a strategic partnering agreement with Zhejiang China Unicom to design, develop and operate Zhejiang China Unicom's MVAS Society Channel and marketing support system. As this business has drawn interest from several other China Unicom provincial offices, we expect to see a significant revenue contribution from this part of the business later this year."
"In Software Services, the Company continued to expand the deployment of internet protocol TV ("IPTV") overseas through our business partner in the quarter. In addition, we have been engaged by several China Unicom's regional offices to upgrade their integrated call center platforms, and to develop new capabilities called "Communication Managers," to support China Unicom's launch of the "WO Family Service" offering nationwide."
Comments & Business Outlook
Fourth Quarter Results :
Net revenue for the fourth quarter of 2010 increased 4% to $14.0 million, as compared to $13.5 million in the same quarter last year. The moderate increase was attributed to a continued strong growth of the software service segment, while revenues from the data mining segment trailed the results in the same quarter in 2009.
Gross profit increased 24% to $6.1 million in the fourth quarter of 2010, as compared to $4.9 million in the previous year.
Gross margin was 44%, as compared to 37% in the same quarter last year.
Net income increased 16% to $3.7 million from $3.2 million.
Diluted earnings per share increased 6% to $0.18 in the fourth quarter of 2010 from $0.17 in the same quarter in 2009.
Rick Luk, Chief Executive Officer of Jingwei stated, "I am happy to report that we had another good quarter in the fourth quarter of 2010, which added a nice finishing touch to the best ever year for the Company in terms of revenue and net income performance. We have not only met our aggressive revenue projection, to finish the year at $37.6 million, but also beaten our revised net income guidance of $9.8 million to reach a record $9.9 million, an increase of 66% compared to $6.0 million in 2009. In addition, we have significantly improved gross and net profit margin due to better product mix, higher operating efficiencies and preferential income tax treatment in 2010. In the quarter, we completed the acquisition of a 100% equity interest in Shanghai Haicom Limited, a provider of internet and mobile value added service platforms to telecom carriers in more than 10 provinces. This acquisition significantly broadened our mobile VAS portfolio, and extended our reach to a dozen of strategically important regional subsidiaries of China Unicom and China Telecom ."
The Company confirmed that for fiscal 2011, it is forecasting to achieve total revenue of between $45.2 million and $49.2 million, net income of between $11.8 million and $13.0 million, and dilutive earnings per basic share of between $0.58 and $0.64 assuming 20.4 million weighted average common shares outstanding on a dilutive basis.
Deal Flow
From October 29, 2010 S-3 filing
We may offer and sell, from time to time in one or more offerings, any combination of common stock, common stock purchase rights, debt securities, warrants, or units having a maximum aggregate offering price of $40,000,000. When we decide to sell a particular class or series of securities, we will provide specific terms of the offered securities in a prospectus supplement.
Except as otherwise provided in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities covered by this prospectus for general corporate purposes, which may include, but is not limited to, working capital, capital expenditures, research and development expenditures and acquisitions of new technologies or businesses. The precise amount, use and timing of the application of such proceeds will depend upon our funding requirements and the availability and cost of other capital.
Liquidity Requirements
We believe that our ability to generate strong cash flow from our operating activities, along with our available cash will be sufficient to fund our operating activities, capital expenditures and other obligations through 2010 and beyond.
Comments & Business Outlook
Third Quarter 2010 Highlights
Total revenue increased 18.8% year-over-year to $10.4 million
Gross profit climbed 45.1% year-over-year to $4.8 million
Gross margin was 46.5%, up 8.4% from 38.1% a year ago
Net income increased 96% year-over-year to $2.7 million , or $0.13 per basic share and per diluted share
Cash and equivalents at end of the third quarter was $10.1 million , compared to $10.2 million at the end of 2009
“Our solid year-over-year growth in the third quarter of 2010 was driven by robust Software Services sales, which benefited from strong demand for our business support software by telecom and cable operators who are deploying IPTV and DTV in China,” commented Mr. Rick Luk , Chief Executive Officer of Jingwei International. “During the quarter, we continue to advance our APP store offering and also received new Software Services orders in the power sector to support the smart grid program. Our Data Mining segment revenues fell slightly this period, reflecting quarter-to-quarter variation in the timing of new contracts, but we continue to see strong demand for our bundled mobile value-added service (VAS) offerings and interactive marketing services. As well, we are glad to report that the Company signed two framework agreements with China Unicom in Zhejiang province in October, to partner with China Unicom to provide mobile Internet and interactive marketing services in the region.”
Business Outlook
Given Jingwei's strong performance during the first nine months of 2010 and the outlook for the remainder of the year, the Company reaffirms its previous guidance for fiscal year 2010 of total revenues between $37.5 million and $42.0 million and net income between $8.8 million and $9.8 million . The Company expects this year's diluted share count to reach approximate 20.6 million on a weighted average basis, and diluted earnings per share to range from $0.43 to $0.48 in 2010.
“We are very pleased with our recent acquisition of Haicom, which is accretive to earnings immediately and an important part of our strategy to strengthen Jingwei’s mobile value added service offerings and technologies in the 3G space. Heading into 2011, we intend to extend the geographic reach of our interactive marketing services, replicate and deploy our high-margin BSS solutions in support of ITPV / DTV in new provinces and cities, and selectively pursue acquisitions that dovetail well with our growth strategy, including opportunities to build up our capabilities in the smart grid space,” Mr. Luk concluded.
Comments & Business Outlook
Given Jingwei's strong performance during the first part of 2010 and the outlook for the remainder of the year, the Company reaffirms its
Revenues between $37.5 million and $42.0 million , and
Raises its net income guidance to between $8.8 million and $9.8 million from between $7.8 million and $8.7 million .
The Company expects this year's diluted share count to reach approximate 20.6 million on a weighted average basis, and diluted earnings per share to range from $0.43 to $0.48 in 2010.
Deal Flow
Jingwei International Limited today announced that it has signed a Framework Agreement with Shanghai Haicom Telecommunication Corporation Limited in Shanghai, China to acquire all of the outstanding equity interests of Haicom to advance the long term business interests of both companies.
Under terms of the Agreement, Jingwei will pay Haicom total consideration of up to
RMB 55 million , or $8.2 million , consisting of:
Cash of RMB 35 million , or $5.2 million . The cash portion of this deal will be funded with cash on hand. Stock of up to RMB 20 million , or $3.0 million . The issuance of the Company shares to Haicom is contingent upon the achievement of a minimum level of revenue and earnings targets by the acquired business mutually agreed upon by the parties for the fiscal year ending December 31, 2011 .
Jingwei expects this acquisition to be accretive to the Company's earnings per share immediately in 2010 and thereafter.
Comments & Business Outlook
reaffirmed 2010 guidance of revenue of $37.5 million to $42.0 million, net income of $7.3 million to $8.2 million. In particular, during the first six months of 2010, Company expects to achieve revenue in the range of $12.9 million to $13.2 million, 61.3% to 65% higher than the comparable period in 2009 and net income in the range of $3.0 million to $3.3 million, 114.3% to 135.7% higher than the first six months of 2009.
Rick Luk, the Company's Chief Executive Officer, commented, "In 2010, Jingwei's growth story reached a favorable inflection point, and we believe we're well positioned to capitalize on China's rapid growth in consumer spending , as well as the country's major network modernization programs in the telecom and power industries. By leveraging our unparalleled consumer database of over 400 million Chinese consumer profiles, we have been establishing new growth opportunities in interactive marketing, mobile marketing and mobile VAS solutions."
Guidance for the first half of 2010 is based on preliminary unaudited financial information and is subject to revision once the company completes its consolidated financial statements for the second quarter of 2010Source: PR Newswire (July 12, 2010 )
