NQ Mobile Announces Share Repurchase Plan
BEIJING and DALLAS, Nov. 26, 2012
BEIJING and DALLAS, Nov. 26, 2012 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile"
or the "Company") (NYSE: NQ), a leading global provider of mobile Internet
services, today announced that its board of directors has authorized a share
repurchase plan under which the Company may repurchase up to US$20 million of
its American Depository Shares ("ADSs") over the next 12 months.
Under the share repurchase plan authorized by its board of directors, NQ
Mobile may repurchase up to US$20 million worth of its outstanding ADSs over
the next 12 months. The repurchases may be made from time to time on the open
market at prevailing market prices, in privately negotiated transactions, in
block trades and/or through other legally permissible means, depending on
market conditions and in accordance with applicable rules and regulations. NQ
Mobile's board of directors will review the share repurchase plan
periodically, and may authorize adjustment of its terms and size. NQ Mobile
plans to fund repurchases made under this plan from its existing cash balance.
Dr. Henry Lin and Omar Khan, Co-CEOs of NQ Mobile, commented, "We believe that
the current price of our ADSs severely undervalues our company and the board's
decision to implement the share repurchase plan reflects its strong belief in
the strength of our businesses. With over US$120 million in cash and zero
debt, we have a strong balance sheet and expect to continue generating cash
from operations that would provide enough resources to fund our ongoing
research and development, marketing and other business expansion efforts. At
the present time, the combination of market valuations, our solid cash flows,
cash balances and financial strength lead us to believe that this share
repurchase plan represents an effective use of our cash and is in the best
interests of our shareholders."
About NQ Mobile
NQ Mobile Inc. (NYSE:NQ) is a leading global provider of trusted mobile
Internet services built on its world-class acquisition, engagementand
monetization platform. The company was one of the first to recognize the
growing security threats targeting smartphone users and now has about 242
million registered and 85 million active user accounts globally. NQ Mobile's
cloud-basedtrust platform has been recognized by third-party testing
facilities around the world as the most effective solution for detecting and
combating mobile threats. NQ Mobile is recognized as a global pioneer in
mobile innovation and technology leadership. NQ Mobile maintains dual
headquarters in Dallas, TX, USA and Beijing, China. For more information on NQ
Mobile, please visithttp://www.nq.com.
Forward Looking Statements
This news release contains "forward-looking statements" as defined under
applicable U.S. securities regulations. These forward-looking statements can
be identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar statements.
These forward-looking statements are based on management's current
expectations, assumptions, estimates and projections about the Company and the
industry in which the Company operates, but involve a number of unknown risks
and uncertainties. Further information regarding these and other risks is
included in the Company's filings with the U.S. Securities and Exchange
Commission. The Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances, or changes
in its expectations, except as may be required by law.
For investor and media inquiries please contact:
NQ Mobile Inc.
Phone: +852 3975 2853
SOURCE NQ Mobile Inc.
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