CMGE Announces Appointment of Independent Director and Changes in Audit
GUANGZHOU, China, Sept. 25, 2013 (GLOBE NEWSWIRE) -- China Mobile Games and
Entertainment Group Limited ("CMGE" or the "Company") (Nasdaq:CMGE), a leading
mobile game company in China, today announced that Mr.Joel Chang has been
appointed an independent director of CMGE, effectiveSeptember 25, 2013. Mr.
Joel Chang has also been appointed to take Mr. Hendrick Sin's position on the
audit committee of the Board. Mr. Hendrick Sin has been serving on CMGE's
audit committee since CMGE's listing on the Nasdaq Global Market on September
25, 2012. Nasdaq Marketplace Listing Rule 5615(b)(1) waives the requirement
that an audit committee be comprised of all independent directors during the
first year after listing.
Mr. Joel Chang is the Managing Partner of AID Partners ("AID") and one of its
original founders. He has considerable strategic, financial and advisory
experience. Prior to founding AID, he was the Chief Investment Officer at
Investec Asia, a direct investment house initiated by Investec Bank (UK).
Prior to that, Joel was the managing director of an investment banking unit of
China Everbright Capital Ltd. Previous to that, he worked with BNP Paribas
Peregrine for seven years and prior his departure, was an executive director
of BNP Paribas Peregrine and the first managing director of Changjiang BNP
Peregrine, one of the first Sino-foreign securities joint ventures in China.
Joel also worked for Societe Generale, UOB Hong Kong and Arthur Andersen & Co.
in the 1990s.
Joel was also an independent non-executive director of Kingsoft Corporation
Ltd. (3888.HK) and was previously an executive director and chief financial
officer of Orange Sky Golden Harvest Entertainment Holding Co. Ltd.With an
in-depth knowledge of the Chinese market, Joel is also a member of the
People's Political Consultative Committee of the PRC (Beihai Guangxi). He is a
certified public accountant and member of the Australian Society of Public
Accountants and the Hong Kong Institute of Certified Public Accountants.
CMGE is a leading mobile game company inChinawith the largest market share
among mobile game developers in terms of revenues in 2010, 2011 and 2012,
according toAnalysys International, an independent market research firm. CMGE
has integrated capabilities in the development, operation, sale and
distribution of mobile games in China. Its mobile handset design business
complements its game development business as it pre-installs CMGE's mobile
games and game platforms in the handsets it designs, and enhances CMGE's
knowledge of user habits and preferences and industry trends. CMGE has a large
and diversified portfolio of games, and it has strong game development,
operation and sale and distribution capabilities inChina.
This press release contains forward-looking statements. These statements are
made under the "safe harbor" provisions of 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," "confident" and similar
statements. CMGE may also make written or oral forward-looking statements in
its periodic reports to theU.S. Securities and Exchange Commission, in its
annual report to shareholders, in press releases and other written materials
and in oral statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including statements about
CMGE's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number
of factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not limited to the
following: the Company's growth strategies as well as business plans; future
development, results of operations and financial condition; ability to
continue to develop new and attractive products and services; ability to
continue to develop new technologies or upgrade existing technologies; ability
to attract and retain users and customers and further enhance brand
recognition; the expected growth of and trends in the mobile game industry in
China; PRC governmental policies and regulations relating to the mobile game
industry inChina; competition in the mobile game industry; and general
economic and business conditions inChina. Further information regarding these
and other risks is included in the Company's registration statement on Form
F-1 and other documents filed with theSecurities and Exchange Commission.
CMGE does not undertake any obligation to update any forward-looking
statement, except as required under applicable law. All information provided
in this press release and in the attachments is as of the date of the press
release, and CMGE undertakes no duty to update such information, except as
required under applicable law.
CONTACT: For investor and media inquiries, please contact:
China Mobile Games and Entertainment Group Limited
Tel: +852 2700 6168
Tel: +86-10-5826-4939 (China)
In the U.S.:
Tel: +1 480 614 3000
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