NQ Mobile(TM) Completes Transfer of Term Deposits to its Account at Standard
Chartered Bank; Account Stands at Approximately RMB 628 Million (USD $103
BEIJING and DALLAS, Nov. 6, 2013
BEIJING and DALLAS, Nov. 6, 2013 /PRNewswire/-- NQ Mobile Inc. (NYSE: NQ)
("NQ Mobile" or the "Company"), a leading global provider of mobile Internet
services, has upheld its commitment to transfer cash funds to the Company's
account at Standard Chartered Bank (the "Standard Chartered Account"). The
Company now has a cash balance of approximately RMB 628 million (approximately
USD $103 million) in the Standard Chartered Account.
The Company also maintains its existing account with Standard Chartered Bank
and HSBC in Hong Kong where the proceeds of the recent convertible bond
offering, totaling approximately USD $166 million, will continue to reside.
Additionally, the Company maintains numerous operating bank accounts with cash
throughout its organization for day-to-day operating needs.
As previously disclosed, a complete update on the Company's balance sheet will
be provided in NQ Mobile's regular Q3 earnings release, including the impact
of forfeited accrued interest income resulting from the transfer of term
deposits from Industrial Bank Co. Ltd and Bank of Jiangsu.
Safe Harbor Statement
This news release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act of 1934, as amended, and as defined in 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. All
statements other than statements of historical fact in this press release are
forward-looking statements and involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking 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. Although the Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you that such
expectations will turn out to be correct, and actual results may differ
materially from the anticipated results. You are urged to consider these
factors carefully in evaluating the forward-looking statements contained
herein and are cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by these cautionary
About NQ Mobile
NQ Mobile Inc. (NYSE: NQ) is a leading global provider of mobile Internet
services. NQ Mobile is a mobile security pioneer with proven competency to
acquire, engage, and monetize customers globally. NQ Mobile's portfolio
includes mobile security and mobile games as well as advertising for the
consumer market and consulting, mobile platforms and mobility services for the
enterprise market. As of June 30, 2013, NQ Mobile maintained a large, global
user base of 372 million registered user accounts and122 million monthly
active user accounts through its consumer mobile security business, 87 million
registered user accounts and 16 million monthly active user accounts through
its mobile games and advertising business and over 1,250 enterprise
customers. NQ Mobile maintains dual headquarters in Dallas, Texas, USA and
Beijing, China. For more information on NQ Mobile, please visit
Investor Relations Contact:
Investor Relations NQ Mobile Inc.
+852 3975 2853
+1 469 310 5280
SOURCE NQ Mobile Inc.
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