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Sunday, October 02, 2011 12:39:02 AM
KONG Middle Bolli breakout, SAR flip, 32DMA break, ROC/TRIX/PPO crossovers, COMPANY REPURCHASE PROGRAM
KongZhong Corporation Announces Share Repurchase Program
BEIJING, Sept. 29, 2011 /PRNewswire via COMTEX/ -- KongZhong Corporation (Nasdaq: KONG), a leading provider of digital entertainment services for consumers in the PRC, today announced that its Board of Directors has authorized the Company to repurchase up to US$ 15 million worth of the Company's American Depositary Shares (ADSs). The share repurchase plan calls for the ADSs to be acquired in the open market from time to time depending upon market conditions, the market price of Company's ADSs and the management's assessment of the Company's liquidity and cash flow needs. The repurchase plan is intended to increase shareholder value and reduce the dilutive effect of the Company's equity incentive plans. The Company expects to finance the purchases from existing cash reserves. The share repurchase plan was approved by the Company's Board of Directors, including the Company's Chairman and CEO, Leilei Wang, on September 29, 2011.
Leilei Wang, the Chief Executive Officer and Chairman of the Board of the Company, said, "The Board's decision to implement the share repurchase plan reflects its strong belief in the strength of the Company's businesses. With over US$ 134 million in cash and cash equivalents, we have maintained a strong balance sheet and feel confident that this repurchase plan will enhance shareholder value. This has been a challenging yet positive year for our Company and the Internet and mobile gaming industry in China. I look forward to continuing leading major strategic initiatives, including the continued expansion of our Internet games business, and building on our Company's success and maintaining focus on creating value for our shareholders."
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