Vodone Group Announces the Acquisition of Two Companies to Expand Mobile Internet Product Chain

PR Newswire — September 8, 2010

BEIJING, Sept. 8 /PRNewswire-Asia-FirstCall/ — Vodone Group has announced today that it will set up a joint venture with its partners, in which Vodone will hold 70% of its shares with the remaining 30% being controlled by its partners. As a holding company, the new JV company will acquire all of the respective assets of the two companies — “Shenzhen Tastech” and “Bright Way Technology” — sold by the JV partners. These two companies are principally engaged in developing, designing and providing maintenance services for mobile communication products. The total consideration of the acquisition is RMB78.4 million, which will be settled by Vodone with RMB20 million in cash and by issuing 28,694,372 Consideration Shares with 2.31 HKD as the issue price.

Vodone Group believes that the acquisition will strengthen and enhance its mobile communications distribution channels; help form the technology synergies which enables Vodone to accelerate its development and application of new mobile handset chips and operating systems; through the cooperation with mobile handset design houses, Vodone will strengthen its existing, extensive mobile Internet products for its end-users by providing one-stop service experiences.

In the future, Vodone will jointly promote the company’s brand name and its branded products, such as mobile handsets, hardware, software and software services as a desirable combination to fully enhance Vodone’s competitiveness and profitability.

Vodone Group has always been committed to the development of mobile Internet business. After a long period of development, the product line has achieved its preliminary framework by owning “Caishijie” mobile lottery, “KKFUN” mobile games applications, “Linxun” mobile Internet social community and mobile micro-video product line. Vodone is one of the companies who has developed most rapidly in the mobile Internet business industry in China. It will further integrate its upstream resources (mobile handset design houses and mobile handset manufactures), and strengthen its business development layout of the mobile Internet business and the process of its standardized products.

SOURCE Vodone

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