BEIJING, May 29 /PRNewswire-Asia/ -- Linktone Ltd. (Nasdaq: LTON), a leading
provider of wireless interactive entertainment services to consumers in China,
today announced that Hary Tanoesoedibjo, currently Chairman of the Company's
board, has also been appointed as its Chief Executive Officer and Colin Sung
has been appointed as its Deputy Chief Executive Officer and Chief Financial
Officer. The Company also announced the resignations of Chief Executive
Officer, Michael Guangxin Li, Chief Financial Officer, Jimmy Lai, and Chief
Operating Officer, Anthony Chia, effective May 31, 2009. Messrs. Li, Lai and
Chia each resigned due to personal reasons and other professional commitments.
In addition, Jun Wu and Michael Guangxin Li have resigned as members of the
Company's board of directors due to personal reasons. Mr. Li will continue to
serve as an adviser to the Company. The nominating and compensation committee
of the Company's board is committed to identifying qualified individuals to
replace Mr. Wu as an independent director of the board.
Commenting on these management and board changes, Mr. Tanoesoedibjo said, "On
behalf of the board of directors, I would like to extend our deep appreciation
and sincere thanks to Messrs. Li, Lai and Chia for their hard work, dedication
and service to the Company. In particular I would like to recognize Mr. Wu, a
founder of the Company, who has been a director since year 2001 and an
independent director since year 2004. His innovation, industry knowledge, hard
work and forward-thinking ideas are most appreciated by the Company. We wish
all of these individuals the very best in their future endeavors."
Mr. Tanoesoedibjo added, "In view of today's economic environment, we continue
to evaluate all areas of our business for opportunities to improve efficiency
and effectiveness. There are tremendous opportunities in China and other
Southeast Asian markets which we plan to explore to the fullest, and we intend
to use a combination of organic growth and strategic transactions, such as
mergers and acquisitions, to drive company profitability and strengthen our
presence. We are delighted to welcome Colin back to the management team to
assist in the leadership of our businesses through expansion strategies, and I
believe that his previous experience with the Company has refined his ability
as an industry expert. Also, I am confident that his background in finance
will be of significant value as we move forward with our strategy of regional
expansion."
Mr. Sung said, "I am very pleased to return to the Company and assume the role
of Deputy Chief Executive Officer and Chief Financial Officer, and I look
forward to working with the board and the rest of the management team to
demonstrate our progress to shareholders in the near future."
About Linktone Ltd.
Linktone Ltd. is one of the leading providers of wireless interactive
entertainment services to consumers in China. Linktone provides a diverse
portfolio of services to wireless consumers and corporate customers, with a
particular focus on media, entertainment and communications. These services
are promoted through the Company's strong distribution network, integrated
service platform and multiple marketing sales channels, as well as through the
networks of the mobile operators in China. Through in-house development and
alliances with international and local branded content partners, the Company
develops, aggregates, and distributes innovative and engaging products to
maximize the breadth, quality and diversity of its offerings.
Forward-Looking Statements
This press release contains statements of a forward-looking nature. These
statements are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes," "estimates," and
similar statements. The accuracy of these statements may be impacted by a
number of business risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including risks related
to: Linktone's ability to expand into the ASEAN market, including the
Indonesian market, and create synergies with MNC; the risk that changes in the
Company's management and board could disrupt its operations; the ability of
the Company to recruit and retain suitable members of management and
directors; the ability of Linktone to increase profitability through organic
growth and/or strategic transactions, including the risk that any future
merger and acquisition transactions may not generate the returns anticipated
by management and may divert management's attention from Linktone's business
operations; the risk that Linktone will not be able to compete effectively in
the telecom value-added services market in China and any new markets it enters
for whatever reason, including competition from other service providers or
penalties or suspensions for violations of the policies of the telecom
operators; the risk that Linktone will not be able to realize meaningful
returns from strategic partnerships, including its planned strategic
cooperation with MNC; and the risks outlined in Linktone's filings with the
Securities and Exchange Commission, including its registration statement on
Form F-1 and annual report on Form 20-F. Linktone does not undertake any
obligation to update this forward-looking information, except as required
under applicable law.
Investor Relations
Serena Shi Brandi Piacente
Linktone Ltd. The Piacente Group, Inc.
Tel: 86-10-65396802 Tel: 212-481-2050
Email: serena.shi@linktone.com Email: brandi@thepiacentegroup.com
SOURCE LINKTONE LTD./XPRN CHINA
Serena Shi of Linktone Ltd., 86-10-65396802, serena.shi@linktone.com; or
Brandi Piacente of The Piacente Group, Inc., +1-212-481-2050,
brandi@thepiacentegroup.com
