Key Developments For KongZhong Corp
KongZhong Corp (KONG.O) (Nasdaq)
KongZhong Corporation Issues Q4 2009 Revenue Outlook Above Analysts' Estimates
KongZhong Corporation announced that for the fourth quarter of 2009, it expects total revenues to be between $37 and $38 million. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $36 million for the same period.
KongZhong Corporation Cooperates with CCTV.com to Create New Mobile Internet Alliance
KongZhong Corporation announced that the Company has entered into a strategic relationship with CCTV.com, China's authoritative news and entertainment new media platform, to jointly develop and launch the mobile Internet site, wap.CCTV.com.
KongZhong Corporation Issues Q3 2009 Revenue Outlook Above Analysts' Estimates
KongZhong Corporation announced that for the third quarter of 2009 it expects total revenues to be between $34 and $35 million. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $32 million for the same period.
KongZhong Corporation Announces Resignation of President
KongZhong Corporation announced that Mr. Nick Yang, one of the co-founders of the Company, has informed the Board of his decision to resign from his President position, effective July 31, 2009.
KongZhong Corporation Announces Acquisition Of Simlife International, Inc.
KongZhong Corporation announced that it has entered into a definitive agreement to acquire the entire issued share capital of Simlife International, Inc. Upon the closing of the acquisition, Simlife would become a wholly-owned subsidiary of the Company. The Company has agreed to pay $3 million in cash to the shareholders of Simlife. An additional payment of $1.25 million in cash and the issuance of six million of the Company's ordinary shares (equivalent to 150,000 ADSs) to certain shareholders of Simlife are contingent upon Simlife's performance in the year subsequent to completion of the acquisition. IDGVC Partners, which owns approximately 6.7% of the outstanding ordinary shares of the Company, also owns approximately 30% of the issued share capital of Simlife.
