SHANGHAI, Nov. 28, 2011 /PRNewswire-Asia/ -- Taomee
Holdings Limited (NYSE: TAOM) ("Taomee" or the "Company"), one of
the leading children's entertainment and media companies in
China, today announced that its
Board of Directors approved a share repurchase plan on November 22, 2011, effective upon the approval.
Under the plan, Taomee is authorized, but not obligated, to
repurchase, through open market purchase or privately negotiated
transactions, up to US$10 million
worth of outstanding American Depositary Shares ("ADSs")
representing the ordinary shares of Taomee over the next 12 months,
depending on market conditions, share price and other factors,
subject to relevant rules and regulations under the U.S. securities
laws.
The share repurchase plan will be funded by the Company's free
cash flow as well as existing working capital. As of September 30, 2011, the Company had cash and cash
equivalents of approximately US$120.9
million.
As of November 28, the Company had
733,754,480 ordinary shares issued and outstanding.
About Taomee Holdings Limited
Taomee Holdings Limited is one of the leading children's
entertainment and media companies in China with a mission to create exceptional
entertainment experiences for children that are fun, safe and
trusted by parents. Taomee has created online virtual worlds with
enduring and iconic characters, images and story lines that have
resonated and attracted a loyal following among children in
China. As of June 2010, Taomee was ranked as the largest
online entertainment community for children in China measured by market share and active
accounts, according to a report from iResearch. Taomee has expanded
into offline business by licensing its franchises to other media
formats including books, films and television and makers of
consumer products targeting children.
Safe Harbor Statements
This press release contains statements that may constitute
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, 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.
Forward-looking statements can be identified by words or phrases
such as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. Among other things, the
management's quotations and outlook information contain
forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to
be materially different from those expressed or implied by the
forward-looking statements. Potential risks and uncertainties
include, but are not limited to: the Company's business strategies
and initiatives as well as business plans; future business
development, results of operations and financial condition;
expected changes in revenues and certain cost or expense items;
expectations with respect to increased revenue growth and the
Company's ability to sustain profitability; the Company's services
and products under development or planning; the Company's ability
to attract users and further enhance the Company's brand
recognition; and trends and competition in the children's
entertainment and media market and industry, including those for
online entertainment. Further information regarding these and other
risks is included in Taomee's filings with the U.S. Securities and
Exchange Commission, including its registration statement on its
final prospectus dated June 10, 2011.
All information provided in this press release is as of the date of
the press release, and the Company undertakes no obligation to
update any forward-looking statements to reflect subsequent
occurring events or circumstances, or changes in its expectations,
except as required under applicable law. Although the Company
believes that the expectations expressed in these forward looking
statements are reasonable, the Company cannot assure you that their
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
For more information, please contact:
Taomee Holdings Limited
ir@taomee.com
Christensen
In China
Christian Arnell
Phone: +86-10-5826-4939
E-mail: carnell@christensenir.com
In US
Kimberly Minarovich
Phone: +1-917-533-3268
E-mail: kminarovich@christensenir.com
SOURCE Taomee Holdings Limited