The9 Limited Announces Red 5 Studios Inc. Signing of Share Purchase Agreement with Shanghai Oriental Pearl Culture Development Co., Ltd. - CW Richmond WUPV |

The9 Limited Announces Red 5 Studios Inc. Signing of Share Purchase Agreement with Shanghai Oriental Pearl Culture Development Co., Ltd.

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE The9 Limited

SHANGHAI, Jan. 24, 2014 /PRNewswire-FirstCall/ --The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, today announced that its subsidiary, Red5 Studios, Inc. ("Red 5"), and two shareholders have entered into share purchase agreements for the issue and sale of Series B Preferred Stock and common stocks of Red 5 to Shanghai Oriental Pearl Culture Development Co., Ltd., ("Oriental Pearl"), respectively, for an aggregate of approximately $23 million consideration, subject to adjustment as set forth in the share purchase agreements. Upon the closing of the transaction, Oriental Pearl will be a 20.01% minority shareholder of Red 5 and Red 5 will remain a subsidiary of The9.

Oriental Pearl is a wholly-owned subsidiary of Shanghai Oriental Pearl (Group) Co., Ltd. (SH:600832), which is a public company listed in China and is engaged in culture and entertainment industry in China.

The closing of the transaction is subject to certain conditions specified in the share purchase agreements. There can be no assurance that the closing will be completed.

About The9 Limited

The9 Limited is an online game developer and operator. The9 develops and operates, directly or through its affiliates, its proprietary MMO games including Firefall and Qiji2. The9 also develops and operates web games and social games. In 2010, The9 established its Mobile Internet Unit to focus on mobile Internet business. The9 develops and operates three mobile platforms under The9's Mobile Internet Unit including mobile game platform The9 Game Zone, mobile advertising platform Juzi and mobile reading platform KingReader. In 2013, The9 formed a joint venture with Shanghai ZTE to develop and operate Smart TV business.

About Firefall

Firefall is a Free-to-Play MMO Shooter set in a unique and beautiful science fiction universe where players are part of the last remnant of humanity. Earth is under attack by an aggressive energy storm called the Melding and a mysterious race, known as the Chosen. Firefall promises a never before seen original genre, blending the best of true shooter gameplay with rich MMO world elements.

Visit www.firefallthegame.com for more information.

About Red 5 Studios

Red 5 Studios is a AAA online game developer located in California that is dedicated to bringing together millions of gamers from around the world by creating rich, immersive, shared worlds and gaming experiences. Red 5 Studios believes that online games and persistent worlds offer a critical platform for fun and compelling social interactions.

Visit www.red5studios.com for more information.

For further information, please contact:

Ms. Phyllis Sai
Manager, Investor Relations
The9 Limited
Tel: +86 (21) 5172-9990
Email: IR@corp.the9.com
Website: http://www.corp.the9.com/

©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WUPV. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service
.