BEIJING, Jan. 5, 2012 /PRNewswire-Asia/ -- Qihoo 360
Technology Co. Ltd. ("Qihoo 360" or the "Company") (NYSE: QIHU), a
leading Internet company in China
as measured by active user base, today announced that its Board of
Directors has authorized the repurchase of up to US$50 million of the Company's American
Depositary Shares. The share repurchases are currently expected to
be made through open market purchases or privately negotiated
transactions as market conditions warrant, at prices the Company
deems appropriate, and in accordance with the Securities and
Exchange Commission requirements. The share repurchase will be
funded with the Company's existing cash reserves and ongoing cash
flow. The Company had US$319 million
cash and cash equivalent on its balance sheet as of September 30, 2011.
Mr. Hongyi Zhou, Chairman and
Chief Executive Officer of Qihoo 360, commented, "We believe the
authorized share repurchase is in the best interests of our
shareholders and represents an effective use of our cash. We expect
to continue to generate cash from operations that will help us fund
our ongoing business expansion. We remain confident in our current
business strategy and our near and long-term growth prospects."
About Qihoo 360
Qihoo 360 Technology Co. Ltd. is a leading internet company in
China as measured by its active
user base. The Company is also the leading provider of internet and
mobile security solutions in China
as measured by its active smartphone user base. Qihoo 360 also
provides users with secure access points to the internet via its
market leading web browsers and application stores. The Company has
built one of the largest internet open platforms in China. Qihoo 360 monetizes its massive user
base primarily through online advertising and through internet
value-added services on its open platforms.
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," "believes," "anticipates,"
"intends," "estimates" and similar statements. Among other things,
the management's quotations contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about Qihoo 360 and the
industry. Potential risks and uncertainties include, but are not
limited to: the Company's ability to continue to innovate and
provide attractive products and services to attract and retain
users; the Company's ability to keep up with rapid changes in
technologies and Internet-enabled devices; the Company's ability to
leverage its user base to attract customers for our
revenue-generating services; and the Company's dependence on online
advertising for a substantial portion of our revenues; and the
Company's ability to compete effectively. All information provided
in this press release is as of the date of the press release, and
Qihoo 360 undertakes no obligation to update any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although Qihoo 360 believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that its expectations will turn out to be correct, and
investors are cautioned that actual results may differ materially
from the anticipated results. Further information regarding risks
and uncertainties faced by Qihoo 360 is included in Qihoo 360's
filings with the U.S. Securities and Exchange Commission, including
its final prospectus dated March 29,
2011.
For investor and media
inquiries, please contact:
|
|
Qihoo 360 Technology Co.
Ltd.
|
|
Tel:
+86-10-5878-1574
|
|
E-mail: ir@360.cn
|
|
|
|
Christensen
|
|
Mr. Christian Arnell
|
|
Tel:
+86-10-5826-4939
|
|
E-mail:
carnell@ChristensenIR.com
|
|
|
SOURCE Qihoo 360 Technology Co. Ltd.