DALLAS and BEIJING, Nov. 1, 2013 /PRNewswire/ -- NQ Mobile Inc. (NYSE: NQ) ("NQ Mobile" or the "Company"), a leading global provider of mobile Internet services, has completed the transfer of approximately an additional RMB 80 million (approximately USD $13 million) of NQ Mobile's term deposits formerly held at Bank of Jiangsu to the Company's account at Standard Chartered Bank (the "Standard Chartered Account"). Including all transfers to date, the Company now has a cash balance of approximately RMB 330 million (or USD $54 million) in the Standard Chartered Account.
The Company intends to complete the transfer of the remaining portion of approximately USD $100 million it has committed to put into the Standard Chartered Account on an orderly basis that is consistent with responsible management of capital. The Company has authorized Standard Chartered Bank to allow an independent verification of the account validity.
As previously disclosed, a complete update on the Company's balance sheet will be provided in NQ Mobile's regular Q3 earnings release, including the impact from forfeited accrued interest income resulting from the transfer of term deposits from Industrial Bank Co. Ltd and Bank of Jiangsu.
Safe Harbor Statement
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act 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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
About NQ Mobile
NQ Mobile Inc. (NYSE: NQ) is a leading global provider of mobile Internet services. NQ Mobile is a mobile security pioneer with proven competency to acquire, engage, and monetize customers globally. NQ Mobile's portfolio includes mobile security and mobile games as well as advertising for the consumer market and consulting, mobile platforms and mobility services for the enterprise market. As of June 30, 2013, NQ Mobile maintained a large, global user base of 372 million registered user accounts and 122 million monthly active user accounts through its consumer mobile security business, 87 million registered user accounts and 16 million monthly active user accounts through its mobile games and advertising business and over 1,250 enterprise customers. NQ Mobile maintains dual headquarters in Dallas, Texas, USA and Beijing, China. For more information on NQ Mobile, please visit http://www.nq.com/.
NQ Mobile Inc.
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SOURCE NQ Mobile Inc.