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UPDATE: NQ Mobile Announces Management Changes And Founders Lockup Extension

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NQ Mobile, Inc. ("NQ
Mobile" or the "Company") (NYSE: NQ), a leading global provider of mobile
Internet services, today announced certain management and board changes; an
additional two-year stock lock-up by RPL Holdings, one of the Company's
largest shareholders and controlled by the founders of NQ Mobile, as well as
a reiterated commitment by NQ Mobile's management team to purchase
additional NQ Mobile shares.
Dr. Henry Lin has stepped down as Co-CEO and Chairman of the Board as he is
unable to perform his duties in this capacity due to personal reasons
unrelated to the Company. To succeed Dr. Lin and provide for an orderly
transition, the Board of Directors has promoted NQ Mobile President Zemin Xu
to the position of Co-CEO and board member. He will work with current
Co-CEO, Omar Khan. NQ Mobile's Co-Founder, COO and acting CFO, Dr. Vincent
Wenyong Shi, has been appointed to assume Dr. Lin's duties as Chairman of
the Board.
"We are immensely grateful to Dr. Lin for his partnership, vision, and
leadership in helping to position NQ Mobile for the future of the mobile
Internet," said Co-Founder, COO, acting CFO, and incoming Chairman, Dr.
Vincent Wenyong Shi. "Looking ahead, we will focus on integrating, scaling
and monetizing our various businesses. We are confident that Mr. Xu, in his
new role, will help us deliver solid growth in 2015 and beyond."
"Zemin Xu has been an ongoing mentor and leader for all of us," said Co-CEO
Omar Khan. "He has enjoyed an extremely successful career of more than 20
years and brings a tremendous amount of experience and leadership to the
position. This continuity, our co-CEO structure and Zemin Xu's
qualifications will all help to ensure a smooth transition"
As a sign of confidence in the future of the Company, RPL Limited ("RPL"), a
substantial shareholder of NQ Mobile which is owned and controlled by the
founders of NQ Mobile, including Dr. Henry Yu Lin, Dr. Vincent Wenyong Shi,
and Mr. Xu Zhou (collectively, "the Founders"), has agreed to an additional
two-year voluntary lock-up that will expire in December 2016. RPL is a
limited liability company organized under the laws of the British Virgin
Islands. As of October 15, 2014, RPL held 50,352,941 Class B common shares
(equivalent to approximately 10.07 million ADSs) of NQ Mobile, representing
approximately 11.3% of NQ Mobile's outstanding shares. RPL agreed it will
not sell any of its shares until December 2016.
"The lock-up by the Founders underscores our strong confidence in the future
of NQ Mobile and our commitment to drive NQ Mobile's growth as a leading
global provider of mobile Internet services," remarked Dr. Shi. "Henry's
need to step down does not take away from our collective belief in NQ
Mobile's strong competitive position. Towards this end, we will be
meaningfully adding to our position through our share purchase plan."
In addition to the lock-up by RPL, the Founders and NQ Mobile's senior
management reiterate their intention to purchase additional shares in
accordance with all applicable rules and regulations.

Posted-In: News Press Releases

 

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