BEIJING, Jan. 20, 2017 /PRNewswire/ -- Phoenix New
Media Limited ("Phoenix New Media", "ifeng" or the "Company")
(NYSE: FENG), a leading new media company in China, today announced that its board of
directors has authorized the Company to revise and extend the term
of two loans previously granted to Particle Inc. ("Particle") from
six (6) months to twelve (12) months. One of these loans with a
principal amount of US$14.8 million
was granted in August 2016 (the
"August 2016 Loan") and will mature
in August 2017 after the extension.
The other loan with a principal amount of approximately
US$6.8 million (equivalent of
approximately RMB46 million) was
granted in November 2016 and will
mature in November 2017 after the
extension. The remaining RMB74
million of loan that the Company's board of directors
previously authorized the Company to grant to Particle was granted
on January 20, 2017 and has a term of
twelve (12) months as well. Particle may, with prior notice to the
Company, prepay all or any portion of the loans granted in
November 2016 and January 2017. In connection with the extension,
Particle has granted the Company the right to convert, at the
Company's option, all or a portion of the August 2016 Loan (including principal and
interests) into Series D1 preferred shares to be issued by Particle
on or before August 9, 2017.
Particle owns Yidian Zixun ("Yidian"), a rapidly-growing
personalized news and life-style information application in
China, which allows users to
efficiently define and explore individualized content over mobile
devices. The Company currently owns approximately 47.8% of the
total outstanding shares of Particle and will be able to
consolidate Particle's financial statements into the Company once
Yidian's user base reaches a certain level.
About Phoenix New Media Limited
Phoenix New Media Limited (NYSE: FENG) is the leading new media
company providing premium content on an integrated platform across
Internet, mobile and TV channels in China. Having originated
from a leading global Chinese language TV network based in
Hong Kong, Phoenix TV, the Company
enables consumers to access professional news and other quality
information and share user-generated content on the Internet and
through their mobile devices. Phoenix New Media's platform includes
its ifeng.com channel, consisting of its ifeng.com website and
web-based game platform, its video channel, comprised of its
dedicated video vertical and mobile video services, and its mobile
channel, including its mobile Internet website, mobile applications
and mobile value-added services.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of 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. Among other things,
the business outlook and quotations from management in this
announcement, as well as Phoenix New Media's strategic and
operational plans, contain forward-looking statements. Phoenix New
Media may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20-F and 6-K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Phoenix New Media's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; the expected growth of the online and mobile
advertising, online video and mobile paid service markets in
China; the Company's reliance on
online advertising and MVAS for the majority of its total revenues;
the Company's expectations regarding demand for and market
acceptance of its services; the Company's expectations regarding
the retention and strengthening of its relationships with
advertisers, partners and customers; fluctuations in the Company's
quarterly operating results; the Company's plans to enhance its
user experience, infrastructure and service offerings; the
Company's reliance on mobile operators in China to provide most of its MVAS; changes by
mobile operators in China to their
policies for MVAS; competition in its industry in China; and relevant government policies and
regulations relating to the Company. Further information regarding
these and other risks is included in the Company's filings with the
SEC, including its registration statement on Form F-1, as amended,
and its annual report on Form 20-F. All information provided in
this press release is as of the date of this press release, and
Phoenix New Media does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries please contact:
Phoenix New Media Limited
Matthew Zhao
Email: investorrelations@ifeng.com
ICR, Inc.
Vera Tang
Tel: +1 (646) 277-1215
Email: investorrelations@ifeng.com
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SOURCE Phoenix New Media Limited