SHANGHAI, Nov. 25, 2015 /PRNewswire-FirstCall/ -- The9
Limited (NASDAQ: NCTY) ("The9"), an online game developer and
operator, today announced that its joint venture Oriental Shiny
Star Limited ("JVC") has entered into a license agreement with
Smilegate Entertainment, Inc. ("SG"), a leading Korean game
developer, for publishing and operating Cross Fire 2 on an
exclusive basis for a five-year term in mainland China. In consideration for the exclusive
license, JVC will make an upfront payment of US$50 million and additional payments totaling
US$450 million based on certain
development and operation milestones, as well as royalty payments
based on future sales.
Cross Fire 2 is the sequel of Cross Fire, a blockbuster
first-person-shooter PC online game in China. Both Cross Fire and Cross Fire 2 are
developed by SG. Cross Fire 2 is being developed using new game
engine. Other than the traditional PVP game mode like Cross Fire,
Cross Fire 2 also provides PVE game mode to offer enhanced game
experience to players.
Majority of JVC's equity is owned by System Link Corporation
Limited ("System Link"). System Link is a 50-50 joint venture
formed by The9 and Qihoo 360 Technology Co., Ltd., a leading
Internet company in China. Through
its PRC consolidated subsidiaries, System Link will operate
Firefall in China.
About The9 Limited
The9 Limited is an online game developer and operator in
China. The9 Limited develops and
operates, directly or through its affiliates, its proprietary MMO
and mobile games including Firefall and Song of Knights. The9
Limited's joint venture with Qihoo 360 has obtained an exclusive
license for publishing and operating Cross Fire 2 in China. The9 Limited also engages in mobile
advertising and mobile app education businesses. The9 Limited has
formed a joint venture with Shanghai ZTE to develop and operate
home entertainment set top box business.
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,
statements about the potential transaction may constitute
forward-looking statements. Statements that are not
historical facts, including statements about The9's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, political
and economic policies of the Chinese government, the laws and
regulations governing the online game industry, information
disseminated over the Internet and Internet content providers in
China, intensified government
regulation of Internet cafes, The9's ability to retain existing
players and attract new players, The9's ability to license, develop
or acquire additional online games that are appealing to users,
The9's ability to anticipate and adapt to changing consumer
preferences and respond to competitive market conditions, and other
risks and uncertainties outlined in The9's filings with the U.S.
Securities and Exchange Commission, including its annual reports on
Form 20-F. The9 does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For further information, please contact:
Ms. Wendy Weng
Investor Relations Manager
The9 Limited
Tel: +86 (21) 5172-9990
Email: IR@corp.the9.com
Website: http://www.corp.the9.com/
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SOURCE The9 Limited