Dragon Capital Group Enters Mobile Application Development Market in China Through the Acquisition of Shanghai Zhiye Software...
January 14 2013 - 9:00AM
Marketwired
Dragon Capital Group Corp. (PINKSHEETS: DRGV), a leading holding
company of emerging high-tech companies in China, announced today
the completion of its acquisition of Shanghai Zhiye Software
Development Company ("Zhiye"). Dragon Capital Group acquired a 100%
equity interest in Zhiye in exchange for 130 million shares of its
restricted common stock.
Zhiye was founded in 2008 by a group of software engineers and
is engaged in application development of mobile solutions for
devices running on Android, iOS, Windows Mobile and Apple's
operating systems. Zhiye has been working to develop a mobile
programming solutions platform to enable application developers in
China to easily and efficiently develop and modify applications to
work across the most popular mobile operating systems in China.
Management at Dragon Capital Group believes this acquisition will
help expand its systems development capabilities and enable the
company to leverage its current technical personnel.
With year over year growth of 85% in 2012, China is the
fastest-growing smartphone market by far according to recent
research from Informa Telecoms & Media. Additionally, this
growth is being driven by the explosive demand for Android phones.
Sales in China of devices powered by this OS exceeded 50%
penetration in the first half of 2012 and Informa estimates that
two in every three handsets sold in China in 2012 are powered by
Android. Additionally, China represented one third of all Android
devices sold throughout the world in 2012.
Industry experts estimate that more than 200 million additional
devices operating on Android will be sold in China in 2013. The
mobile application development market for the Android devices in
particular is in its early stages of growth in China and represents
a vast opportunity for Zhiye. Zhiye intends to focus its initial
efforts with developers looking to migrate their applications from
other systems mainly to Android and Apple operating systems as well
as attract developers looking to reach the broadest possible
audience through a synergistic coding platform enabling quick
design time between various operating systems.
Mr. Lawrence Wang, Chairman and CEO of Dragon Capital Group,
stated, "As a holding company for emerging high tech companies, the
acquisition of Zhiye places us at the cutting edge of an industry
that is exploding across China. Additionally, our experience in
working with systems development make this company a natural fit
for Dragon Capital Group. We believe Zhiye has the potential to
carve out a significant developer base for its platform in this
exploding, high margin multi-billion dollar industry and help our
company resume a strong growth track in the coming years for the
benefit of our stockholders."
About Dragon Capital Group Corporation
Dragon Capital Group Corp. (PINKSHEETS: DRGV) is doing business
in China through its subsidiaries. DRGV was established to serve as
a conduit between Chinese high-growth companies and Western
investors. DRGV functions as an incubator of high-tech companies in
China, offering support in the critical functions of general
business consulting, formation of joint ventures, access to
capital, merger & acquisition, business valuation, and revenue
growth strategies. DRGV has developed a portfolio of high-tech
companies operating in China. For more information about DRGV,
please visit http://www.dragoncapital.us
Safe Harbor Statement
Certain statements set forth in this press release constitute
"forward-looking statements." Forward-looking statements include,
without limitation, any statement that may predict, forecast,
indicate, or imply future results, performance or achievements, and
may contain the word expressions of similar meaning. Such
statements are not guarantees of future performance and are subject
to risks and uncertainties that could cause the company's actual
results and financial position to differ materially from those
included within the forward-looking statements. Forward-looking
statements involve risks and uncertainties, including those
relating to the Company's belief about the expansion of its systems
development capabilities, ability to leverage its technical
personnel and prospects for growth. Actual results may differ
materially from the results predicted and reported results should
not be considered as an indication of future performance.
Contact: Dore Perler U.S. Representative Telephone: (954)
232-5363 Facsimile: (954) 726-2022 Email:
Dore@PearlGroupAdvisors.com
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