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KongZhong continued maintaining its position in the Chinese mobile phone game market in the second quarter. It enhanced its game research and development ability by acquiring Xiamen-based mobile phone game developer Simlife International, Inc.
KongZhong earlier had reached an agreement with Simlife, deciding to pay USD 3 million in cash to the latter's shareholders.
If Simlife performs well within one year after being acquired, its shareholders can gain an addition payment of USD 1.25 million in cash and 6 million ordinary shares in Nasdaq-listed KongZhong.
In addition, KongZhong will execute long-term investments into Kong.net in an attempt to build the latter into a next-generation 3G mobile phone portal and social networking service provider, noted Wang.
KongZhong Corporation yesterday announced total revenues of USD 32.3 million and net income of USD 3.55 million for the second quarter of 2009.
Source: www.sina.com.cn (August 11, 2009)
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