Sungy Mobile Establishes Joint Venture in South Korea
May 05, 2014 --
GUANGZHOU, China and SEOUL ,South Korea, May 5, 2014 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, announced that it has entered into an agreement with Mr. Teddy Hoon-Tack Jung, the Chairman of iHQ Inc. ("iHQ"), a leading entertainment company in Korea, to form a joint venture company, GO Launcher Korea Co, Ltd. ("GO Launcher Korea").
Located in South Korea, Sungy Mobile's second largest overseas market for GO Launcher, the newly-established joint venture company will be primarily engaged in solidifying GO Launcher's market leading position and strengthening its monetization opportunities in South Korea. The joint venture will allow Sungy Mobile to indirectly leverage iHQ's rich entertainment resources and extensive experience with marketing and promotional campaigns, further enhancing GO Launcher products' competitiveness by promoting launcher themes and associated merchandise. Sungy Mobile's innovative solutions and user base will enable the joint-venture to further penetrate and capitalize on the rapidly growing South Korean market. Mr. Jung will serve as the CEO of GO Launcher Korea.
Mr. Teddy Hoon-Tack Jung, CEO of GO Launcher Korea, stated, "We are excited to establish this joint venture, which will leverage Sungy Mobile's top-notch technology and popular product offerings combined with my experience in brand promotion in Korea and iHQ's vast entertainment resources which include celebrity access, and rights to popular content offerings. Serving as the dominant entry-point to smartphones, GO Launcher has become immensely-popular with a large base of users in Korea. We believe that with the ongoing pervasion of mobile apps, our strategies, capabilities and partnerships well positioned GO Launcher Korea to capitalize on the many growth opportunities in today's mobile internet market."
Mr. Xiangdong Zhang, President of Sungy Mobile, stated, "Today's development marks another important step in our international expansion, in the wake of our recent GetJar acquisition. Through our strategic joint venture, we not only secure a formidable partner in the Android-dominated Korean market, but also significantly enhance our marketing efforts with win-win results for both parties. Our partnership will utilize our synergies to provide mutual leverage and support for expanding and enhancing GO Launcher's Korean market presence, strengthening our foundation for future monetization."
Mr. Teddy Hoon-Track Jung has served as the Chairman of iHQ since 2013. As one of the leading talent management agencies in South Korea, iHQ provides personalized management services for public entertainers and artists in various fields of entertainment, such as films, music, animations, broadcasting and variety show programs.
About Sungy Mobile Limited
Sungy Mobile Limited is a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development. Sungy Mobile's platform product, GO Launcher EX, manages apps, widgets and functions on Android smartphones and serves as users' first entry point to their phones; it is the mobile access point from which many Android users are able to find new and innovative ways to customize their experience, download apps and interact with their mobile devices every day. For more information, please visit http://www.sungymobile.com.
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