"In China, where over half a billion consumers are online, we see a great opportunity for Synacor's cross-platform startpage and portal solutions for operators and consumer electronics companies," said Wang. "We are committed to making this joint venture a success and are excited to be working together."
"China represents a significant international growth opportunity to expand the reach of our products and services," said Ron Frankel, Synacor CEO. "Synacor is honored to enter into this joint venture with Maxit and we are excited and confident about Sean's commitment and ability to achieve success."
The joint venture's ability to operate in China is subject to customary regulatory conditions, including registration as a wholly foreign-owned enterprise (WFOE) in China. Synacor and Maxit expect to complete registration of the WFOE in the second quarter of 2013.
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Synacor's white-label platform enables cable, satellite, telecom and consumer electronics companies to deliver TV Everywhere, digital entertainment, cloud-based services and apps to their end-consumers across multiple devices, strengthening those relationships while monetizing the engagement. Synacor (Nasdaq:SYNC) is headquartered in Buffalo, NY. For more information, visit synacor.com.
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About Maxit Technology Inc.
Maxit develops intelligent Internet platforms based on user analytics and big data technology, with applications in personalized information presentation and advertising, online marketing and audience research, and more. For more information, visit
This release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the benefits of the joint venture and its plans, objectives, expectations and intentions with respect to future operations, products and services. These statements are based on the current expectations or beliefs of management of Synacor, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other factors affecting the operation of the respective businesses of Synacor, including (i) the joint venture not being able to obtain the approvals required from the PRC government for its establishment; (ii) increasing competition in the industry and the joint venture's ability to compete in the Chinese market; (iii) the impact of regulatory changes in the industry; (iv) potential difficulties associated with operating the joint venture; (v) the joint venture's ability to obtain additional financing; (vi) the joint venture's ability to offer competitive products and services in the Chinese market at a favorable margin; (vii) general business and economic conditions, including seasonality of the industry and growth trends in the industry; (viii) Synacor's ability to successfully enter the Chinese market and operate internationally; (ix) potential delays, including obtaining permits, licenses and other governmental approvals; (x) trade barriers and potential duties; and (xi) Synacor's and the joint venture's ability to protect intellectual property. More detailed information about these factors may be found in filings by Synacor, as applicable, with the Securities and Exchange Commission, including its most recently filed Quarterly Report on Form 10-Q. Synacor is under no obligation to, and expressly disclaims any such obligation to, update or alter the forward-looking statements, whether as a result of new information, future events, or otherwise.
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