BEIJING and DALLAS, Oct. 29, 2013 /PRNewswire/ -- NQ Mobile Inc. (NYSE: NQ) ("NQ Mobile" or the "Company"), a leading global provider of mobile Internet services, today announced that it has completed the process of transferring to a bank account opened at Standard Chartered Bank (the "Standard Chartered Account") approximately RMB 100 million (or USD $16.4 million) of NQ Mobile's term deposits that were formerly held at Industrials Bank Co. Ltd (as previously detailed in a news release issued on Friday, October 25 th).
The account was opened today and the initial term deposit of approximately RMB 100 million (or USD $16.4 million) has been transferred to the Standard Chartered Account. The remaining portion of the approximate USD $100 million to be transferred will be processed soon. The Company has authorized Standard Chartered Bank to allow an independent verification of the account validity and provide related details to any interested investor who requests the information in good faith. As a result of transferring term deposits to the Standard Chartered Account, NQ Mobile will forfeit certain earned interest and will provide further updates on the financial impact on the Company's Q3 earnings release scheduled for November 12, 2013.
Dr. Henry Lin co-CEO and co-Founder of NQ Mobile remarks, "We remain diligently focused on running our operations and our entire organization and management team is extremely committed to financial transparency. An important step in this process is earning the complete trust of anyone seeking to validate our cash positions. Our actions speak louder than anyone's words and all other arguments and falsehoods fall by the wayside as our cash position is completely and independently verified. We will vigorously defend our company and our products for the benefit of our partners, our customers, and especially our shareholders."Following the transfer of the aforementioned term deposits, expected to be completed soon, the Company will also maintain its existing account with Standard Chartered Bank and HSBC in Hong Kong where the proceeds of the recent convertible bond offering, totaling approximately USD $166 million, will continue to reside. Additionally, the Company maintains numerous operating bank accounts with cash throughout its organization for the day-to-day operating needs. NQ Mobile will provide a complete update on the balance sheet totals in its regular Q3 earnings release. Safe Harbor Statement This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
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