SHANGHAI, CHINA -- (Marketwire) -- 01/14/13 -- 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.
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