Embattled wireless value-added services provider Hurray (HRAY) announced that Sean Wang, the company's president, COO, and acting CFO, left the company on June 20, 2008.
A few weeks ago, Hurray unveiled its horrible unaudited financial results for the first quarter ended March 31, 2008 and said its total revenues hit USD13.2 million, representing a decline of 16.7% quarter-over-quarter and 19.5% year-over-year. Total wireless value-added services revenues were just above USD11 million for the first quarter of 2008, representing a slight increase as compared to USD11.0 million in the previous quarter and declines of 26.3% as compared to USD14.9 million in the first quarter of 2007. Recorded music revenues, which represent revenues of the firm's controlled music companies Freeland Music, Huayi Brothers Music and Hurray Secular Bird, were USD2.2 million, representing a decline of 54.1% as compared to USD4.9 million in the previous quarter and growth of 47.9% as compared to USD1.5 million in the first quarter of 2007.
"Sean Wang has contributed significantly to help us execute our strategy to become a leading entertainment content production and distribution house in China. I wish him well in his future endeavors," remarked QD Wang, chairman and CEO of the company.
Following Wang's resignation, Guo Xiaoqing will move up from her position as vice president and financial controller of the company to assume the role of acting CFO of the company.
Hurray is also seeking to shift to the entertainment industry, three months after its breakup with Enlight Media. A representative from Hurray has told Sina.com that with the development of China's entertainment industry, Hurray plans to get rid of its original image as a wirless value-added service provider and to shift to entertainment and media sector. Based on the two existing core businesses of Hurray Century and Hurray Music, Hurray reportedly has added Hurray Broker and Hurray Film & Television services. It has also signed a first-class actor and will soon release an official announcement about this.
