BEIJING, CHINA, August 2, 2006 – Sohu.com Inc. (NASDAQ:
SOHU), China's leading online media, search and mobile value-added services
company, today announced the completion of a US$15 million stock repurchase
program. The Company recently announced an additional US $15 million
stock repurchase program which is ongoing.
In October 2005, the board of directors approved the Company's repurchase
of outstanding shares of its common stock from the open market, on an
opportunistic basis, of up to US$15 million. As of August 1, 2006, the
Company repurchased a total of 690,581 shares, fully utilizing the US$15
million available under this initial program. On July 25, 2006, the
board of directors approved an additional US$15 million stock repurchase
program. The Company will continue to execute this program and repurchase
shares on an ongoing and opportunistic basis.
Dr. Charles Zhang, Chairman and CEO of Sohu.com, stated, “Our management
team is fully committed to providing growth and value for our shareholders.
We have completed our initial $15 million stock repurchase program and
already have another in place. Our recent repurchases and ongoing stock
repurchase program underscore our continued confidence in Sohu's long-term
growth. With our strong balance sheet and cash flow, we will continue
to take advantage of strategic opportunities to repurchase shares going
forward.”
About Sohu.com
Sohu.com Inc. (NASDAQ: SOHU) is China's premier online brand and indispensable
to the daily life of millions of Chinese, providing a network of web
properties and community based/web 2.0 products which offer the vast
Sohu user community a broad array of choices regarding information,
entertainment and communication. Sohu has built one of the most comprehensive
matrices of Chinese language web properties and proprietary search engines,
consisting of the mass portal and leading online media destination www.sohu.com;
interactive search engine www.sogou.com; #1 online alumni club www.chinaren.com;
#1 games information portal www.17173.com; the top real estate website
www.focus.cn; wireless value-added services provider www.goodfeel.com.cn;
and leading online mapping service provider www.go2map.com.
Sohu corporate services consist of brand advertising on its matrix of
websites as well as paid listing and bid listing on its in-house developed
search directory and engines. Sohu also offers two types of consumer
services. Sohu offers wireless value-added services such as news, information,
music, ringtone and picture content sent over mobile phones. The company
also operates two massively multi-player online role-playing games as
well as a casual game platform. Sohu.com, established by Dr. Charles
Zhang, one of China's Internet pioneers, is in its tenth year of operation.
Safe Harbor Statement
Statements that are not historical facts, including statements about
our beliefs and expectations, are forward-looking statements. These
statements are based on current plans, estimates and projections, and
therefore you should not place undue reliance on them. Forward-looking
statements involve inherent risks and uncertainties. We caution you
that a number of important factors could cause actual results to differ
materially from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, the uncertain
regulatory landscape in the People's Republic of China, fluctuations
in Sohu's quarterly operating results, Sohu's historical and possible
future losses and limited operating history, and the company's reliance
on online advertising sales, wireless services (most wireless revenues
are collected from a few mobile telecom operators), and online games
for its revenues. Further information regarding these and other risks
is included in Sohu's annual report on Form 10-K for the year ended
December 31, 2005, Quarterly Report on Form 10-Q for the quarter ended
March 31, 2006, and other filings with the Securities and Exchange Commission.
For further information:
Jessica Zhang
Senior Manager
Sohu.com Investor Relations and Corporate Communications
Tel: +86 10 6272 6596
E-mail: ir@contact.sohu.com
http://corp.sohu.com
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