Tudou Announces Resignation of Chief Operating Officer

Published on Thursday, 12 July 2012 09:16 Written by TradersHuddle Staff

SHANGHAI, China, July 12, 2012 (GLOBE NEWSWIRE) -- Tudou Holdings Limited (Nasdaq:TUDO) ("Tudou" or the "Company"), a leading Internet video company in China, today announced that Ms. Evelyn Wang has tendered resignation from her position as Chief Operating Officer ("COO") due to personal reasons. Ms. Wang will continue to assist the Company throughout the ongoing merger process with Youku, Inc (NYSE:YOKU) ("Youku"), which remains on track to close during the third quarter of 2012, subject to closing conditions including approvals by Youku's and Tudou's shareholders.

"I would like to sincerely thank Evelyn for her expertise and dedication to Tudou during her tenure as COO and her continuing assistance during our merger with Youku. She has made significant contributions to Tudou's success, and we wish her the very best in her future endeavors," commented Gary Wang, Founder, Chairman and Chief Executive Officer of Tudou. "Together with Youku, we remain confident in our combined ability to generate significant benefits from the merger, which will drive future growth and extend our lead as China's premier online video company."

About Tudou

Tudou Holdings Limited (Nasdaq:TUDO) is a leading Internet video company in China providing premium licensed content, use generated content ("UGC") and original in-house produced content. Founded in 2005, Tudou was the first UGC video sharing website launched in China. The "Tudou" brand is one of the most recognized Internet brands in China, and the annual Tudou Video Festival has become a signature event in the online video industry. For more information, please visit http://ir.tudou.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "may," "will," "expects," "anticipates," "future," "intends," "plans," "believes," "aims," "estimates," "confident," "likely to" and similar statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to execute its business strategies, plans and initiatives; the Company's future business development, results of operations and financial condition; changes in the Company's revenues and certain cost or expense items; the Company's expectations with respect to increased revenue growth and its ability to sustain profitability; the Company's ability to develop new services; the Company's ability to attract users and advertisers and enhance its brand recognition; and the ability of the online video and advertising industry in China to grow at rates projected by market data. Any of the foregoing risks may have a material adverse effect on the Company's business and the market price of its ADSs. Further information regarding these and other risks is included in the Company's 20-F filed with the Securities and Exchange Commission on March 30, 2012. All information provided in this press release is current as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

CONTACT: Investor Relations Contact:
         
         Michael S. Fu
         Director, Investor Relations
         Tudou Holdings Limited
         Tel: (+86) 21-5170-2355
         Email: 
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         Jeremy Peruski
         ICR, Inc.
         Tel: +1 (646) 405-4884
         Email: 
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