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Beijing, China
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News Article | May 10, 2017
Site: en.prnasia.com

SHENZHEN, China, May 10, 2017 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today reported its unaudited financial results for the first quarter ended March 31, 2017. Since March 2015, all provincial sports lottery administration centers to which the Company provides sports lottery sales services have temporarily suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales, (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People's Republic of China on January 15, 2015. On February 24, 2015, the Company was informed by certain provincial sports lottery administration centers that, as part of their respective self-inspection processes, such provincial sports lottery administration centers planned to temporarily suspend accepting online purchase orders for lottery products starting from February 25, 2015. On March 2, 2015, the Company was further informed by the remaining provincial sports lottery administration centers to which it provides sports lottery sales services that they also planned to temporarily suspend accepting online purchase orders for lottery products, in response to the Self-Inspection Notice. As a result of the provincial sport lottery administration centers' decision to temporarily suspend accepting online lottery orders, or temporary suspension, the Company did not generate any revenue from sports lottery sales in the first quarter of 2017. Mr. Zhengming Pan, the CEO of 500.com, stated, "We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial results for the first quarter of 2017. We want to restate that the Company was one of the two entities approved by the Ministry of Finance in 2012 to provide online lottery sales services on behalf of the China Sports Lottery Administration Center. In particular, such approval mandated that the China Sports Lottery Administration Center use its best effort to develop an online lottery sales management system as part of a pilot program for online lottery sales in China, and once such a management system is finished, the China Sports Lottery Administration Center should apply again for approval from the Ministry of Finance for official commencement of online lottery sales in China. The Company notes it has been working and will continue to work with the China Sports Lottery Administration Center to develop the management system. To the best of the Company's knowledge, the approval by the Ministry of Finance for the Company to provide online lottery sales services on behalf of the China Sports Lottery Administration Center is valid and has not been revoked or amended as of the date of this earnings release." Net revenues were RMB18.4million (US$2.7 million), compared with RMB7.5 million for the fourth quarter of 2016, and RMB2.2 million for the first quarter of 2016. Net revenues for the first quarter of 2017 were primarily generated from mobile gaming and sports information services. Operating expenses were RMB82.8 million (US$12.0 million), representing a decrease of 17.3% from RMB100.1 million during the first quarter of 2016, and a decrease of 16.9% from RMB99.6 million during the fourth quarter of 2016. The year-over-year decrease was mainly due to decreases in share-based compensation expenses associated with share options granted to the Company's employees of RMB19.3 million and salary expenses of RMB5.0 million, which were partially offset by increases in marketing and promotional expenses relating to mobile gaming and sports information services of RMB2.7 million and rental expenses of RMB4.2 million for the Company's new office. The sequential decrease was mainly due to decreases in share-based compensation expenses associated with share options granted to the Company's employees of RMB4.6 million, salary expenses of RMB5.7 million, the impairment loss on equity investment of RMB3.3 million, consulting expenses of RMB2.4 million and business travel expense of RMB2.3 million. Cost of services was RMB5.9 million (US$0.9 million), representing an increase of 55.3% from RMB3.8 million during the first quarter of 2016, and an increase of 40.5% from RMB4.2 million during the fourth quarter of 2016. The year-over-year increase was mainly due to an increase in amortization associated with acquired intangible assets of RMB3.1 million, which was partially offset by a decrease in account handling expenses related to the Company's mobile distribution channels of RMB0.6 million and a decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB0.3 million. The sequential increase was attributable to an increase in amortization associated with acquired intangible assets of RMB1.8 million. Sales and marketing expenses were RMB10.9 million (US$1.6 million), representing a decrease of 17.4% from RMB13.2 million during the first quarter of 2016, and a decrease of 12.8% from RMB12.5 million during the fourth quarter of 2016. The year-over-year decrease was mainly due to a decrease in salary expenses of RMB3.0 million due to the disposal of Sumpay.cn and share-based compensation expenses associated with share options granted to the Company's employees of RMB1.6 million, which were partially offset by an increase in marketing and promotional expenses relating to mobile gaming and sports information services of RMB2.3 million. The sequential decrease was mainly due to decreases in salary expenses of RMB1.3 million and share-based compensation expenses associated with share options granted to the Company's employees of RMB0.3 million. General and administrative expenses were RMB51.1 million (US$7.4 million), representing a decrease of 16.9% from RMB61.5 million during the first quarter of 2016, and a decrease of 22.8% from RMB66.2 million during the fourth quarter of 2016. The year-over-year decrease was attributable to decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB14.5 million, which was partially offset by an increase in rental expenses of RMB4.2 million for the Company's new office. The sequential decrease was mainly due to decreases in share-based compensation expenses associated with share options granted to the Company's employees of RMB3.5 million, the impairment loss on equity investment of RMB3.3 million, salary expenses of RMB3.0 million, consulting expenses of RMB2.4 million and travel expenses of RMB2.2 million. Service development expenses were RMB14.9 million (US$2.2 million), representing a decrease of 31.3% from RMB21.7 million during the first quarter of 2016, and a decrease of 11.3% from RMB16.8 million during the fourth quarter of 2016. The year-over-year decrease was mainly due to decrease in salary expenses of RMB3.0 million, share-based compensation expenses associated with share options granted to the Company's employees of RMB2.9 million, depreciation expenses of RMB0.5 million and entertainment expenses of RMB0.5 million. The sequential decrease was mainly due to decreases in salary expenses of RMB1.5 million and share-based compensation expenses associated with share options granted to the Company's employees of RMB0.7million. Operating loss was RMB63.9 million (US$9.3 million), compared with operating loss of RMB97.3 million during the first quarter of 2016, and operating loss of RMB98.2 million during the fourth quarter of 2016. Non-GAAP operating loss was RMB35.1 million (US$5.1 million), compared with non-GAAP operating loss of RMB49.3 million during the first quarter of 2016, and non-GAAP operating loss of RMB64.9 million during the fourth quarter of 2016. Net loss attributable to 500.com was RMB62.3 million (US$9.1 million), compared with net loss attributable to 500.com of RMB90.9 million during the first quarter of 2016, and net loss attributable to 500.com of RMB9.1 million during the fourth quarter of 2016. The year-over-year decrease was mainly due to an increase of net revenues of RMB16.2 million during the first quarter of 2017 generated from mobile gaming and sports information services and a decrease in operating expenses of RMB17.3 million. The sequential increase were mainly due to a gain from the disposal of Sumpay.cn of RMB72.1 million recognized during the fourth quarter of 2016, which was partially offset by an increase in revenues of RMB10.9 million during the first quarter of 2017 generated from mobile gaming and sports information services. In addition, a settlement payment of RMB10.0 million relating to the stockholder class action lawsuit was recognized during the fourth quarter of 2016, there was no such amounts recognized during the first quarter of 2017. Non-GAAP net loss attributable to 500.com was RMB33.6 million (US$4.9 million), compared with non-GAAP net loss attributable to 500.com of RMB42.9 million during the first quarter of 2016, and non-GAAP net income attributable to 500.com of RMB24.2 million during the fourth quarter of 2016. As of March 31, 2017, the Company had cash and cash equivalents of RMB1,413.4 million (US$205.3 million), restricted cash2 of RMB2.3 million (US$0.3 million), time deposits3 of nil and short-term investments of RMB100.0 million (US$14.5 million), compared with cash and cash equivalents of RMB673.1 million, restricted cash of RMB3.7 million, time deposits of RMB804.7 million and short-term investments of RMB100.0 million as of December 31, 2016. As of March 31, 2017, the balance of prepayment and other current assets was RMB70.4 million (US$10.2 million), compared with RMB125.5 million as of December 31, 2016. The balance as of March 31, 2017 mainly included: (i) the current portion of deferred expenses of RMB25.9 million (US$3.8 million); (ii) receivables of deposits of RMB13.8 million (US$2.0 million); (iii) receivables from third party payment service providers of RMB2.8 million (US$0.4 million); (iv) interest receivable of RMB2.8 million (US$0.4 million); and (v) other receivables of RMB25.1 million (US$3.6 million). The Company will not make earnings forecast until it receives clear instruction on the resumption date of online sports lottery sales from the Ministry of Finance. This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.8832 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2017. 500.com Limited (NYSE: WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. This news release contains forward-looking statements within the meaning of 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," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. To supplement the Company's financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in our consolidated affiliated entities, and deferred tax expense relating to valuation allowance. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures. Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of the Company's continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/500com-limited-announces-financial-results-for-the-first-quarter-of-2017-300455084.html


News Article | May 10, 2017
Site: www.prnewswire.com

Since March 2015, all provincial sports lottery administration centers to which the Company provides sports lottery sales services have temporarily suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales, (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People's Republic of China on January 15, 2015. On February 24, 2015, the Company was informed by certain provincial sports lottery administration centers that, as part of their respective self-inspection processes, such provincial sports lottery administration centers planned to temporarily suspend accepting online purchase orders for lottery products starting from February 25, 2015. On March 2, 2015, the Company was further informed by the remaining provincial sports lottery administration centers to which it provides sports lottery sales services that they also planned to temporarily suspend accepting online purchase orders for lottery products, in response to the Self-Inspection Notice. As a result of the provincial sport lottery administration centers' decision to temporarily suspend accepting online lottery orders, or temporary suspension, the Company did not generate any revenue from sports lottery sales in the first quarter of 2017. Mr. Zhengming Pan, the CEO of 500.com, stated, "We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial results for the first quarter of 2017. We want to restate that the Company was one of the two entities approved by the Ministry of Finance in 2012 to provide online lottery sales services on behalf of the China Sports Lottery Administration Center. In particular, such approval mandated that the China Sports Lottery Administration Center use its best effort to develop an online lottery sales management system as part of a pilot program for online lottery sales in China, and once such a management system is finished, the China Sports Lottery Administration Center should apply again for approval from the Ministry of Finance for official commencement of online lottery sales in China. The Company notes it has been working and will continue to work with the China Sports Lottery Administration Center to develop the management system. To the best of the Company's knowledge, the approval by the Ministry of Finance for the Company to provide online lottery sales services on behalf of the China Sports Lottery Administration Center is valid and has not been revoked or amended as of the date of this earnings release." Net revenues were RMB18.4million (US$2.7 million), compared with RMB7.5 million for the fourth quarter of 2016, and RMB2.2 million for the first quarter of 2016. Net revenues for the first quarter of 2017 were primarily generated from mobile gaming and sports information services. Operating expenses were RMB82.8 million (US$12.0 million), representing a decrease of 17.3% from RMB100.1 million during the first quarter of 2016, and a decrease of 16.9% from RMB99.6 million during the fourth quarter of 2016. The year-over-year decrease was mainly due to decreases in share-based compensation expenses associated with share options granted to the Company's employees of RMB19.3 million and salary expenses of RMB5.0 million, which were partially offset by increases in marketing and promotional expenses relating to mobile gaming and sports information services of RMB2.7 million and rental expenses of RMB4.2 million for the Company's new office. The sequential decrease was mainly due to decreases in share-based compensation expenses associated with share options granted to the Company's employees of RMB4.6 million, salary expenses of RMB5.7 million, the impairment loss on equity investment of RMB3.3 million, consulting expenses of RMB2.4 million and business travel expense of RMB2.3 million. Cost of services was RMB5.9 million (US$0.9 million), representing an increase of 55.3% from RMB3.8 million during the first quarter of 2016, and an increase of 40.5% from RMB4.2 million during the fourth quarter of 2016. The year-over-year increase was mainly due to an increase in amortization associated with acquired intangible assets of RMB3.1 million, which was partially offset by a decrease in account handling expenses related to the Company's mobile distribution channels of RMB0.6 million and a decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB0.3 million. The sequential increase was attributable to an increase in amortization associated with acquired intangible assets of RMB1.8 million. Sales and marketing expenses were RMB10.9 million (US$1.6 million), representing a decrease of 17.4% from RMB13.2 million during the first quarter of 2016, and a decrease of 12.8% from RMB12.5 million during the fourth quarter of 2016. The year-over-year decrease was mainly due to a decrease in salary expenses of RMB3.0 million due to the disposal of Sumpay.cn and share-based compensation expenses associated with share options granted to the Company's employees of RMB1.6 million, which were partially offset by an increase in marketing and promotional expenses relating to mobile gaming and sports information services of RMB2.3 million. The sequential decrease was mainly due to decreases in salary expenses of RMB1.3 million and share-based compensation expenses associated with share options granted to the Company's employees of RMB0.3 million. General and administrative expenses were RMB51.1 million (US$7.4 million), representing a decrease of 16.9% from RMB61.5 million during the first quarter of 2016, and a decrease of 22.8% from RMB66.2 million during the fourth quarter of 2016. The year-over-year decrease was attributable to decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB14.5 million, which was partially offset by an increase in rental expenses of RMB4.2 million for the Company's new office. The sequential decrease was mainly due to decreases in share-based compensation expenses associated with share options granted to the Company's employees of RMB3.5 million, the impairment loss on equity investment of RMB3.3 million, salary expenses of RMB3.0 million, consulting expenses of RMB2.4 million and travel expenses of RMB2.2 million. Service development expenses were RMB14.9 million (US$2.2 million), representing a decrease of 31.3% from RMB21.7 million during the first quarter of 2016, and a decrease of 11.3% from RMB16.8 million during the fourth quarter of 2016. The year-over-year decrease was mainly due to decrease in salary expenses of RMB3.0 million, share-based compensation expenses associated with share options granted to the Company's employees of RMB2.9 million, depreciation expenses of RMB0.5 million and entertainment expenses of RMB0.5 million. The sequential decrease was mainly due to decreases in salary expenses of RMB1.5 million and share-based compensation expenses associated with share options granted to the Company's employees of RMB0.7million. Operating loss was RMB63.9 million (US$9.3 million), compared with operating loss of RMB97.3 million during the first quarter of 2016, and operating loss of RMB98.2 million during the fourth quarter of 2016. Non-GAAP operating loss was RMB35.1 million (US$5.1 million), compared with non-GAAP operating loss of RMB49.3 million during the first quarter of 2016, and non-GAAP operating loss of RMB64.9 million during the fourth quarter of 2016. Net loss attributable to 500.com was RMB62.3 million (US$9.1 million), compared with net loss attributable to 500.com of RMB90.9 million during the first quarter of 2016, and net loss attributable to 500.com of RMB9.1 million during the fourth quarter of 2016. The year-over-year decrease was mainly due to an increase of net revenues of RMB16.2 million during the first quarter of 2017 generated from mobile gaming and sports information services and a decrease in operating expenses of RMB17.3 million. The sequential increase were mainly due to a gain from the disposal of Sumpay.cn of RMB72.1 million recognized during the fourth quarter of 2016, which was partially offset by an increase in revenues of RMB10.9 million during the first quarter of 2017 generated from mobile gaming and sports information services. In addition, a settlement payment of RMB10.0 million relating to the stockholder class action lawsuit was recognized during the fourth quarter of 2016, there was no such amounts recognized during the first quarter of 2017. Non-GAAP net loss attributable to 500.com was RMB33.6 million (US$4.9 million), compared with non-GAAP net loss attributable to 500.com of RMB42.9 million during the first quarter of 2016, and non-GAAP net income attributable to 500.com of RMB24.2 million during the fourth quarter of 2016. As of March 31, 2017, the Company had cash and cash equivalents of RMB1,413.4 million (US$205.3 million), restricted cash2 of RMB2.3 million (US$0.3 million), time deposits3 of nil and short-term investments of RMB100.0 million (US$14.5 million), compared with cash and cash equivalents of RMB673.1 million, restricted cash of RMB3.7 million, time deposits of RMB804.7 million and short-term investments of RMB100.0 million as of December 31, 2016. As of March 31, 2017, the balance of prepayment and other current assets was RMB70.4 million (US$10.2 million), compared with RMB125.5 million as of December 31, 2016. The balance as of March 31, 2017 mainly included: (i) the current portion of deferred expenses of RMB25.9 million (US$3.8 million); (ii) receivables of deposits of RMB13.8 million (US$2.0 million); (iii) receivables from third party payment service providers of RMB2.8 million (US$0.4 million); (iv) interest receivable of RMB2.8 million (US$0.4 million); and (v) other receivables of RMB25.1 million (US$3.6 million). The Company will not make earnings forecast until it receives clear instruction on the resumption date of online sports lottery sales from the Ministry of Finance. This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.8832 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2017. 500.com Limited (NYSE: WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. This news release contains forward-looking statements within the meaning of 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," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. To supplement the Company's financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in our consolidated affiliated entities, and deferred tax expense relating to valuation allowance. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures. Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of the Company's continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/500com-limited-announces-financial-results-for-the-first-quarter-of-2017-300455084.html


Grant
Agency: European Commission | Branch: FP7 | Program: CSA-CA | Phase: INCO.2013-1.3 | Award Amount: 2.27M | Year: 2014

Danube-INCO.NET understands itself as strategic high-level coordination and support action. Its background is the macro-regional approach of the European Union, in particular the EU Strategy for the Danube Region (EUSDR) and its Priority Areas for Knowledge Society (PA7) and for Competitiveness (PA8). Based on strong institutionalised links with the PA Coordinators and the PA Steering Groups, a consortium of 19 partners from all over the region proposes to support the policy dialogue within the EUSDR, to exchange with other regional policy initiatives and to enhance bi-regional dialogue with a focus on the implementation of the Innovation Union and the ERA Framework. Danube-INCO.NET has selected the societal challenges of energy efficiency and renewable energy in a bio-based economy which are addressed by mapping and analysis, clustering and networking and the implementation of concrete pilot activities. Moreover also the societal challenge of innovative and inclusive societies in the Danube region is addressed through the provision of analytical evidence: Research and innovation activities are monitored with several instruments, a survey identifies barriers to cooperation and less competitive innovation systems are reflected through policy mix reviews. To implement concrete innovation support measures, smart specialisation strategies, technology transfer centres and a system of supporting the development of targeted project proposals is being introduced. Danube-INCO.NET is also committed towards the development of joint funding mechanisms - lending its attention to one of the most important milestones, the establishment of the Danube Region Research and Innovation Fund. In this respect, Danube-INCO.NET supports the cooperation among the leading indeed world-class innovative regions upstream to the regions downstream both at strategic and operative level.


Grant
Agency: European Commission | Branch: FP7 | Program: CSA-CA | Phase: INCO-2007-1.2 | Award Amount: 4.94M | Year: 2008

The present Coordination Action aims at developing the objectives of the INCO-Net MPC action as described in the Call for proposals, to further enhance regional S&T dialogue in the Mediterranean Region and the complementarities with activities carried out by other European Policy instruments, notably the Union for the Mediterranean (UfM). These objectives are focused on creating a dialogue platform using the state of the art of the ICT technologies, which will enable the discussion between relevant stakeholders from both sides of the Mediterranean to improve the S&T cooperation by, among other means, connecting and facilitating the interaction between the dispersed S&T cooperation initiatives already existing supported by the Member States, the European Commission and other political bodies; addressing training activities to improve the quality of the participation and management of the partners of FP7 from the MPC; creating discussion platforms and organizing meetings to monitor and discuss the content of the Thematic priorities of FP7 in term of the common interest of the EU and MPC; creating an Observatory of the EU-MPC S&T cooperation, which will agree indicators for the monitoring of RTD cooperation activities; and creating networks of research institutions and technological transfer services from both sides of the Mediterranean, to support strategic collaboration and provide a reference element for the development of the Euro-Mediterranean Innovation Space. All these activities are aimed at providing a strong institutional basis for the EU-MPC S&T cooperation. Furthermore, the mentioned objectives will be complemented with other activities, notably the development toward the common appropriation of the results of MIRA to activities on Innovation, and profiting the identification of common scientific priorities that could be used as clustering glue (Research Driven Clusters) around Projects already approved by the UfM, where business development can be foreseen using the Research potential in both sides of the Mediterranean. Supporting the activities of the UfM Programs that need the identification and development of a Research agenda in support of its objectives, notably the Program Horizon 2020 and the strengthening of the industrial cooperation through the creation of the Euro-Mediterranean Innovation Space is as well scheduled. All these activities are aimed at providing a strong institutional basis for the UfM cooperation in RTD.


Grant
Agency: European Commission | Branch: FP7 | Program: CSA-CA | Phase: INCO-2007-1.1 | Award Amount: 3.50M | Year: 2008

The Western Balkan countries INCO-NET assists to develop the relationship between the EU and the WBCs in the area of science and technology (S&T). The project supports the Steering Platform on Research for the Western Balkan Countries in the facilitation of interaction between the Western Balkan countries, the EU Member States, states associated to the Framework Programmes for RTD and the European Commission. The Steering Platform is a strategic body designed to deal with European, multilateral and regional issues of science and technology policies in and with the WBCs. The core objectives of WBC-INCO.NET are: - to support the regional as well as bi-regional dialogue on science and technology (S&T) by benefiting from and interacting with the Steering Platform on Research for the WBC, the European Commission as well as other stakeholders and projects in the area, - to identify regional and bi-regional RTD potentials and priorities for take-up in regional and European programmes in a transparent and methodologically sound way, - to enhance participation of researchers from the region in European projects of mutual interest and benefit by implementing capacity building measures on a structural and individual level and by accompanying networking activities, - to increase visibility of WBC researchers in the European Research Area in thematic priorities and through the representation at EU-level conferences, - to analyse and support the innovation systems, innovation needs and innovation infrastructures in the region, and - to analyse cooperation national and international research infrastructures, patterns of WBC in regional and European funding programmes and related barriers to cooperation, and - to provide a platform to exchange information among stakeholders in the region via a web-platform, regular newsletters, journals and social media. The preparation of evidence-based input and decision-making basics for the deliberations conducted under the bi-regional and regional dialogue is a major asset of this project. The 29 partners, ministries of science, RTDI and economy, respective agencies and research institutes from Western Balkan Countries as well as EU Member States and Associated Countries, carry out surveys and studies, organise trainings and brokerage events, visit conferences in the region and the EU Member States, communicate with international stakeholders and officials, prepare policy papers and guidelines, and implement dissemination activities towards national and international stakeholders in order to enhance the impact of project activities targeting the European Commission, ERA-NETs or NCP projects as well as strategic initiatives by international stakeholders such as EUREKA, the Central European Initiative and the EU Strategy for the Danube Region. European integration and harmonisation of approaches are main aims behind WBC-INCO.NET.


SHOUGUANG, China, Oct. 26, 2016 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announces a delay in the completion of its first brine water and natural gas well field construction in Sichuan Province due to excessive rainfall and severe flooding. Portions of Sichuan Province and much of central and southern China were hit by the largest amount of rainfall in over 20 years. As can be seen from some of the quotes below, which come from the news media and can all be easily found online, this flooding cost China $33 billion and left millions of people homeless. The first series of storms began in June. Further storms hit in July and August. Finally, as can be seen from the final quote, even more storms hit Sichuan from September 18th onwards, which is quite unusual. “Several days of heavy rain and flooding in southern and eastern China has left at least 128 people dead and over 40 missing, according to Chinese authorities. Some areas have recorded over 200 mm of rain in 24 hours.” “China’s Ministry of Civil Affairs (MCA) says that since 30 June, floods, hail, landslides, mudslides and other disasters have affected the 11 provinces of Jiangsu, Anhui, Jiangxi, Henan, Hubei, Hunan, Guangxi, Chongqing, Sichuan, Guizhou and Yunnan.” “The death toll of 128, as reported on 04 July, has risen over the last few days. Since 30 June, the severe weather has now left 140 people dead, with 41 still missing, according to MCA figures.” “The flooding that struck parts of China during July this year were some of the worst since 1998, and are likely to cost $33 billion, according to Aon catastrophe report.” “Since 18 September, torrential rainfall has caused flooding, mud flows and landslides in Sichuan and Yunnan provinces. As of 22 September, 14 deaths were confirmed and nine people were reported missing while an additional 5,400 people were temporarily relocated. 81,000 people across 28 counties and 13 cities in the two provinces have been affected, including over 8,000 people who need immediate assistance. (OCHA, 26 Sep 2016)” Our first well field is being constructed in a very rural and mountainous region. Due to the unexpected rains which had impact on the construction for equipment housing, underground pipe network, reservoir, plant fence, and etc. We believed that the weather would follow its normal patterns, with some rain in June and July. We had not expected the severe flooding during these months. However, even with the rains in July and August, we had thought we could achieve our original schedule. We had not expected the massive rains at the end of September and beginning of October, which are normally a drier period. As a result of the rain and the floods, we now believe our first well will be delayed and will be in operation by January. In addition, once the brine water and natural gas well field construction been completed, we do not believe that the normal floods will have any intermediate or long-term impact on our natural gas project. The local governments are assisting us to moving this project forward as quickly as possible. The first roads that we have built will also make it easier for us to construct subsequent wells and drilling operations. Despite this delay, we continue to be extremely optimistic about the opportunities in Sichuan. China still has a severe shortage of natural gas, and with the government focusing on improving the environment, we believe natural gas prices will continue to rise. Gulf Resources will be reporting its third quarter 2016 results by the second week of November. This delay in the first well operation will have virtually no impact on the financial results. About Gulf Resources, Inc. Gulf Resources, Inc. operates through four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"), Shouguang City Rongyuan Chemical Co, Limited (“ SCRC”) and Daying County Haoyuan Chemical Company Limited (“DCHC”). The company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents. SCRC is a leading manufacturer of materials for human and animal antibiotics in China and other parts of Asia. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com. Certain statements in this news release contain forward-looking information about Gulf Resources and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competitors for bromine and other oilfield and power production chemicals, changes in technology, the ability to make future bromine asset purchases, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the company's reports filed with the Securities and Exchange Commission. Gulf Resources undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.


SHENZHEN, China, Feb. 23, 2017 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today reported its unaudited financial results for the fourth quarter and full year of 2016. Since March 2015, all provincial sports lottery administration centers to which the Company provides sports lottery sales services have temporarily suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales, (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People's Republic of China on January 15, 2015. On February 24, 2015, the Company was informed by certain provincial sports lottery administration centers that, as part of their respective self-inspection processes, such provincial sports lottery administration centers planned to temporarily suspend accepting online purchase orders for lottery products starting from February 25, 2015. On March 2, 2015, the Company was further informed by the remaining provincial sports lottery administration centers to which it provides sports lottery sales services that they also planned to temporarily suspend accepting online purchase orders for lottery products, in response to the Self-Inspection Notice. As a result of the provincial sport lottery administration centers' decision to temporarily suspend accepting online lottery orders, or temporary suspension, the Company did not generate any revenue from sports lottery sales in the fourth quarter of 2016 and full year of 2016. The Company recorded an operating loss for the fourth quarter and full year of 2016. On November 25, 2016, the Company invested in Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co., Ltd. (together "Qufan"), an operator of mobile social poker games. 500.com is investing in ordinary shares representing a 51.0% equity interest in each of Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co., Ltd. for an aggregate cash consideration of RMB110.5 million (approximately US$16.0 million). 500.com will cooperate with Qufan to help develop and promote its mobile social poker games platform. Mr. Zhengming Pan, the CEO of 500.com, stated, "We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial results for the fourth quarter of 2016. We want to restate that the Company was one of the two entities approved by the Ministry of Finance in 2012 to provide online lottery sales services on behalf of the China Sports Lottery Administration Center. In particular, such approval mandated that the China Sports Lottery Administration Center use its best effort to develop an online lottery sales management system as part of a pilot program for online lottery sales in China, and once such a management system is finished, the China Sports Lottery Administration Center should apply again for approval from the Ministry of Finance for official commencement of online lottery sales in China. The Company notes it has been working and will continue to work with the China Sports Lottery Administration Center to develop the management system. To the best of the Company's knowledge, the approval by the Ministry of Finance for the Company to provide online lottery sales services on behalf of the China Sports Lottery Administration Center is valid and has not been revoked or amended as of the date of this earnings release." Net revenues were RMB7.5 million (US$1.1 million), compared with nil for the third quarter of 2016, and RMB0.7 million for the fourth quarter of 2015. Net revenues for the fourth quarter of 2016 were primarily generated from mobile gaming, and sports information and data services from Qufan as well as the Company's newly-launched mobile applications. Operating expenses were RMB96.3 million (US$13.9 million), representing an increase of 27.0% from RMB75.8 million during the fourth quarter of 2015, and an increase of 16.9% from RMB82.4 million during the third quarter of 2016. The year-over-year increase was mainly due to increases in salary expenses of RMB7.0 million, rental expenses of RMB4.5 million, consulting expenses of RMB3.9 million, and marketing and promotional expenses relating to mobile gaming and sports information and data services of RMB2.7 million, which were partially offset by a decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB1.2 million. In addition, an impairment provision of long-term investment of RMB5.0 million, and a reversal of bad debt provision of RMB7.5 million were made in the fourth quarter of 2015. No such impairments were provided or reversed in the fourth quarter of 2016. The sequential increase was mainly due to increases in salary expenses of RMB9.2 million, rental expenses of RMB2.8 million, and marketing and promotional expenses relating to mobile gaming and sports information and data services of RMB2.4 million, which were partially offset by a decrease in consulting expenses of RMB2.5 million, and a decrease in technical maintenance expenses of RMB1.2 million. Cost of services was RMB4.2 million (US$0.6 million), representing an increase of 20.0% from RMB3.5 million during the fourth quarter of 2015, and an increase of 50.0% from RMB2.8 million during the third quarter of 2016. The year-over-year increase was mainly due to an increase in amortization associated with intangible assets of RMB1.2 million, and a decline in salary expenses of RMB0.5 million. The sequential increase was attributable to an increase in amortization associated with intangible assets of RMB1.2 million. Sales and marketing expenses were RMB12.5 million (US$1.8 million), representing an increase of 43.7% from RMB8.7 million during the fourth quarter of 2015, and an increase of 56.3% from RMB8.0 million during the third quarter of 2016. The year-over-year increase was mainly due to an increase in marketing and promotional expenses relating to mobile gaming and sports information and data services of RMB2.7 million, and an increase in salary expenses of RMB1.5 million. The sequential increase was mainly attributable to increases in marketing and promotional expenses relating to mobile gaming and sports information and data services of RMB2.4 million, and salary expenses of RMB1.7 million. General and administrative expenses were RMB62.8 million (US$9.1 million), representing an increase of 31.1% from RMB47.9 million during the fourth quarter of 2015, and an increase of 10.8% from RMB56.7 million during the third quarter of 2016. The year-over-year increase was attributable to increases in salary expenses of RMB4.6 million, consulting expenses of RMB3.9 million, and rental expenses of RMB4.7 million, which were partially offset by a decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB1.2 million. In addition, an impairment provision of long-term investment of RMB5.0 million, and a reversal of bad debt provision of RMB7.5 million were made in the fourth quarter of 2015. No such impairments were provided or reversed in the fourth quarter of 2016. The sequential increase was mainly due to increases in salary expenses of RMB4.4 million, travel expenses of RMB0.8 million, and rental expenses of RMB3.0 million, which were partially offset by a decrease in consulting expenses of RMB2.5 million. Service development expenses were RMB16.8 million (US$2.4 million), representing an increase of 7.0% from RMB15.7 million during the fourth quarter of 2015, and an increase of 12.0% from RMB15.0 million during the third quarter of 2016. The year-over-year increase was mainly due to an increase in salary expenses of RMB1.4 million. The sequential increase was mainly due to an increase in salary expenses of RMB3.1 million, which was partially offset by a decrease in technical maintenance expenses of RMB1.2 million. Operating loss was RMB94.9 million (US$13.7 million), compared with operating loss of RMB72.3 million during the fourth quarter of 2015, and operating loss of RMB81.6 million during the third quarter of 2016. Non-GAAP operating loss was RMB61.6 million (US$8.9 million), compared with non-GAAP operating loss of RMB37.8 million during the fourth quarter of 2015, and non-GAAP operating loss of RMB48.3 million during the third quarter of 2016. Net loss attributable to 500.com was RMB5.7 million (US$0.8 million), compared with net loss attributable to 500.com of RMB109.7 million during the fourth quarter of 2015, and net loss attributable to 500.com of RMB75.3 million during the third quarter of 2016. The year-over-year decrease was mainly due to an increase in operating expenses of RMB20.5 million, a settlement payment of RMB10.0 million relating to the stockholder class action lawsuit during the fourth quarter of 2016, which were offset by a gain from the disposal of Sumpay.cn of RMB72.1 million recognized during the fourth quarter of 2016, and deferred tax expenses relating to valuation allowance of RMB43.9 million recognized during the fourth quarter of 2015. The sequential decrease was mainly due to a gain from the disposal of Sumpay.cn of RMB72.1 million recognized during the fourth quarter of 2016. Non-GAAP net income attributable to 500.com was RMB27.6 million (US$4.0 million), compared with non-GAAP net loss attributable to 500.com of RMB31.3 million during the fourth quarter of 2015, and non-GAAP net loss attributable to 500.com of RMB41.9 million during the third quarter of 2016. Net revenues for the full year 2016 were RMB10.9 million (US$1.6 million), representing a decrease of 89.1% from RMB99.6 million for the full year 2015. Operating loss for the full year 2016 was RMB363.2 million (US$52.3 million), representing an increase of 20.5% from RMB301.4 million for the full year 2015. Net loss attributable to 500.com for the full year 2016 was RMB199.6 million (US$28.8 million), representing a decrease of 38.4% from RMB323.9 million for the full year 2015. Non-GAAP net loss attributable to 500.com for the full year 2016 was RMB36.3 million (US$5.2 million), representing a decrease of 71.0% from RMB125.2 million for the full year 2015. As of December 31, 2016, the Company had cash and cash equivalents of RMB673.1 million (US$96.9 million), restricted cash2 of RMB3.7 million (US$0.5 million), time deposits3 of RMB804.7 million (US$115.9 million), and short-term investments of RMB100.0 million (US$14.4 million), compared with cash and cash equivalents of RMB449.7 million, restricted cash of RMB3.7 million, time deposits of RMB1,115.2 million, and short-term investments of RMB100.0 million as of September 30, 2016. As of December 31, 2016, the balance of prepayment and other current assets was RMB125.5 million (US$18.1 million), compared with RMB23.6 million as of September 30, 2016. The balance as of December 31, 2016 mainly included: (i) the remaining consideration of RMB71.8 million (US$10.3 million) relating to the disposal of equity interest in Sumpay.cn; (ii) the current portion of deferred expenses of RMB20.9 million (US$3.0 million); (iii) receivables from third party payment service providers of RMB13.5 million (US$1.9 million); (iv) interest receivable of RMB4.9 million (US$0.7 million); and (v) other receivables of RMB14.4 million (US$2.2 million). The Company will not make earnings forecast until it receives clear instruction on the resumption date of online sports lottery sales from the Ministry of Finance. This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.9430 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2016. 500.com Limited (NYSE: WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. This news release contains forward-looking statements within the meaning of 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," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. To supplement the Company's financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in our consolidated affiliated entities, and deferred tax expense relating to valuation allowance. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures. Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of the Company's continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/500com-limited-announces-financial-results-for-the-fourth-quarter-and-full-year-of-2016-300412373.html


News Article | November 10, 2016
Site: en.prnasia.com

SHENZHEN, China, Nov 10, 2016 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today reported its unaudited financial results for the third quarter of 2016. Since March 2015, all provincial sports lottery administration centers to which the Company provides sports lottery sales services have temporarily suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales, (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People's Republic of China on January 15, 2015. On February 24, 2015, the Company was informed by certain provincial sports lottery administration centers that, as part of their respective self-inspection processes, such provincial sports lottery administration centers planned to temporarily suspend accepting online purchase orders for lottery products starting from February 25, 2015. On March 2, 2015, the Company was further informed by the remaining provincial sports lottery administration centers to which it provides sports lottery sales services that they also planned to temporarily suspend accepting online purchase orders for lottery products, in response to the Self-Inspection Notice. As a result of the provincial sport lottery administration centers' decision to temporarily suspend accepting online lottery orders, or temporary suspension, the Company did not generate any revenue from sports lottery sales in the third quarter of 2016. The Company recorded an operating loss for the third quarter of 2016. Mr. Zhengming Pan, the CEO of 500.com, stated, "We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial and operational results for the third quarter of 2016. We want to restate that the Company was one of the two entities approved by the Ministry of Finance in 2012 to provide online lottery sales services on behalf of the China Sports Lottery Administration Center. In particular, such approval mandated that the China Sports Lottery Administration Center use its best effort to develop an online lottery sales management system as part of a pilot program for online lottery sales in China, and once such a management system is finished, the China Sports Lottery Administration Center should apply again for approval from the Ministry of Finance for official commencement of online lottery sales in China. The Company notes it has been working and will continue to work with the China Sports Lottery Administration Center to develop the management system. To the best of the Company's knowledge, the approval by the Ministry of Finance for the Company to provide online lottery sales services on behalf of the China Sports Lottery Administration Center is valid and has not been revoked or amended as of the date of this earnings release." Due to the voluntary temporary suspension, no operational results were recorded and presented currently. Net Revenues Net revenues were nil, compared with RMB1.2 million for the second quarter of 2016, and nil for the third quarter of 2015. Net revenues for the second quarter of 2016 were primarily generated from the rendering of technical and data maintenance services by Sumpay.cn, which was disposed in the second quarter of 2016. Operating Expenses Operating expenses were RMB82.4 million (US$12.4 million), representing an increase of 1.2% from RMB81.4 million during the third quarter of 2015, and a decrease of 14.3% from RMB96.2 million during the second quarter of 2016. The year-over-year increase was mainly due to an increase in consulting expenses of RMB5.9 million, an increase in technical maintenance expenses of RMB1.4 million, and a reversal of bad debt provision of RMB1.1 million during the third quarter of 2015, which were partially offset by a decrease in advertising expenses associated with the Company's marketing campaign on TV and other media of RMB4.0 million, a decrease in salary expenses of RMB2.7 million, and a decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB1.3 million. The sequential decrease was mainly due to a decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB15.4 million, a decrease in salary expenses of RMB3.2 million, a decrease in the amortization of the online payment and other licenses of RMB1.7 million due to the disposal of Sumpay.cn in the second quarter of 2016, which were partially offset by an increases in consulting expenses of RMB7.1 million, and an increase in technical maintenance expenses of RMB1.1 million. Cost of services was RMB2.8 million (US$0.4 million), representing a decrease of 17.6% from RMB3.4 million during the third quarter of 2015, and a decrease of 17.6% from RMB3.4 million during the second quarter of 2016. The year-over-year decrease was mainly due to a decline in salary expenses of RMB0.6 million. The sequential decrease was mainly due to a decline in salary expenses of RMB0.3 million, and a decline in share-based compensation expenses associated with share options granted to the Company's employees of RMB0.3 million. Sales and marketing expenses were RMB8.0 million (US$1.2 million), representing a decrease of 42.0% from RMB13.8 million during the third quarter of 2015, and a decrease of 29.2% from RMB11.3 million during the second quarter of 2016. The year-over-year decrease was mainly due to a decline in advertising expenses associated with the Company's marketing campaign on TV and other media of RMB4.0 million, and a decline in bonuses of RMB1.1 million. The sequential decrease was mainly attributable to a decline in share-based compensation expenses associated with share options granted to the Company's employees of RMB1.4 million, and a decline in salary expenses of RMB1.1 million as a result of the disposal of Sumpay.cn in the second quarter of 2016. General and administrative expenses were RMB56.7 million (US$8.5 million), representing an increase of 16.9% from RMB48.5 million during the third quarter of 2015, and a decrease of 10.4% from RMB63.3 million during the second quarter of 2016. The year-over-year increase was attributable to an increase in consulting expenses of RMB5.9 million, an increase in depreciation of RMB0.7 million, and a reversal of bad debt provision of RMB1.1 million during the third quarter of 2015, which were partially offset by a decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB1.2 million. The sequential decrease was mainly due to a decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB11.3 million, and a decrease in the amortization of the online payment and other licenses of RMB1.7 million, which were partially offset by an increase in consulting expenses of RMB7.1 million. Service development expenses were RMB15.0 million (US$2.2 million), representing a decrease of 3.8% from RMB15.6 million during the third quarter of 2015, and a decrease of 17.6% from RMB18.2 million during the second quarter of 2016. The year-over-year decrease was mainly due to a decrease in salary expense of RMB2.2 million, which was partially offset by an increase in technical maintenance expenses of RMB1.4 million. The sequential decrease was mainly due to a decrease in share-based compensation expenses associated with share options granted to the Company's employees of RMB2.4 million, and a decrease in salary expenses of RMB1.2 million as a result of the disposal of Sumpay.cn in the second quarter of 2016, which were partially offset by an increase in technical maintenance expenses of RMB1.1 million. Operating Loss Operating loss was RMB81.6 million (US$12.2 million), compared with operating loss of RMB79.2 million during the third quarter of 2015, and operating loss of RMB89.4 million during the second quarter of 2016. The Company did not generate any revenue from sports lottery sales in the third quarter of 2016 due to the voluntary temporary suspension, which materially affected operating results for the third quarter of 2016. Non-GAAP operating loss was RMB48.3 million (US$7.2 million), compared with non-GAAP operating loss of RMB44.7 million during the third quarter of 2015, and non-GAAP operating loss of RMB40.7 million during the second quarter of 2016. Net Loss Attributable to 500.com Net loss attributable to 500.com was RMB75.3 million (US$11.3 million), compared with net loss attributable to 500.com of RMB80.7 million during the third quarter of 2015, and net loss attributable to 500.com of RMB27.7 million during the second quarter of 2016. The sequential increase was mainly due to a gain from the disposal of Sumpay.cn of RMB64.8 million recognized during the second quarter of 2016. Non-GAAP net loss attributable to 500.com was RMB41.9 million (US$6.3 million), compared with non-GAAP net loss attributable to 500.com of RMB46.1 million during the third quarter of 2015, and non-GAAP net income attributable to 500.com of RMB21.0 million during the second quarter of 2016. Basic and Diluted Net Loss per ADS Basic and diluted net losses per ADS were RMB1.82 and RMB1.82, respectively. Non-GAAP basic and diluted net losses per ADS were RMB1.01 and RMB1.01, respectively. Cash and Cash Equivalents, Restricted Cash, Time Deposits, and Short-term Investments As of September 30, 2016, the Company had cash and cash equivalents of RMB449.7 million (US$67.4 million), restricted cash2 of RMB3.7 million (US$0.6 million), time deposits3 of RMB1,115.2 million (US$167.2 million), and short-term investments of RMB 100.0 million (US$15.0 million), compared with cash and cash equivalents of RMB1,238.5 million, restricted cash of RMB3.8 million, time deposits of RMB358.1 million, and short-term investments of RMB100.0 million as of June 30, 2016. Account Receivables As of September 30, 2016, the Company had gross account receivables of RMB19.8 million (US$3.0 million), compared with RMB19.8 million as of June 30, 2016. The Company has made a full provision on the account receivables after assessing the collectability of the account receivables. Prepayments and Other Current Assets As of September 30, 2016, the balance of prepayment and other current assets was RMB23.6 million (US$3.5 million), compared with RMB30.8 million as of June 30, 2016. The balance as of September 30, 2016 mainly included: (i) the current portion of deferred expenses of RMB6.8 million (US$1.0 million); (ii) interest receivable of RMB2.7 million (US$0.4 million); and (iii) other receivables of RMB14.1 million (US$2.1 million). The Company will not make earnings forecast until it receives clear instruction on the resumption date of online sports lottery sales from the Ministry of Finance. This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.6685 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2016. 500.com Limited (NYSE:WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. This news release contains forward-looking statements within the meaning of 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," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. To supplement the Company's financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in our consolidated affiliated entities. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures. Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of the Company's continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/500com-limited-announces-financial-results-for-the-third-quarter-of-2016-300360507.html


Grant
Agency: European Commission | Branch: FP7 | Program: CSA-CA | Phase: COH-2007-2.2-01-OMC-NET | Award Amount: 767.74K | Year: 2009

The I-SEEMob project is a bottom-up policy coordination initiative undertaken by 8 countries in the region of South-eastern Europe (SEE). The proposal focuses on the specific research policy issue of enhancing the career development and the intersectoral mobility of R&D personnel in SEE. The aim of the project is to develop a set of policy recommendations targeting national governments for the removal of existing legal and policy obstacles hampering the intersectoral mobility of researchers and their career development towards the realization of the Lisbon Strategy goals. The main activities that are foreseen to be carried out are: a mapping exercise on the current state of industrial representation on R&D sector in SEE and its respective needs; a legislation gap analysis; an exploration of synergies with other networks or initiatives in SEE and EU and, finally, the development of a set of policy guidelines for national governments so as to formulate research policies based on the EC reforming processes of Lisbon Strategy and its relevant policy tools. The impact of the project is expected to be the formulation of national research policies that will take under consideration the results of the I-SEEMob project towards the removal of existing intersectoral mobility obstacles in SEE countries, the enhancement of cooperation between industry-academia, and, accordingly, the realization of the ERA goals in the region.


Grant
Agency: European Commission | Branch: FP7 | Program: CSA-SA | Phase: PEOPLE | Award Amount: 219.44K | Year: 2010

The aim of this project is to establish network of mobility centres in Bosnia and Herzegovina in line with EURAXESS efforts. This project should streamline existing efforts in research mobility and provide institutional infrastructure for encouraging and facilitation of mobility of reasearchers in all directions and at all levels through Bosnia and Herzegovina mobility network. Main project objectives are: a) to establish structured network of service and information providers, enabling practical assistance to researchers in all issues related to their experience of mobility; b) to develop organizational framework, comprised of organizational structure, communication strategies, data requirements and procedures for providing of best performance in information and services delivery; and c) to promote EURAXESS values through the awareness campaign, including promotional events, dissemination of printed material with valuable information and delivery of information and services through the national researchers mobility portal, linked to pan- European Mobility Portal. The fulfillment of the above objectives, in accordance with European standards and values, will be ensured by a four-level organizational structure of the network, consisting of the steering, coordination, operational and beneficiary (contact points) layer. As such, B&H mobility network will provide a backbone for involvement and concentration of all relevant actors policy stakeholders, industry, public and private university representatives and researchers community. The network is guided by the steering committee, providing high-level support and concentration of all relevant actors policy stakeholders, industry, public and private university representatives and researchers community.

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