Qihoo 360 Technology (QIHU) Approves $200M Buyback Plan

Qihoo 360 Technology (NYSE: QIHU) announced that its Board of Directors has authorized the repurchase of up to US$200 million of the Company's American Depositary Shares. The share repurchases are currently expected to be made through open market purchases or privately negotiated transactions as market conditions warrant, at prices the Company deems appropriate, and in accordance with the Securities and Exchange Commission requirements. The share repurchases will be funded with the Company's existing cash reserves and ongoing cash flow. The Company had approximately US$787 million of cash and cash equivalents on its balance sheet as of June 30, 2014. The company also raised approximately $1 billion through a convertible bond offering in August 2014.

Mr. Hongyi Zhou, Chairman and Chief Executive Officer of Qihoo 360, commented, "We believe share repurchases are in the best interest of our shareholders and represents an effective use of our cash. We expect to continue to generate cash from operations that will help us fund our ongoing business expansion. We remain confident in our current business strategy and our near and long-term growth prospects."

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