Qihoo 360 Rejects Citron Research's Accusations

BEIJING, Dec. 8, 2011 /PRNewswire-Asia/ -- Qihoo 360 Technology Co. Ltd. ("Qihoo 360" or the "Company,"NYSE: QIHU), the leading Internet company in China as measured by active user base, once again rejects a series of allegations made since November 1, 2011 by Citron Research who has admitted that it stands to profit from a drop in the share price of the Company.

Qihoo 360 stands by all of the information contained in its filings with the U.S. Securities and Exchange Commission. The Company reiterates that Citron's commentary contained numerous errors of fact and groundless speculations and lacked understanding of China's internet sector and of the Company's business model.

Qihoo 360 is dedicated to continuing open and transparent communications with investors, security analysts and the public. The Company welcomes opportunities for direct dialog with all parties that are genuinely interested in gaining a better understanding of the Company's business model, operations, or the Chinese internet industry.  

Qihoo 360 intends to protect its reputation and the interests of its shareholders, and reserves legal rights against any deliberately false accusation or personal attack.

About Qihoo 360

Qihoo 360 Technology Co. Ltd. is a leading internet company in China as measured by its active user base. The Company is also the number 1 provider of internet and mobile security solutions in China as measured by its active smartphone user base, according to iResearch. Qihoo 360 also provides users with secure access points to the internet via its market leading web browsers and application stores. The Company has built one of the largest internet open platforms in China. Qihoo 360 monetizes its massive user base primarily through online advertising and through internet value-added services on its open platforms.  

Forward-looking Statements

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Qihoo 360 and the industry. Potential risks and uncertainties include, but are not limited to: the Company's ability to continue to innovate and provide attractive products and services to attract and retain users; the Company's ability to keep up with rapid changes in technologies and Internet-enabled devices; the Company's ability to leverage its user base to attract customers for our revenue-generating services; and the Company's dependence on online advertising for a substantial portion of our revenues; and the Company's ability to compete effectively. All information provided in this press release is as of the date of the press release, and Qihoo 360 undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Qihoo 360 believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Qihoo 360 is included in Qihoo 360's filings with the U.S. Securities and Exchange Commission, including its final prospectus dated March 29, 2011.

SOURCE Qihoo 360 Technology Co. Ltd.