BEIJING, Sept. 17 /PRNewswire-Asia-FirstCall/ -- Qiao Xing
Mobile Communication Co., Ltd. (NYSE: QXM) ("QXM" or the
"Company"), a manufacturer of mobile handsets in the People's Republic of China (the "PRC"),
today announced that the special committee of its board of
directors (the "Special Committee") has advised QXM's parent
company, Qiao Xing Universal Resources, Inc. (Nasdaq: XING, or
"XING"), that the Special Committee is not currently in a position
to respond to XING's proposal to acquire all of the outstanding
ordinary shares of QXM that XING does not currently own. The
Special Committee has advised XING that it is continuing to work
expeditiously with its advisors to respond to XING's proposal, but
that it could not, at this time, provide a date certain by which it
will complete its work in evaluating XING's proposal.
XING has proposed to offer 1.9 shares of its common stock plus
US$0.80 in cash for each QXM share
held by persons other than XING (the "Minority Shareholders"). XING
filed its letter of intent with the Securities and Exchange
Commission (the "SEC") on Form 6-K on September 8, 2010. The letter of intent is
available on the SEC's website at:
http://tinyurl.com/XING-letter-of-intent-SEC .
XING had previously requested that the Company respond to its
proposal by September 17, 2010 and
indicated that it was not interested in selling its position in the
Company to a third party. XING currently owns approximately 61% of
the Company's outstanding shares. XING has also indicated that it
may go forward with its proposed offer even if it is not
recommended by the Special Committee. The Proposed Transaction is
subject to certain customary conditions.
About Qiao Xing Mobile Communication Co., Ltd.
Qiao Xing Mobile Communication Co., Ltd. is a manufacturer of
mobile handsets in China. The
Company manufactures and sells mobile handsets based primarily on
the GSM, TD-SCDMA, and WCDMA technologies. It operates its business
primarily through CEC Telecom Co., Ltd., its 96.6%-owned subsidiary
in China. Through its
manufacturing facility in Huizhou,
Guangdong Province, China, and two research and development
centers in Huizhou and
Beijing, the Company develops,
produces and markets a wide range of mobile handsets, with
increasing focus on differentiated products that generally generate
higher profit margins. For more information, please visit
http://www.qxmc.com .
Safe Harbor Statement
This announcement contains forward-looking statements. In some
cases, these forward-looking statements can be identified by words
or phrases such as "aim," "anticipate," "believe," "continue,"
"estimate," "expect," "intend," "is/are likely to," "may," "plan,"
"potential," "will" or other similar expressions. Statements that
are not historical facts, including statements about QXM's beliefs
and expectations, are forward-looking 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. Information regarding
these factors is included in our filings with the Securities and
Exchange Commission. QXM does not undertake any obligation to
update any forward-looking statement, except as required under
applicable laws. All information provided in this press release is
as of September 17, 2010, and QXM
undertakes no duty to update such information, except as required
under applicable laws.
For further information, contact:
Qiao Xing Mobile Communication Co., Ltd.
Ms. Lucy Wang, Vice President
Tel: +86-10-8219-3883
Email: wangjinglu@cectelecom.com
SOURCE Qiao Xing Mobile Communication Co., Ltd.
Copyright . 17 PR Newswire