BEIJING, Feb. 28, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao
Xing Mobile Communication Co., Ltd. (NYSE: QXM) (the "Company" or
"QXM"), a manufacturer of mobile handsets in the People's Republic of China, today
announced that, QXM will hold a shareholders' meeting on
April 7, 2011 (the "Meeting"), at
which the shareholders of QXM (other than XING – the "Minority
Shareholders") will vote on the scheme of arrangement (the
"Scheme") which was proposed by XING in September 2010. In December 2010, QXM's Board of Directors
authorized putting the Scheme to the Minority Shareholders for
their consideration. Pursuant to the Scheme, XING has proposed to
acquire all of the outstanding ordinary shares of QXM other than
those shares held by XING (the "Minority Shares") in exchange for
1.9 shares of XING's common stock plus US$0.80 in cash for each Minority Share (the
"Scheme Consideration"). Key dates related to the meeting are as
follows:
- Record date - February 28,
2011.
- Mailing of Schedule 13E-3 and other materials relating to the
Meeting – on or around March 7,
2011
- Meeting - April 7, 2011
XING plans to file an additional amendment to its Schedule 13E-3
with the U.S. Securities and Exchange Commission (the "SEC")
setting forth the details relating to the meeting on or around
March 2, 2011. The Schedule
13E-3 will be included in the materials mailed to the Minority
Shareholders in advance of the Meeting, and contains additional
information about QXM, XING and the Scheme, which may be helpful to
Minority Shareholders in evaluating the Scheme.
About Qiao Xing Mobile Communication Co., Ltd.
Qiao Xing Mobile Communication Co., Ltd. is a domestic
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. 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. All information provided in this press release
is as of February 28, 2011, and QXM
undertakes no duty to update such information, except as required
under applicable laws.
For further information,
contact:
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Ms. Lucy Wang, Vice
President
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Qiao Xing Mobile Communication
Co., Ltd.
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Tel: (8610) 57315638
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Email: wangjinglu@cectelecom.com
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SOURCE Qiao Xing Mobile Communication Co., Ltd.