QXM Issues Convertible Notes Primarily For Share Buyback
2008年5月16日 - 5:50PM
PRニュース・ワイアー (英語)
BEIJING, May 16 /Xinhua-PRNewswire-FirstCall/ -- Qiao Xing Mobile
Communication Co., Ltd. ("Qiao Xing Mobile" or "the Company")
(NYSE:QXM), one of China's leading manufacturers of mobile
handsets, announced that the Company has on May 15, 2008 signed
binding agreements to issue to two existing shareholders of the
Company (the "Investors") USD70 million worth of 3-year senior
convertible notes (the "Notes") with warrants. The notes have a 4%
annual coupon and are redeemable at par. The consideration payable
by the Investors for the Notes will be a combination of shares of
the Company's common stock that are currently owned by the
Investors, valued at approximately USD48.3 million, and cash. All
shares submitted by the Investors in exchange for the Notes will be
cancelled. The net cash proceeds raised by the Company will be used
for general corporate purposes, including funding potential
ventures which the Company is currently evaluating. "We believe
that this is a good opportunity for us to use our strong balance
sheet to take on borrowings that offer low interest rates, as well
as to take advantage of our current low trading price to buy back
some of our outstanding shares," said Chairman Wu Zhi Yang in
Beijing. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. About
Qiao Xing Mobile Communication Co., Ltd. Qiao Xing Mobile
Communication Co., Ltd. is one of the leading domestic
manufacturers of mobile handsets in China in terms of unit sales
volume. The Company manufactures and sells mobile handsets based
primarily on Global System for Mobile Communications, or GSM,
global cellular technologies. It operates its business primarily
through CEC Telecom Co., Ltd., or CECT, its 96.55%-owned subsidiary
in China. Through its manufacturing facility in Huizhou, Guangdong
Province, China, and two research and development centers in
Huizhou and in 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. Safe Harbor Statement This announcement contains
forward-looking statements, as defined in the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. 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 Qiao Xing Mobile'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. Qiao Xing Mobile does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law. All information provided in this press release is
as of May 16, 2008, and Qiao Xing Mobile undertakes no duty to
update such information, except as required under applicable law.
For further information, contact: Ma Tao Qiao Xing Mobile
Communication Co., Ltd. Tel: +86-10-6250-1706 Email: DATASOURCE:
Qiao Xing Mobile Communication Co., Ltd. CONTACT: Ma Tao of Qiao
Xing Mobile Communication Co., Ltd., +86-10-6250- 1706, or
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