BEIJING, March 25 /PRNewswire-Asia-FirstCall/ -- Qiao Xing
Mobile Communication Co., Ltd. (NYSE: QXM) ("QXM" or the
"Company"), a domestic manufacturer of mobile handsets in
the People's Republic of China
(the "PRC"), today announced that it will not proceed with the
proposed acquisition of the 40% equity interest in Beijing Eversun
Technology Co., Ltd. ("Eversun") that was previously announced on
December 14, 2009.
"Due to disagreements relating to certain commercial terms
between QXM and Eversun, we do not feel that this acquisition will
be in the best interests of QXM and its shareholders," said
Chairman Zhiyang Wu.
"Notwithstanding the decision to call off the acquisition, we will
continue to work closely with Eversun to explore business
cooperation opportunities in the PRC mobile handset market."
No consideration relating to the proposed acquisition had been
paid at the time of this cancellation and this cancellation will
not result in any "broken deal" or other payments by any of the
parties involved.
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, 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, 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 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 March 25, 2010, and QXM
undertakes no duty to update such information, except as required
under applicable laws.
For further information, contact:
Lucy Wang
Qiao Xing Mobile Communication Co., Ltd.
Tel: +86-10-8219-3883
Email: wangjinglu@cectelecom.com
SOURCE Qiao Xing Mobile Communication Co., Ltd.