HUIZHOU, China, April 7, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao
Xing Universal Resources, Inc. (NASDAQ:XING) ("XING"), one of
the leading players in the molybdenum-mining business as well as a
company with meaningful size in the resources industry, today
announced the result of Qiao Xing Mobile Communication Co., Ltd.'s
(NYSE:QXM)("QXM") shareholder meeting, which was held on
April 7, 2011(the "Court Meeting").
The meeting was scheduled to be convened at 10:00 a.m. Hong
Kong time to consider the proposal by XING to acquire all of
the outstanding ordinary shares of QXM not already held by XING ,
by way of a scheme of arrangement under Subsection 179A of the
British Virgin Islands Business Companies Act, 2004 (as amended).
The meeting was adjourned for lack of quorum because an
insufficient number of shareholders attended the meeting to satisfy
the quorum requirements. As a result, the meeting was
adjourned permanently and XING will not be able to proceed with the
Proposed Privatization via Scheme of Arrangement.
Mr. Wu Rui Lin, Chairman and
Chief Executive Officer of XING, commented, "in order to implement
the proposal, we have been working very hard for more than 7
months. It is indeed a great pity to find out such a result. We are
reporting the result to the Board and will wait for further
instructions from the Board. Once a Board resolution is made, we
will make it public and hold a conference call, which we hope to do
as soon as possible. However, nothing can change our commitment to
becoming a pure resources player."
About Qiao Xing Universal Resources,Inc.
Qiao Xing Universal Resources, Inc. is a leading player in the
molybdenum-mining industry with meaningful size in the resources
industry. XING focuses on mining and processing rare metal ores and
several strategically important base-metal ores, including
molybdenum, copper, lead and zinc. XING currently owns a 100%
equity interest in Balinzuo Banner Xinyuan Mining Co., Ltd. and a
34.53% equity interest in Chifeng Aolunhua Mining Co., Ltd, as well
as the right to receive 100% of the expected economic residual
returns from Chifeng Haozhou Mining Co., Ltd.
XING was one of the first Chinese companies to be listed on
NASDAQ (in 1999) as one of the leading players in the
telecommunication-terminal product business in China. In 2007, XING made the strategic
decision to diversify into the resources industry. Since then, XING
has made several acquisitions in the resources industry and
divested its fixed-line and budget mobile phone businesses. To
reflect this change, XING changed its corporate name to Qiao Xing
Universal Resources, Inc., effective January
28, 2010.
XING continues to evaluate acquisition opportunities in the
resources area to strengthen its foothold in the industry. At the
same time, XING is also working to divest its remaining
mobile-phone business to become a pure-play resources company.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements
that involve risks and uncertainties. These include statements
about our expectations, plans, objectives, assumptions, performance
or future events. In some cases, you can identify forward-looking
statements by terminology such as "anticipate," "estimate,"
"plans," "potential," "projects," "continuing," "ongoing,"
"expects," "management believes," "we believe," "we intend" and
similar expressions. These statements involve estimates,
assumptions and uncertainties that could cause actual results to
differ materially from those expressed. You should not place undue
reliance on these forward-looking statements. Forward-looking
statements include all statements other than statements of
historical facts, such as estimates of revenue and profit,
anticipated mining capacity and production volumes, long-term
growth prospects for the resources industry, XING and value for
XING's shareholders, mine development and capital expenditures,
mine production and development plans, estimates of proven and
probable reserves and other mineralized material, expectations with
respect to supply and demand for mineral resources and XING's
transition to a pure resources company and bigger player within the
resources industry. Readers are cautioned that forward-looking
statements are not guarantees of future performance and actual
results may differ materially from those projected, anticipated or
assumed in the 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 SEC. The Company
does not undertake any obligation to update any forward-looking
statements. All information provided in this press release is as of
April 7, 2011.
Company
Contact:
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Qiao Xing Universal
Resources
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Rick Xiao, Vice President
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Phone: +86-752-282-0268
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Email:
rick@qiaoxing.com
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USA IR AGENCY
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CCG Investor Relations
Inc.
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Mabel
Zhang, Associate Partner
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Phone: +1 310 954
1353 (Los Angeles)
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E-mail:
mabel.zhang@ccgir.com
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SOURCE Qiao Xing Universal Resources, Inc.