HUIZHOU, China, April 8, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao
Xing Universal Resources, Inc. (NASDAQ:XING) ("XING" or the
"Company"), 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 timing for release of its 2010
financial results, as well as certain management changes.
XING is currently expecting to file its 2010 financial results
in May 2010, which is earlier than
the Company reported its annual financial results in recent prior
years. As a Foreign Private Issuer, the Company is required
to file its annual results on Form 20-F by June 30, 2011.
XING recently appointed Mr. Luo Zhaoyang as Financial Controller
to strengthen its accounting department. Mr. Luo, has a CPA
qualification and a Master's degree in finance from Jiangxi University of Finance and Economics.
Mr. Luo's previous experience includes two years as financial
manager with Qiao Xing Mining & Advisory Co., Ltd., and five
years as financial manager with Qiao Xing Communication Industry
Co., Ltd., a former subsidiary of XING. Mr. Luo is now
primarily responsible for the accounting for XING's domestic
subsidiaries. Also today, XING announced that its Chief Financial
Officer ("CFO"), Mr. Jiang Aijun, resigned as the Company's CFO
effective immediately. The Company is seeking a new CFO to
replace Mr. Jiang.
Mr. Wu Rui Lin, Chairman and
Chief Executive Officer of XING, said, "We want to thank Mr. Jiang
for his contributions to our growth and we will continue to work to
enhance our management team to fit our strategic focus on the
mining and resources industry and continue to work to strengthen
our reporting and finance functions. At the last Annual
General Meeting, which was held in December
24, 2010, XING's former Vice Chairman and Executive Director
Mr. Wu Zhiyang resigned. Additionally, a veteran in mining
business, Mr.Shi Xiufeng, was elected as Executive Director of XING
at the meeting."
Mr. Xiu Feng Shi has been
director of product division for Real Gold Mining Limited since
April 2007. Real Gold Mining
Ltd. is listed on the Hong Kong Stock Exchange (HKSE) and is
controlled by Mr. Wu through his beneficial ownership of Lead
Honest Management Limited. From December
2004 to April 2007, Mr. Shi
served as division chief for Chifeng Jinxing Mining Co., Ltd. Mr.
Shi served as deputy chief and technology chief engineer for Fuda
Gold Mine from October 2002 to
November 2004. From April 1996 to September
2002, Mr. Shi led production planning, statistics and
scheduling for the Honghuagou Gold Mine.
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 statements regarding the Company's plans to enhance its
management team and strengthen its reporting and finance function,
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 8,
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.