HUIZHOU, China, July 15, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao
Xing Universal Resources, Inc. ("XING" or the "Company"), a leading
company in the molybdenum mining business as well as a company with
substantial assets in the resources industry, today announced that
the Company has filed its Annual Report on Form 20-F for the fiscal
year ended December 31, 2010 with the
Securities and Exchange Commission ("SEC").
XING's Form 20-F can be accessed on the Company's Investor
Relations website at http://www.cosun-xing.com as well as on the
SEC's website at http://www.sec.gov. Upon request, a hard
copy of the annual report on Form 20-F for the fiscal year ended
December 31, 2010 can be obtained
free of charge by its shareholders. Requests should be
directed to:
Qiao Xing Universal Resources, Inc.
Qiaoxing Science Technological & Industrial Zone
Tangquan Huizhou City, Guangdong
Province, PRC 516023
Attention: Jiujiu Jiang
About Qiao Xing Universal Resources, Inc.
Qiao Xing Universal Resources, Inc. is a leading company in the
molybdenum mining industry with substantial assets in the resources
industry. XING focuses on mining and processing 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 companies 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. XING is
now working to divest its remaining mobile-phone business to become
a pure-play resources company. To reflect this change, XING changed
its corporate name to Qiao Xing Universal Resources, Inc.,
effective January 28, 2010. XING
believes that it is well positioned to optimize the operation of
its mining business as well to increase its presence in the
resources industry in 2011 and beyond.
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 improve
efficiencies in the day-to-day operations of its mines, the
Company's plans to enhance production processes and management
efficiencies, the Company's plans to develop more efficient
production processes for molybdenum exploration and extraction and
the Company'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 July 15,
2011.
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Company
Contact:
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Qiao Xing Universal
Resources
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Jiujiu Jiang, Chief
Financial Officer
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Phone: +86-752-282-0268
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Email:
jiangjiujiu@qiaoxing.com
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USA IR
Agency Contacts:
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CCG Investor Relations
Inc.
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Mabel Zhang, Associate
Partner
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+1 310-954-1353
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Email:
mabel.zhang@ccgir.com
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David Rudnick, Account
Manager
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+1 646-626-4172
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Email:
david.rudnick@ccgir.com
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SOURCE Qiao Xing Universal Resources, Inc.