HUIZHOU, China, Nov. 4, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao
Xing Universal Resources, Inc. (NASDAQ: XING) ("XING" or the
"Company") received a letter from The Nasdaq Global Market on
October 31, 2011 stating that for the
previous 30 consecutive business days, the bid price of the
Company's common stock closed below the minimum $1.00 per share requirement for continued
inclusion on the Nasdaq Global Market pursuant to Nasdaq
Marketplace Rule 5450(a)(1) (the "Minimum Bid Price Rule"). The
Nasdaq letter has no immediate effect on the listing of the
Company's common stock.
In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), XING
has 180 calendar days from the date of the Nasdaq letter, or until
April 30, 2012, to regain compliance by maintaining a closing bid
price of at least $1.00 per share for a minimum of ten consecutive
business days. If at any time before April 30, 2012, the bid
price of the Company's common stock closes at $1.00 per share or
more for a minimum of ten consecutive business days, Nasdaq will
notify the Company that it has achieved compliance with the Minimum
Bid Price Rule.
If the Company does not regain compliance by April 30, 2012, Nasdaq will provide written
notification to the Company that the Company's common stock is
subject to delisting. If the Company receives notice that its
common stock is being delisted from The Nasdaq Global Market,
Nasdaq rules permit the Company to appeal any delisting
determination by the Nasdaq staff to a Nasdaq Hearings Panel.
Alternatively, Nasdaq may permit the Company to transfer its
common stock to The Nasdaq Capital Market if it satisfies the
requirements for initial inclusion set forth in Marketplace Rule
5505, except for the bid price requirement. If its application for
transfer is approved, the Company would have an additional 180
calendar days to comply with the Minimum Bid Price Rule in order to
remain on The Nasdaq Capital Market.
The Company intends to actively monitor the closing bid price of
its common stock between now and April 30,
2012 and will evaluate available options to resolve the
deficiency and regain compliance with the Minimum Bid Price
Rule.
ABOUT QIAO XING UNIVERSAL RESOURCES INC.
Qiao Xing Universal Resources, Inc. is a leading player in the
molybdenum mining industry with substantial assets 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 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. XING will continue to seek opportunities to
acquire future high potential mining assets. 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. Forward-looking statements include all statements
other than statements of historical facts, such as statements
regarding our ability to regain compliance with the Minimum Bid
Price Rule, our potential eligibility for an additional grace
period, our ability to transfer the listing of our common stock to
the Nasdaq Capital Market, our ability to optimize the operation of
our mining business, our ability to increase our presence in the
resources, opportunities to acquire future mining assets and
opportunities to divest its remaining mobile-phone business.
Readers are cautioned that forward-looking statements are not
guarantees of future performance and are based on estimates,
assumptions and uncertainties. Actual results may differ materially
from those projected, anticipated or assumed in the forward-looking
statements. 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. We do not undertake any obligation to update
any forward-looking statements. All information provided in this
press release is as of November 4,
2011.
Lucy Wang, Vice President
Qiao Xing Mobile Communication
Co., Ltd.
Tel: +86 (10) 5731-5638
Email: wangjinglu@cectelecom.com
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USA IR Agency
Contacts:
CCG Investor
Relations
Ms. Mabel Zhang, Associate
Partner
+1 (310) 954-1383
E-mail: mabel.zhang@ccgir.com
Mr. David Rudnick, Account
Manager
+1 (646) 626-4172
E-mail: david.rudnick@ccgir.com
Website: www.ccgirasia.com
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SOURCE Qiao Xing Universal Resources, Inc.