BEIJING, Aug. 14 /Xinhua-PRNewswire-FirstCall/ -- Qiao Xing Mobile
Communication Co., Ltd. ('Qiao Xing Mobile' or 'the Company') (NYSE: QXM), one
of China's leading domestic manufacturers of mobile handsets, through its
subsidiary CEC Telecom Co., Ltd. ('CECT'), today announced that its Chairman
Mr. Wu Zhiyang and its Vice Chairman Mr. Wu Ruilin plan to purchase up to an
aggregate of US$2 million worth of shares of Qiao Xing Mobile. The purchases
will be made from time to time on the open market through NYSE Euronext at
prevailing market prices, in negotiated transactions off the market, in block
trades or pursuant to a 10b5-1 plan. The purchases will be made subject to
insider trading considerations and shareholder reporting requirements. The
timing and extent of any purchases will depend upon market conditions, the
trading price of the Company's shares and other factors.
Mr. Wu Zhiyang, Chairman of the Company and Mr. Wu Ruilin, Vice Chairman
of the Company, commented, 'We are confident that the current stock price
levels do not reflect Qiao Xing Mobile's current potential value and we have
decided to demonstrate that confidence in the form of purchases of the
company's stock.'
About Qiao Xing Mobile Communication Co., Ltd.:
Qiao Xing Mobile Communication Co., Ltd. is one of the leading domestic
manufacturers of mobile handsets in China in terms of unit sales volume. The
Company manufactures and sells mobile handsets based primarily on Global
System for Mobile Communications, or GSM, global cellular technologies. It
operates its business primarily through CEC Telecom Co., Ltd., or CECT, its
96.6%-owned subsidiary in China. Currently, all of its products are sold
under the 'CECT' brand name. Through its manufacturing facility in Huizhou,
Guangdong Province, China, and two research and development centers in Huizhou
and in 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 Qiao Xing Mobile's beliefs and
expectations, as well as those of Messrs. Wu and Wu, 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. Qiao Xing Mobile does not undertake any obligation to
update any forward-looking statement, except as required under applicable law.
All information provided in this press release is as of August 14, 2008, and
Qiao Xing Mobile undertakes no duty to update such information, except as
required under applicable law.
For further information, please contact:
Ma Tao
Qiao Xing Mobile Communication Co., Ltd.
Tel: +86-10-6250-1706
Email: matao@cectelecom.com
SOURCE Qiao Xing Mobile Communication Co., Ltd.
