Qiao Xing Universal Launches New Corporate Website
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HUIZHOU, China, Jan. 14, 2011 - Qiao Xing Universal Resources, Inc. (Nasdaq: XING, the "Company" or "XING"),one of the leading players in the molybdenum-mining business with meaningful size in the resources industry, today announced the launch of its new website, which can be found at www.cosun-xing.com/.
The new site reflects the Company's focus on the molybdenum-mining business as well as its growing scale in the resources industry. The new site provides a comprehensive overview of XING's resources operations, as well as an extensive gallery of photos of its molybdenum and lead-zinc-copper mining operating businesses. In addition, the new site provides the most up-to-date corporate profile and investor presentation as well as a dedicated section focused on the newly acquired Aolunhua Copper-molybdenum Mine, one of the largest open-pit molybdenum mines in Asia.
"We are excited to launch our new website which has been designed to better serve investors, customers, shareholders and the public," commented Mr. Ruilin Wu, the Company's Chairman and Chief Executive Officer. "The new website outlines the progress we have made in the execution of our strategy to grow our resources business, and it reflects our commitment to increasing corporate transparency and to creating long-term value for all our stakeholders."
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. The Company 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, the Company made the strategic decision to diversify into the resources industry. Since then, the Company has made several acquisitions in the resources industry and divested its fixed-line and budget mobile phone businesses. To reflect this change, the Company changed its corporate name to Qiao Xing Universal Resources, Inc., effective January 28, 2010.
The Company 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 through the proposed privatization of its QXM subsidiary, or via other alternatives, to become a pure-play resources company.
Additional Information and Where to Find It
Qiao Xing Universal Resources, Inc. has filed a Schedule 13E-3 with the SEC in connection with its proposed offer to acquire all of the outstanding shares of Qiao Xing Mobile Communication Co., Ltd not currently owned by it by way of a Scheme of Arrangement (the "Proposed Offer"). The Schedule 13E-3 contains additional information regarding the Proposed Offer, including, without limitation, information regarding the special meeting of shareholders of Qiao Xing Mobile Communication Co., Ltd that will be called to consider the Proposed Offer. The Schedule 13E-3 contains important information about Qiao Xing Universal Resources, Inc., Qiao Xing Mobile Communication Co., Ltd, the Proposed Offer and related matters. Investors and shareholders should read the Schedule 13E-3 and the other documents filed with the SEC in connection with the Proposed Offer carefully before they make any decision with respect to the Proposed Offer. A copy of the Scheme of Arrangement with respect to the Proposed Offer is an exhibit to the Schedule 13E-3. The Proposed Offer is expected to be exempt from the registration requirements of the United States Securities Act of 1933 Act by virtue of the exemption provided by Section 3(a)(10); however, it is possible that the offer may change forms such that the exemption provided by Section 3(a)(10) may no longer be available. In such a case Qiao Xing Universal Resources, Inc. may file a Form F-4 with respect to the Proposed Offer.
The Schedule 13E-3 and all other documents filed with the SEC in connection with the Proposed Offer is available free of charge at the SEC's web site at www.sec.gov. Additionally, the Schedule 13E-3 and all other documents filed with the SEC in connection with the Proposed Offer will be made available to investors or shareholders free of charge by calling or writing to:
Qiao Xing Universal Resources
Rick Xiao
Vice President
Phone: +86-752-282-0268
Email: rick@qiaoxing.com
USA IR AGENCY
CCG Investor Relations Inc.
Mr. Ed Job, CFA
Phone: +86-1381-699-7314 (Shanghai)
Email: ed.job@ccgir.com
Web Site: www.cosun-xing.com
