Zoom Technologies Announces $1.5 Million R&D Investment by Datang Capital Management
July 12 2010 - 8:00AM
Marketwired
Zoom Technologies, Inc. (NASDAQ: ZOOM), a leading China based
manufacturer of mobile phones and other mobile electronic products,
announced today that its mobile phone design subsidiary, Nollec
Wireless, has signed a non-binding memorandum of understanding with
Datang Capital Management (Beijing) Company, Ltd. ("Datang
Capital") for an investment of Rmb 10 million (approximately US$1.5
million) from Datang Capital into Nollec Wireless.
The cash injection is intended to be used for Nollec's further
development of advanced mobile handsets and to expedite the
commercialization of next generation features through the
integration of user-friendly software applications with
state-of-the-art hardware modules. Datang Capital is the investment
company of Datang Telecom (Shanghai Stock Exchange: 600198), a
Chinese telecommunication equipment vendor well recognized for its
leading role in developing the Chinese TD-SCDMA 3G mobile
telecommunications standard through subsidiary Datang Mobile. Terms
of the investment are to be finalized in a definitive
agreement.
Mr. Leo Gu, Chief Executive Officer of Zoom Technologies, said,
"Datang's intended investment in our research arm is a significant
endorsement of our R&D and manufacturing capabilities. We look
forward to Datang's involvement as we continue our major technology
innovation and product introductions to service the burgeoning
China mobile market. We expect that Zoom will continue to outpace
our competition to meet the customers' demand throughout
China."
About Zoom Technologies Zoom Technologies
is a holding company with subsidiaries that engage in the
manufacturing, research and development, and sale of electronic and
telecommunication products for 3rd generation mobile phones,
wireless communication circuitry, and related software products.
Zoom Technologies' subsidiary, Jiangsu Leimone, owns a majority
stake of TCB Digital, which offers highly customized and high
quality Electronic Manufacturing Service (EMS) for Original
Equipment Manufacturer (OEM) customers as well as its own brand
under the brand name of Leimone. The company's products are both
exported and sold domestically. For more information about Zoom
Technologies please visit Zoom's corporate website at
http://www.zoomleimone.com.
Forward-Looking Statements Certain
statements in this press release may constitute "forward looking
statements" that involve risks and uncertainties. These include
statements about our expectations, plans, objectives, assumptions
or future events, including our expansion in other 3G enabled
mobile phones and the acquisition of Leimone Culture, which may
require shareholder approval that cannot be assured. You should not
place undue reliance on these forward-looking statements.
Information concerning factors that could cause our actual results
to differ materially from these forward-looking statements can be
found in our periodic reports filed with the Securities and
Exchange Commission. We undertake no obligation to publicly release
revisions to these forward-looking statements to reflect future
events or circumstances or reflect the occurrence of unanticipated
events.
Contacts: Cynthia Hiponia The Blueshirt Group +1
415-217-4966 Email Contact