Qiao Xing Mobile's Chairman and Vice Chairman Announce Share Purchase Plan
August 14 2008 - 4:00AM
PR Newswire (US)
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: DATASOURCE: Qiao Xing Mobile
Communication Co., Ltd. CONTACT: Ma Tao of Qiao Xing Mobile
Communication Co., Ltd., +86-10- 6250-1706, or Web Site:
http://www.qxmc.com/
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