Orsus Xelent Sees Lower Than Anticipated Full Year Sales in 2009
December 30 2009 - 9:05AM
Marketwired
At its Annual Meeting of Shareholders held today, Orsus Xelent
Technologies, Inc. (NYSE Amex: ORS), a China-based designer and
manufacturer of award-winning mobile phones for the Asian market,
said it anticipates full year 2009 revenues of approximately $77
million, which would be approximately 29% lower than revenues in
2008.
Mr. Guoji Liu, CEO of the Company, stated, "In our fourth
quarter, most of our sales were of lower end products with lower
margins, as we continued to battle difficult industry and economic
conditions. Under the circumstances, while not happy with our
results, we were pleased we could face up to the challenges posed
and continued to be profitable with our revamped sales
strategy."
Mr. Liu told shareholders that in 2010 the Company is optimistic
about a more "stabilized" environment which he believes will permit
the Company to achieve steadily improving sales throughout the
year. He also told shareholders that the Company believes
"approximately 20% of its sales in 2010 will be of its own higher
margin 3G products."
A complete transcript of Mr. Liu's remarks at the Annual Meeting
is available in the Form 8-K being filed today by the Company.
About Orsus Xelent Technologies, Inc.
Incorporated in the State of Delaware and headquartered in
Beijing, China, Orsus Xelent Technologies, Inc. is an emerging
designer and manufacturer of award-winning mobile phones for the
Asian market, primarily the People's Republic of China ("PRC"). The
Company's business encompasses the design of mobile phones, related
digital circuits, and software development, and it is a recognized
pioneer in mobile phone integration technology. It introduced the
region's first wristwatch-style cellular phone, and it continues to
break new ground with state-of-the-art phones that include advanced
features such as fingerprint recognition and touch-screen displays.
The Company also is focused on developing and marketing, under its
Proxlink trademark, special application mobile phones for
specialized users in a wide variety of professions in business and
government. Since the Company's launch in 2004, it has established
"Orsus" as a popular brand and achieved a significant share of the
world's largest mobile phone market. It maintains more than 179
service call centers across the PRC, with additional offices in
Shanghai, Hong Kong, Shenzhen, and Tianjin. For more information,
please visit the Company's web site: www.orsus-xelent.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the
statements in this Press Release are forward-looking statements
that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause our actual results in future periods to differ materially
from forecasted results. These risks and uncertainties include,
among other things, product demand, market competition, and risks
inherent in our operations. These and other risks are described in
our filings with the Securities and Exchange Commission.
Contacts: PRC: Orsus Xelent Technologies, Inc. Guoji Liu CEO
Tel: 010-85653777 Fax: 010-85653666 US: Ken Donenfeld Tel:
212-402-7838 Fax: 646-381-9727
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