Orsus Xelent Trading Expected to Resume Tomorrow on a Pre-Split Basis
February 08 2011 - 4:07PM
Marketwired
Orsus Xelent Technologies, Inc. ("Orsus" or the "Company") (NYSE
Amex: ORS) reported that, as authorized by shareholders at the
Company's annual meeting in December, the Company's board of
directors approved a 1:12 reverse split of the Company's issued and
outstanding shares which was to have been effected today. The
Company learned late yesterday, however, that the necessary filings
to effectuate the reverse split could not be completed, resulting
in what the Company believes is a temporary postponement of the
reverse split.
Under the circumstances, the NYSE Amex exchange halted trading
in the Company's common stock today, but indicated that trading
will resume tomorrow (Wednesday, February 9) on a pre-split basis.
The Company is working to complete the reverse split process and
expects the reverse split to be effective in the near future.
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.
Contact: PRC Orsus Xelent Technologies, Inc. Guoji Liu
CEO Tel: 010-85653777 Fax: 010-85653666
Orsus Xelent Technolgies New Common Stock (AMEX:ORS)
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