Orsus Xelent Receives Deficiency Letter From NYSE Amex Exchange; Intends to Comply With Requirements
April 27 2011 - 4:05PM
Marketwired
Orsus Xelent Technologies, Inc. ("Orsus" or the
"Company") (NYSE Amex: ORS), a designer and manufacturer of
award-winning mobile phones for the Asian market, reported today
receipt of a letter from the NYSE Amex LLC ("the Exchange"), which
stated the Company is not in compliance with Section 1003 (a) (i)
of the Exchange's Company Guide based on the Company's reporting of
less than $2 million in stockholders' equity and losses from
continuing operations and net losses in its two most recent fiscal
years ended December 31, 2010; and Section 1003 (a) (iv) of the
Exchange's Company Guide with respect to its financial condition,
which makes it questionable in the opinion of the Exchange as to
whether the Company will be able to continue operations or timely
meet its obligations. Additionally, the Company has been advised
its common shares may not be suitable for auction market trading
due to their low selling price.
As such, the Exchange requires the Company to submit a plan by
May 23, 2011 addressing how it intends to regain compliance with
Section 1003 (a) (iv) by July 21, 2011, and by Oct. 21, 2011 with
Section 1003 (a) (i). Further, by July 21, 2011, the Company must
effect a reverse split. Should the Company fail to regain
compliance within the specified time periods, the Exchange will
initiate delisting proceedings.
The Company reported it intends to comply with requirements in
the letter from the Exchange and will submit a timely plan of
compliance. The Company also reported it shortly will effect a
reverse split of its common stock to raise the selling price.
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: 010-861085653777
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