HUIZHOU, China, Nov. 22, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao
Xing Universal Resources, Inc. (NASDAQ: XING) ("XING" or the
"Company"), a leading company in the molybdenum mining business as
well as a company with substantial assets in the resources
industry, today announced that Mr. Zhiyang
Wu has been appointed to serve as Chairman of the Board and
Chief Executive Officer, replacing Mr. Ruilin Wu, who has resigned his positions as the
Company's Chairman and Chief Executive Officer, effective
November 21, 2011.
Additionally, the Company announced that Mr. Kaisong Xiang
has been appointed to serve as Director of the Company, replacing
Mr. Xiufeng Shi, who resigned
effective November 21, 2011 as well.
Mr. Ruilin Wu's and Mr. Xiufeng Shi's resignations are for personal
reasons and are not related to any disagreement with the Company
regarding financial, operational or other practices.
Mr. Zhiyang Wu served as the
Company's Vice Chairman and Board Secretary from 1992 to 2010. He
has also been serving as Chairman of Qiao Xing Mobile Communication
Co., Ltd., the Company's majority owned subsidiary ("QXM"), since
2003 and as QXM's Chief Executive Officer since December 2010. From 1995 to 1999, he was the
General Manager of Qiao Xing Communication Industry Co., Ltd., a
former subsidiary of the Company. Mr. Wu received a diploma in
enterprise management from Huizhou
University in China. Mr.
Zhiyang Wu is the son of Mr.
Ruilin Wu and is 38 years old.
Mr. Kaisong Xiang, aged 57, most recently served as Chief
Engineer of a mining company based in Hunan Province, China. His more than 35 years of experience
includes mineral resource surveying, license application and
document drafting; technical supervision with the Institute of
Geological Survey; and serving as technical section chief for the
Huayuan Xingfa lead and zinc deposit development project, as well
as mineral resources prospecting and survey of gold, silver and
copper deposits. Mr. Xiang graduated from the Wuhan Institute of
Geology and obtained the qualification of senior geology engineer
from the Hunan Provincial Human Resources Department in 2001. He
was honored with the achievement award from the Bureau of Geology
and Mineral Exploration and Development of Hunan Province in 2000.
ABOUT QIAO XING UNIVERSAL RESOURCES INC.
Qiao Xing Universal Resources, Inc. is a leading player in the
molybdenum mining industry with substantial assets in the resources
industry. XING focuses on mining and processing rare metal ores and
several strategically important base-metal ores, including
molybdenum, copper lead and zinc. XING currently owns a 100% equity
interest in Balinzuo Banner Xinyuan Mining Co., Ltd. and a 34.53%
equity interest in Chifeng Aolunhua Mining Co., Ltd, as well as the
right to receive 100% of the expected economic residual returns
from Chifeng Haozhou Mining Co., Ltd.
XING was one of the first Chinese companies to be listed on
NASDAQ (in 1999) as one of the leading players in the
telecommunication-terminal product business in China. In 2007, XING made the strategic
decision to diversify into the resources industry. Since then, XING
has made several acquisitions in the resources industry and
divested its fixed-line and budget mobile phone businesses. To
reflect this change, XING changed its corporate name to Qiao Xing
Universal Resources, Inc., effective January
28, 2010.
XING is well positioned to optimize the operation of its mining
business as well to increase its presence in the resources industry
in 2011 and beyond. XING will continue to seek opportunities to
acquire future high potential mining assets. At the same time, XING
is also working to divest its remaining mobile-phone business to
become a pure-play resources company.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These include statements about our
expectations, plans, objectives, assumptions, performance or future
events. In some cases, you can identify forward-looking statements
by terminology such as "anticipate," "estimate," "plans,"
"potential," "projects," "continuing," "ongoing," "expects,"
"management believes," "we believe," "we intend" and similar
expressions. Forward-looking statements include all statements
other than statements of historical facts, such as statements
regarding our ability to optimize the operation of our mining
business, our ability to increase our presence in the resources
industry, opportunities to acquire future mining assets and
opportunities to divest our remaining mobile-phone business.
Readers are cautioned that forward-looking statements are not
guarantees of future performance and are based on estimates,
assumptions and uncertainties. Actual results may differ materially
from those projected, anticipated or assumed in the forward-looking
statements. 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 SEC. We do not undertake any obligation to update
any forward-looking statements. All information provided in this
press release is as of November 22,
2011.
Company
Contact:
Qiao Xing Mobile Communication
Co., Ltd.
Lucy Wang, Vice
President
Tel: +86 (10)
5731-5638
E-mail: wangjinglu@cectelecom.com
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USA IR Agency
Contacts:
CCG Investor
Relations
Ms. Mabel Zhang, Associate
Partner
+1 (310) 954-1383
E-mail: mabel.zhang@ccgir.com
Mr. John
Harmon, Sr.
Account Manager
+86 (10) 6561
6886 ext. 807
E-mail: john.harmon@ccgir.com
Website: www.ccgirasia.com
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SOURCE Qiao Xing Universal Resources, Inc.