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Qiao Xing Universal Telephone to dispose of Qiao Xing Communication Holdings

Posted on: Wed, 02 Sep 2009 04:35:00 EDT

Symbols: XING

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Sep 02, 2009 (M2 EQUITYBITES via COMTEX) --
XING | Quote | Chart | News | PowerRating -- Manufacturer and distributor of telecommunications products in China
Qiao Xing Universal Telephone Inc (Nasdaq: XING | Quote | Chart | News | PowerRating) on Tuesday said that
it has signed a letter of intent (LOI) with Dragon Fu Investment
Limited (DFIL) in connection with a proposed sale of its subsidiary,
Qiao Xing Communication Holdings Limited (QXCI).

Qiao Xing Communication Holdings Limited recorded a loss of USD42.7m in
2008, reportedly as a result of the global economic downturn and
increasingly intensive competition.

In order to carry out its diversification strategy, the board of Qiao
Xing decided to seek potential buyers to dispose of this business
sector.

Pursuant to the LOI, it is proposed that the company would sell the
100% equity interest in QXCI to DFIL.

The completion of the proposed transaction is subject to, including but
not limited to, due diligence to be conducted by DFIL; a valuation
report to be issued by a qualified appraisal firm; and a definitive
sales and purchase agreement.

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