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Qiao Xing Universal Telephone, Inc. (XING) has signed a letter of intent with Dragon Fu Investment Limited ("DFIL") in connection with a proposed sale of its subsidiary, Qiao Xing Communication Holdings Limited.
Qiao Xing Communication Holdings Limited ("QXCH"), which is primarily specialized in the indoor phone and low-end mobile phone business via its subsidiary Huizhou Qiao Xing Communication Industry Co., Ltd ("HZQXCI"), recorded a loss of US$42.7 million for the year 2008, mainly due to the global economic downturn and increasingly intensive competition. In order to carry out the Company's diversification strategy, the Board has authorized the management to seek potential buyers to dispose of this business sector.
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