HUIZHOU, China, May 5 /PRNewswire-Asia-FirstCall/ -- Qiao Xing
Universal Resources, Inc. (Nasdaq: XING) ("the Company" or "XING"),
an emerging Chinese resources company headquartered in Huizhou, Guangdong
Province, today announced the redemption of all outstanding
Convertible Notes, following the last installment payment of
US$780,000 days ago.
The outstanding Convertible Notes were issued on November 3, 2009 with an aggregate principal
amount of US$24 million. According to
the terms of the Convertible Notes, it should be repaid in 8
installments maturing on July 3,
2010. These notes were issued to restructure the unsecured
convertible notes with aggregate principal amount of USD26 million issued on October 31, 2006.
Mr. Wu Ruilin, Chairman of XING, commented, "We are pleased that
we have been able to redeem all convertible notes outstanding,
which releases us from several restrictions. As we look to the
future we will have more flexibility to pursue our corporate
strategy of becoming a large company in the resources
industry."
About Qiao Xing Universal Resources, Inc.
Qiao Xing Universal Resources, Inc. is an emerging Chinese
resources company headquartered in Huizhou, Guangdong
Province, China. The
Company was previously one of the leading players of
telecommunication terminal products in China, but made the strategic decision to
diversify into the resources industry in 2007. In April 2009, the Company acquired 100% equity
interest in China Luxuriance Jade
Company, Ltd ("CLJC"). CLJC, through its wholly owned Chinese
subsidiaries, owns the rights to receive the expected residual
returns from Chifeng Haozhou Mining Co., Ltd. ("Haozhou Mining"), a
large copper-molybdenum poly-metallic mining company in Inner
Mongolia, China. Since then, the
Company has further refined its strategy to become a pure resources
company and is actively seeking additional acquisition targets in
the resources industry.
Safe Harbor Statement
This announcement contains forward-looking statements, as
defined in the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, these
forward-looking statements can be identified by words or phrases
such as "aim," "anticipate," "believe," "continue," "estimate,"
"expect," "intend," "is /are likely to," "may," "plan,"
"potential," "will" or other similar expressions. Statements that
are not historical facts, including statements about Qiao Xing
Universal Resources, Inc.'s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. 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 Securities and Exchange
Commission. Qiao Xing Universal Resources, Inc. does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law. All information provided in this
press release is as of May 05,
2010.
For more information, please contact:
Company Contact:
Mr. Rick Xiao, Vice President
Email: rick@qiaoxing.com
Tel: +86-752-282-0268
CCG Investor Relations Contact:
Mr. Ed Job, Account Manager
Email: ed.job@ccgir.com
Tel: +1-646-213-1914 (NY office)
SOURCE Qiao Xing Universal Resources, Inc.