HUIZHOU, Guangdong, China, June
9 /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 that Mr. Ruilin Wu, the Company's Chairman and Chief
Executive Officer, has resumed the share purchase plan pursuant to
which he planned to purchase up to an aggregate of US$10 million of the outstanding shares of the
Company.
The share purchase plan, originally disclosed on September 29, 2008, had been put on hold
primarily due to increased market uncertainties resulting from the
global financial crisis. As the global financial conditions
stabilize and the Company makes major progress in its strategic
move into the resources industry, Mr. Wu had decided to resume his
share purchase plan in April 2010. So
far, Mr. Wu has purchased about 500 000 shares of XING common stock
from the open market pursuant to this plan.
Under the resumed program, Mr. Wu planned to purchase up to
$10 million of the Company's
outstanding shares, from time to time over the next 12 months.
These purchases will be subject to market conditions, share price,
applicable legal requirements and other factors. The share purchase
will be made in the open market or through privately negotiated
transactions or in block trades. This plan does not obligate Mr. Wu
to acquire any particular number of shares and may be suspended or
discontinued at any time at his discretion.
Mr. Wu has agreed to voluntarily disclose the implementation of
this stock purchase plan in duly course, in addition to any other
compulsory reporting requirement.
"The decision to resume the share repurchase program
demonstrates my confidence in the long-term value of our company,
and our continued commitment to create shareholder value while
maintaining our flexibility to execute our resources driven growth
strategies," commented Mr. Wu.
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 the 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 June 9,
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.