Qiao Xing Universal Telephone Inc. Says Prime Minister's Remarks Encouraging for CDMA Development and Approval
Process
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HUIZHOU, China--(BUSINESS WIRE)--March 20, 2000--Qiao Xing Universal Telephone Inc. (Nasdaq:XING) today
announced that it is applying for further approvals to manufacture and sell code division multiple access (CDMA) cellular
telephones and estimates the approval process may be less time-consuming, based upon recent comments from China's
prime minister.
In a news conference held in Beijing on March 16, 2000, Chinese Prime Minister Zhu Rongji's remarks apparently indicate
that China is planning to adopt as its standard the CDMA technology currently prevalent in the U.S. Comments also
addressed the delay in the introduction of CDMA technology in China, but indicated a possible resolution in the near future.
Further remarks reiterated Chinese government support of private company participation in the overall development of
China's telecommunications industry.
Qiao Xing's chairman, Riu Lin Wu, said: "The Prime Minister's comments are encouraging from the Company's standpoint.
We are pleased the Chinese government supports the development of new technology and the participation of private
industry. This level of support increases the hope that our applications to manufacture and sell CDMA cellular telephones in
China would not be long in the approval process."
In August 1995, Qiao Xing became the first telephone manufacturer in China to receive the ISO 9001 Quality System
Accreditation award. The Company currently produces 165 models of corded telephones and 25 cordless models. Its sales
network is extensive throughout China and includes 1,350 retail store locations. In 1997 and 1998, Qiao Xing Universal
Telephone ranked No. 2 in telephone sales in China.
This news release contains "forward-looking statements" regarding future business opportunities and activities. Such
forward-looking information involves important risks and uncertainties that could significantly affect future results. These risks
and uncertainties include, but are not limited to, those relating to economic, political, legal and social conditions in the
People's Republic of China, World Trade Organization admission issues, dependence upon key management personnel,
competition, material factors relating to the operations of the business, and domestic and global general economic conditions.
CONTACT: Qiao Xing Universal Telephone Inc., Huizhou, Guangdong
Jeff J.F. Feng, 011 86-752-2808-188
Fax: 011 86-752-2803-101
qiaoxing.com
E-mail: qxxiao@pub.huizhou.gd.cn
or
Silverman Heller Associates, Los Angeles |
