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To: Silver_Bullet who wrote (6874)	1/31/2002 1:27:34 PM
From: xcr600	Respond to of 48461

You see the other news that came with that ?? Thursday January 31, 8:31 am Eastern Time Press Release SOURCE: Qiao Xing Universal Telephone, Inc. Qiao Xing Announces Restatement of First Half 2001 Financial Statements GUANGDONG, China--(BUSINESS WIRE)--Jan. 31, 2002--Qiao Xing Universal Telephone, Inc. (Nasdaq:XING - news), the second largest and one of the fastest growing telephone manufacturers in China, today announced that it will be restating its first half 2001 financial statements by $1.3 million to reflect an understatement of $800,000 relating to the issuance of the Company's convertible debentures, an overstatement of tax provisions of $500,000 and a $1 million increase in its provision for doubtful debt. As a result, the Company's restated earnings for the first half of 2001 are $28,000, or $0.00 per share, compared with the previously reported earnings of $1.3 million, or $0.10 per share. The restatement will only affect the Company's earnings for its six month period ended June 30, 2001 and is not expected to have a material impact on the Company's net income or cash flow in any future period. Commented Qiao Xing Universal Telephone, Inc. Chairman Rui Lin Wu, ``Although we are disappointed to restate our financial statements, we believe this is the most conservative and prudent action to take to ensure our exposure is limited. We are pleased to report that this restatement had no material impact on the results of operations for the second half of 2001 and is not expected to have a material impact on net income or cash flow moving forward. More importantly, we continue to be excited about our future financial and operational outlook as we are expecting significant revenue and earnings growth in 2002,'' concluded Mr. Wu. About Qiao Xing Universal Telephone In August 1995, Qiao Xing Universal Telephone, Inc. 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 with 1,350 retail store locations throughout China. Qiao Xing is currently the second largest telephone manufacturer in China. This press 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, 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 Keneath Chen, (011) 86-752-2820268 qxxiao@pub.huizhou.gd.cn qiaoxing.com or FRB/Weber Shandwick Haris Tajyar, 310/407-6547 htajyar@webershandwick.com

To: Silver_Bullet who wrote (6874)	1/31/2002 2:41:26 PM
From: Bucky Katt	Read Replies (2) \| Respond to of 48461

Yes, China plays.. Also, the big defense stocks are all up on the coming windfall of $billions coming their way, so I think our little defense dog HSR is a buy again. It is in a neutral t/a position, but in looking at it on a 5 year chart, I think it could pull $8 on a good run. (Same chart that gave me a $35 number for INVN) >split adjusted< VISG a good trader today, on news, and INVN had a nice trading range today...