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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of December, 1999
Qiao Xing Universal Telephone, Inc.
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(Translation of registrant's name into English)
Qiao Xing Building, Wu Shi Industrial Zone
Huizhou City, Guangdong, People's Republic of China
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(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
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[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Qiao Xing Universal Telephone, Inc.
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(Registrant)
Date: December 15, 1999 By: /s/ Rui Lin Wu
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Rui Lin Wu, Chairman
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Mr. Jeff J.F. Feng Ruth Shaer/Eugene Heller
Assistant to Chairman Silverman Heller Associates
Qiao Xing Universal Telephone, Inc. 1100 Glendon Avenue, PH-1
Huizhou, Guangdong, P.R.C. Los Angeles, CA 90024-5305
http:\\www.qiaoxing.com Tel: (310) 208-2550
E-mail: [email protected] Fax: (310) 208-0931
Tel: (011) 86-752-2808-188 E-mail: [email protected]
Fax: (011) 86-752-2803-101
QIAO XING UNIVERSAL TELEPHONE, INC. OBTAINS
MULTI-MILLION DOLLAR INTEREST-FREE LOAN
AND CREDIT FACILITY
GUANGDONG, CHINA (December 15, 1999) -- Qiao Xing Universal Telephone, Inc.
(NASDAQ NMS: XING) announced today that the Company has obtained an interest-
free loan of an aggregate of US$5 million, and an interest-free US$18 million
export credit facility from the Chinese Ministry of Foreign and Economic Trade.
In 1998, Qiao Xing ranked second in domestic sales in China, while selling only
a minimal percentage of its products overseas. But, in recognition of its strong
export potential, the Chinese Ministry for Foreign and Economic Trade has
granted two-thirds of its Fund for Technology Regeneration on Machinery and
Electronic Facilities for the province of Guangdong to Qiao Xing Universal
Telephone, Inc. Qiao Xing is one of only three companies in the area to receive
such funding in the year 2000. The purpose of the Fund is to encourage Chinese
businesses to expand into the international market by providing interest-free
loans to innovative high-tech companies with strong worldwide export potential,
aggressive marketing capabilities and excellent management teams.
Commented Mr. Riu Lin Wu, chairman of Qiao Xing Universal Telephone, Inc.:
"Achieving this interest-free, multi-million dollar loan and credit facility
demonstrates that Qiao Xing's high technology, speedy growth, high level
management and reputation is recognized and strongly supported by the
government. This loan will help us with our market share expansion of the DCT
1920 digital cordless phone both domestically and internationally."
In August 1995, Qiao Xing became the first telephone manufacturer in China to be
awarded the ISO 9001 Quality System Accreditation. The Company currently
produces 165 corded models and 25 cordless models and has an extensive
nationwide sales network that comprises over 1,000 retail outlets in China.
This press release contains "forward-looking statements" regarding future
revenues and operating information and their impact on future results. Such
forward-looking information involves important risks and uncertainties that
could significantly affect anticipated results in the future and, accordingly,
actual results may differ materially from those expressed in any forward-looking
statements made by or on behalf of the Company. 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.
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