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Exhibit 99.1
Mr. Jeff J.F. Feng Dan Matsui/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 90024-3503
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
TO BROADEN PRODUCT LINE WITH
NEW, SPECIAL-FUNCTION TELEPHONE
HUIZHOU, CHINA (August 8, 2000) - Qiao Xing Universal Telephone, Inc.
("Company") (NASDAQ NMS: XING) today announced it is further expanding its
popular line of corded and cordless telephones with a new special-functions
corded model, developed by the Company wholly in-house, with production
beginning this month and initial sales in the Chinese market expected in
September, 2000.
Special functions offered in the new phones will include an auto-pay system,
usage security, interference and noise reduction, and volume boost for the
hearing-impaired or for use in noisy locations like construction sites,
recreation areas, and other high-traffic locations.
Commenting on the Company's new model, Chairman Rui Lin Wu stated: "This
special-function phone will offer features useful not only for special
circumstances but especially for the public telephone market. Also, by pricing
this model in the $22 to $25 range, we will be offering advanced features at a
price point equal to phones now offering fewer features. We expect sales of this
new line to contribute to sales growth, higher gross margins, and enable us to
maintain our #1 ranking as the largest telephone seller in China."
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. Ranked #2 in telephone sales in China for 1997 and
1998, the Company achieved the #1 sales ranking for 1999.
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.
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