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Mr. Keneath Chen Dan Matsui/Eugene Heller
Capital Operation Department 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 JOINT VENTURE COMPANY
TO INSTALL EXPERIMENTAL CDMA NETWORK STATION
HUIZHOU, CHINA (November 13, 2000)-Qiao Xing Universal Telephone, Inc.
("Company") (Nasdaq: XING) today announced that Qiao Xing-Hyundai System
Communication Facility Co., Ltd. ("Qiao Xing-Hyundai") has begun installation of
an experimental CDMA network station in Qiao Xing Industrial Zone, a
newly-opened 125,800 square-meter Company-owned manufacturing and business
facility located in Huizhou.
Qiao Xing-Hyundai, the joint venture company recently formed between the Company
and Hyundai Electronics Industries Co., Ltd. ("Hyundai Electronics"), will soon
unveil a 2G CDMA ground network station and transformer, which will allow the
wireless communications system and related services to be tested and
demonstrated for government officials, industry representatives, and potential
customers.
Qiao Xing Chairman Rui Lin Wu commented: "Installation of this experimental
network represents the first step of our CDMA implementation strategy and
reflects our pragmatic approach toward obtaining final state approvals and CDMA
intellectual property rights. We remain confident we would be able to achieve
expected growth based upon the potential for CDMA in China and our strong
position in the Chinese market."
Qiao Xing Chaiman Rui Lin Wu has been appointed chairman of Qiao Xing-Hyundai.
Mr. Ki Jhin Shin, director of the telecommunications system strategic business
unit of Hyundai Electronics, will serve as vice chairman.
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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