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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, INC. ANNOUNCES
CDMA PROJECT APPROVAL
FROM MINISTRY OF INFORMATION INDUSTRY
GUANGDONG, CHINA (August 31, 2000) -- Qiao Xing Universal Telephone, Inc.
(NASDAQ NMS: XING) announces today that the Ministry of Information Industry
(MII) has approved its tender for CDMA network station core technology research
and development project (CDMA IS-95A to CDMA2000-1X core technology, including
chipset and software).
MII today's release reads: THE PUBLIC BIDDING OF STATE MOBILE TELECOMMUNICATION
PRODUCTS RESEARCH AND DEVELOPMENT PROJECT has achieved strong support from the
Chinese telecom industry , and received 32 application forms. Have strictly
evaluated and practically explored applicants, MII' expert committees authorized
the final approval to five companies in the Minister special conference on July
5.
As one of the five approved companies, Qiao Xing Universal will be expected to
receive tens of million RMB government-supported research fund, and be given the
highest priority of relevant equipment providing for CDMA service operators.
In October 1999, the Chinese Ministry of Information announced that it would
authorize from three to five companies in China to manufacture CDMA cell phones.
Qiao Xing responded positively to this policy. Among the one year of preparation
work, Qiao Xing has passed the evaluation of the Guangdong province government,
completed the establishment of a joint-venture with Korea Hyundai Electronics,
the organization of an expert R&D team and the construction of a new factory.
Commented Mr. Riu Lin Wu, chairman of Qiao Xing Universal Telephone, Inc.: "This
is exciting news for Qiao Xing Universal. Experienced almost two year in-
detailed and thorough work, we proudly see the exciting moment. MII's approval
will accelerate the sale expansion of Qiao Xing-Hyundai system network station
and build a solid foundation for our cell phones marketing. Certainly we are
also aware of potential competition in this domain. Facing the extremely
attractive market , we have confidence to steer this historical opportunity."
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.
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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.
