Qiao Xing Universal Resources, Inc. Reports First Half 2010 Financial Results
HUIZHOU, Guangdong, China, Sept. 10 /PRNewswire-Asia/ —
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Qiao Xing Universal Resources, Inc. (Nasdaq: XING) (“the Company” or “XING”), an emerging Chinese
resources company headquartered in Huizhou, Guangdong Province, today announced its unaudited results for
the six months ended June 30, 2010.
First Half Highlights
“We are pleased to return to profitability following our efforts to strategically transform the Company into a
resources-focused enterprise,” commented Mr. Ruilin Wu, the Company’s Chairman and Chief Executive
Officer. “Recently, we have made a proposal to privatize Qiao Xing Mobile Communication Co., Ltd (NYSE:
QXM, or “QXMC”), which represents a major milestone for our business. In addition, we are making steady
progress in our proposed acquisitions of molybdenum, copper, lead and zinc mines. These developments
demonstrate our clarity on future direction and our confidence in the long-term growth in the resources industry.
We believe we are on the right track to enhancing long-term shareholder value.”
Financial Review of Operations for Molybdenum Mine Business
The Company reported