Qiao Xing Universal (XING) Said Subsidiary Recorded Material Loss, Delays 20-F
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Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) said due to the global and China economic downturn, the earthquake that took place in the Sichuan province of China in May 2008, and intensive competition in the Chinese mobile phone market (including competition from copy-catting handsets producers which produce and distribute copied handsets that have no network access permits and pay no tax), its subsidiary Huizhou Qiao Xing Communication Industry Limited (HZQXCI) recorded a material loss for the fiscal year 2008.
The Company needs additional time to complete the 20-F filing and intends to file its 2008 Annual Report on Form 20-F as soon as possible and, in any event, not later than July 15, 2009. The Company is filing a Form 12b-25 with the SEC to extend the June 30, 2009 filing deadline to July 15, 2009 without imposing any adverse conditions on the Company concerning the trading of its shares.
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