Orsus Xelent Reports It Will Submit Plan to Achieve Compliance With NYSE Amex Stock Price Requirements
13 October 2010 - 7:05AM
Marketwired
Orsus Xelent Technologies, Inc. (NYSE Amex:
ORS), a designer and manufacturer of award-winning mobile phones
for the Asian market, today announced that on October 6, 2010, the
Company received a letter from NYSE Amex LLC (the "Exchange")
indicating that, due to its low selling price, the Company's common
stock may not be suitable for auction market trading. The Exchange
also notified the Company, in accordance with Section 1003(f)(v) of
the Exchange's Company Guide, that it deems it appropriate under
the circumstances for the Company to effect a reverse stock split
to address its low selling price. If the Company fails to effect
the reverse split or other action to address its low selling price
within a reasonable time after receiving the letter, the Exchange
may consider suspending dealings in, or removing from the list, the
Company's common stock. In that event, the Company would become
subject to the procedures and requirements of Section 1009 of the
Company Guide, which could, among other things, result in the
Exchange initiating delisting proceedings.
The Company reported it intends to comply with the letter and
will timely submit a plan of compliance to the Exchange which may
include a reverse stock split.
About Orsus Xelent Technologies, Inc.
Incorporated in the State of Delaware and headquartered in
Beijing, China, Orsus Xelent Technologies, Inc. is an emerging
designer and manufacturer of award-winning mobile phones for the
Asian market, primarily the People's Republic of China ("PRC"). The
Company's business encompasses the design of mobile phones, related
digital circuits, and software development, and it is a recognized
pioneer in mobile phone integration technology. It introduced the
region's first wristwatch-style cellular phone, and it continues to
break new ground with state-of-the-art phones that include advanced
features such as fingerprint recognition and touch-screen displays.
The Company also is focused on developing and marketing, under its
Proxlink trademark, special application mobile phones for
specialized users in a wide variety of professions in business and
government. Since the Company's launch in 2004, it has established
"Orsus" as a popular brand and achieved a significant share of the
world's largest mobile phone market. It maintains more than 179
service call centers across the PRC, with additional offices in
Shanghai, Hong Kong, Shenzhen, and Tianjin. For more information,
please visit the Company's web site: www.orsus-xelent.com.
Information Regarding Forward-Looking
Statements
Except for historical information contained herein, the
statements in this Press Release are forward-looking statements
that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause our actual results in future periods to differ materially
from forecasted results. These risks and uncertainties include,
among other things, product demand, market competition, and risks
inherent in our operations. These and other risks are described in
our filings with the Securities and Exchange Commission.
Contacts: PRC: Orsus Xelent Technologies, Inc. Guoji Liu CEO
Tel: 010-85653777 Fax: 010-85653666 US: Ken Donenfeld
kdonenfeld@dgiir.com Tel: 212-425-5700 Fax: 646-381-9727
Orsus Xelent Technolgies New Common Stock (AMEX:ORS)
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