HUIZHOU, China, May 2, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao
Xing Universal Resources, Inc. (NASDAQ: XING) ("XING" or the
"Company"), one of the leading players in the molybdenum mining
business as well as a company with meaningful size in the resources
industry, today announced the appointment of Mr. Jiujiu Jiang to
the position of Chief Financial Officer, effective immediately.
Mr. Jiang has extensive experience in the exploration and mining
industry. Most recently, Mr. Jiang was the General Manager of
Guangxi Jinding Mining Co. Limited, which acquired the exploration
rights of 14 gold mines in Guangxi
Province. Mr. Jiang was responsible for all affairs relating
to the inspection and exploration of the mines. Previous to that,
Mr. Jiang founded a private equity fund that invests purely in
mining businesses. The fund invested in a number of companies in
which Mr. Jiang held senior management positions and sat on their
boards of directors. Mr. Jiang has extensive knowledge of
accounting and corporate finance. He previously served as the Vice
President and Chief Financial Officer of Beijing Xinwei Telecom
Technology Inc., a joint venture between Datang Telecom Technology
& Industry Group and Cwill Telecommunications Inc. Mr. Jiang
also spent six years at both the provincial branch and the head
office of China Construction Bank. Mr. Jiang has a CPA
qualification and a Ph.D. in Economics from Zhongnan University of
Economics and Law.
"We are delighted to have Mr. Jiang on board as our new Chief
Financial Officer with his deep experience in accounting and
corporate finance as well as in the mining industry," said Mr.
Wu Rui Lin, Chairman and Chief
Executive Officer of XING. "We believe that Mr. Jiang will leverage
his experience and expertise to drive XING forward and improve our
practices in our financial operations as well as in procedures to
meet the expectations of the US capital markets so as to strengthen
our profile as a US-listed company."
About Qiao Xing Universal Resources, Inc.
Qiao Xing Universal Resources, Inc. is a leading player in the
molybdenum mining industry with meaningful size in the resources
industry. XING focuses on mining and processing rare metal ores and
several strategically important base-metal ores, including
molybdenum, copper lead and zinc. XING currently owns a 100% equity
interest in Balinzuo Banner Xinyuan Mining Co., Ltd. and a 34.53%
equity interest in Chifeng Aolunhua Mining Co., Ltd, as well as the
right to receive 100% of the expected economic residual returns
from Chifeng Haozhou Mining Co., Ltd.
XING was one of the first Chinese companies to be listed on
NASDAQ (in 1999) as one of the leading players in the
telecommunication-terminal product business in China. In 2007, XING made the strategic
decision to diversify into the resources industry. Since then, XING
has made several acquisitions in the resources industry and
divested its fixed-line and budget mobile phone businesses.
To reflect this change, XING changed its corporate name to
Qiao Xing Universal Resources, Inc., effective January 28, 2010.
XING continues to evaluate acquisition opportunities in the
resources area to strengthen its foothold in the industry. At the
same time, XING is also working to divest its remaining mobile
phone business to become a pure-play resources company.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These include statements about our
expectations, plans, objectives, assumptions, performance or future
events. In some cases, you can identify forward-looking statements
by terminology such as "anticipate," "estimate," "plans,"
"potential," "projects," "continuing," "ongoing," "expects,"
"management believes," "we believe," "we intend" and similar
expressions. These statements involve estimates, assumptions and
uncertainties that could cause actual results to differ materially
from those expressed. You should not place undue reliance on these
forward-looking statements. Forward-looking statements
include all statements other than statements of historical facts,
such as statements regarding the Company's plans to enhance its
management team and strengthen its reporting and finance function,
estimates of revenue and profit, anticipated mining capacity and
production volumes, long-term growth prospects for the resources
industry, XING and value for XING's shareholders, mine development
and capital expenditures, mine production and development plans,
estimates of proven and probable reserves and other mineralized
material, expectations with respect to supply and demand for
mineral resources and XING's transition to a pure resources company
and bigger player within the resources industry. Readers are
cautioned that forward-looking statements are not guarantees of
future performance and actual results may differ materially from
those projected, anticipated or assumed in the forward-looking
statements.Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement. Information regarding these factors is included in our
filings with the SEC. The Company does not undertake any obligation
to update any forward-looking statements. All information provided
in this press release is as of May 2,
2011.
Company
Contact:
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Qiao Xing Universal
Resources
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Rick Xiao, Vice President
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Phone: +86-752-282-0268
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Email:
rick@qiaoxing.com
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USA IR AGENCY
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CCG Investor Relations
Inc.
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Mabel Zhang, Associate
Partner
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Phone:
+1-310-954-1353 (Los
Angeles)
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E-mail:
mabel.zhang@ccgir.com
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David Rudnick, Account
Manager
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CCG INVESTOR
RELATIONS
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Phone:
+1-310-447-4155
(New York)
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Email:David.Rudnick@ccgir.com
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SOURCE Qiao Xing Universal Resources, Inc.