HUIZHOU, Guangdong, China, Aug. 11 /Xinhua-PRNewswire-FirstCall/ --
Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) today announced that its
major subsidiary CEC Telecom Co., Ltd's (CECT) new luxury brand VEVA S60
mobile handset (''VEVA S60'') has achieved great success since its release
in May 2008. VEVA S60 targets female professionals with its unique and
luxury design and features. Through cooperation with Swarovski, each VEVA
S60 is decorated with 129 Swarovski crystal mosaic and 18K gold coating. As
thin as 9.4 millimeters, VEVA S60 also has long standby time. Retail price
stands at RMB1,980 (USD290) and nearly 100,000 units were sold in the
second quarter of 2008. VEVA S60's gross margin was 61%. CECT targets to
sell 300,000 units of VEVA S60 in the third quarter of 2008. Taiwan star
Miss Wu Peici was invited by CECT as the prolocutor for VEVA S60.
Mr. Wu Zhi Yang, Vice Chairman of the Company, commented, ''Mobile
handsets have evolved from a pure communications tool to a convenient and
fashionable consumer product. Professionals prefer high-end and luxury
mobile phones with unique and fashionable designs and features, which
creates a fast growing and profitable market. The VEVA luxury brand is a
great innovation by CECT. We are very pleased that CECT achieved another
success with the release of VEVA S60, which will bring us sustainable
competitiveness in a market segment with less domestic competition. We are
very proud that CECT has differentiated itself from the domestic players
who are mostly competing in the low-end market. We have abundant product
lines for VEVA brand mobile handsets going forward. VEVA S70 will be
released in September. VEVA S80 and S90 are being developed too. We expect
VEVA to become one of best domestic luxury brands in the mobile handset
market in China.''
About Qiao Xing Universal Telephone, Inc.
Qiao Xing Universal Telephone, Inc. is one of China's largest
manufacturers and distributors of telecommunications products. QXUT's
product portfolio includes telecommunications terminals and related
products, including fixed wireless phones, VoIP telephones, mobile
handsets, PDAs and consumer electronic products, including MP3 players,
cash registers and set-top-box products. The Company primarily conducts its
business through its operating subsidiaries CEC Telecom Co., Ltd (CECT),
and Huizhou Qiao Xing Communication Industry Co., Ltd (HZQXCI), a company
engaged in R&D and distribution of indoor telephone sets and economy mobile
phones under the COSUN brand. The Company Group has built a strong
distribution network comprised of more than 5,000 retail stores throughout
China and has established partnerships with major retailers in Europe,
North America and Latin America, including Bellsouth and Wal-Mart. For more
details, please visit http://www.cosun-xing.com .
Safe Harbor Statement
This announcement contains forward-looking statements, as defined in
the safe harbor provisions of the U.S. Private Securities Litigation Reform
Act of 1995. In some cases, these forward-looking statements can be
identified by words or phrases such as "aim," "anticipate," "believe,"
"continue," "estimate," "expect," "intend," "is /are likely to," "may,"
"plan," "potential," "will" or other similar expressions. Statements that
are not historical facts, including statements about Qiao Xing Universal's
beliefs and expectations, are 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 Securities and Exchange Commission. Qiao Xing
Universal does not undertake any obligation to update any forward-looking
statement, except as required under applicable law. All information
provided in this press release is as of August 11, 2008, and Qiao Xing
Universal undertakes no duty to update such information, except as required
under applicable law.
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