Qiao Xing Mobile Co (fka QXMCF)

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NEWS...Qiao Xing Mobile (QXM) Cancels Proposed 40% Equity Interest Acquistion in Beijing Eversun Technology



Qiao Xing Mobile Communication Co., Ltd. (NYSE: QXM) announced that it will not proceed with the proposed acquisition of the 40% equity interest in Beijing Eversun Technology Co., Ltd. ("Eversun") that was previously announced on December 14, 2009.

"Due to disagreements relating to certain commercial terms between QXM and Eversun, we do not feel that this acquisition will be in the best interests of QXM and its shareholders," said Chairman Zhiyang Wu. "Notwithstanding the decision to call off the acquisition, we will continue to work closely with Eversun to explore business cooperation opportunities in the PRC mobile handset market."

[SM]