Qiao Xing Universal Resources Inc. (fka XINGF)

[lmcat]

Qiao Xing Universal Resources Announces Management Changes

Tuesday 22 November 2011

Qiao Xing Universal Resources, Inc. (NASDAQ: XING) ("XING" or the "Company"), a leading company in the molybdenum mining business as well as a company with substantial assets in the resources industry, today announced that Mr. Zhiyang Wu has been appointed to serve as Chairman of the Board and Chief Executive Officer, replacing Mr. Ruilin Wu, who has resigned his positions as the Company's Chairman and Chief Executive Officer, effective November 21, 2011. Additionally, the Company announced that Mr. Kaisong Xiang has been appointed to serve as Director of the Company, replacing Mr. Xiufeng Shi, who resigned effective November 21, 2011 as well. Mr. Ruilin Wu's and Mr. Xiufeng Shi's resignations are for personal reasons and are not related to any disagreement with the Company regarding financial, operational or other practices.

Mr. Zhiyang Wu served as the Company's Vice Chairman and Board Secretary from 1992 to 2010. He has also been serving as Chairman of Qiao Xing Mobile Communication Co., Ltd., the Company's majority owned subsidiary ("QXM"), since 2003 and as QXM's Chief Executive Officer since December 2010. From 1995 to 1999, he was the General Manager of Qiao Xing Communication Industry Co., Ltd., a former subsidiary of the Company. Mr. Wu received a diploma in enterprise management from Huizhou University in China. Mr. Zhiyang Wu is the son of Mr. Ruilin Wu and is 38 years old.

Mr. Kaisong Xiang, aged 57, most recently served as Chief Engineer of a mining company based in Hunan Province, China. His more than 35 years of experience includes mineral resource surveying, license application and document drafting; technical supervision with the Institute of Geological Survey; and serving as technical section chief for the Huayuan Xingfa lead and zinc deposit development project, as well as mineral resources prospecting and survey of gold, silver and copper deposits. Mr. Xiang graduated from the Wuhan Institute of Geology and obtained the qualification of senior geology engineer from the Hunan Provincial Human Resources Department in 2001. He was honored with the achievement award from the Bureau of Geology and Mineral Exploration and Development of Hunan Province in 2000.