Attached files
| file | filename |
|---|---|
| 8-K - Orsus Xelent Technologies Inc | v198778_8k.htm |
Exhibit
99.1
Orsus
Xelent Reports It Will Submit Plan To Achieve
Compliance
with NYSE Amex Stock Price Requirements
Orsus Xelent Technologies,
Inc. (October 12, 2010) (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