TXI's wholly-owned operating subsidiary is Hunan Tongxin Enterprise Co.,
Ltd. ("HT") in
As a result of the foregoing, the Company's completion of its annual consolidated financial statements and required disclosures are being delayed pending the Company's review of these related-party matters. The Company's Audit Committee has obtained a third-party to assist in obtaining adequate documentation of this review. The Company's Audit Committee and Management have discussed the facts and circumstances of these related-party matters with the Company's independent auditors.
The following unaudited financial information for the year ended
(US$ amounts expressed in thousands, except for share data) Un-Audited Audited Audited Ended and as Period May to Period January to of December December 2008 and April 2008 and 31, 2009 as of December as of April 30, 31, 2008 2008 Sales 121,629 55,770 42,588 Cash 16,493 11,313 5,429 Restricted Cash 4,692 5,836 -- Cash Receipts from Warrant Exercise 10,732 -- -- Net Loan repayment (4,907) (6,398) 72 Warrant Outstanding 2,876,274 5,022,742 5,031,250 Basic Share 11,846,273 11,294,633 72,521,705 Audited Audited Audited December 31, December 31, December 31, 2008 2007 2006 Sales 98,358 89,873 66,605 Cash 11,313 1,662 3,582 Restricted Cash 5,836 -- -- Cash Receipts from Warrant Exercise -- -- -- Net Loan repayment (6,326) (3,960) 2,354 Warrant Outstanding N/A N/A N/A Basic Share 11,294,633 72,521,705 72,521,705
REVENUES
The Company had total revenues of
WARRANTS
The Company had 2,876,274 outstanding warrants that were in-the-money as
of
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Tongxin International's most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact:
COMPANY:
Mr. Rudy Wilson, CEO
Tel: +1-248-593-8330
Email: rudy@txicint.com
Ms. Jackie Chang, CFO
Tel: +1-626-660-7117
China: +86-13467553808
Email: jackie@txicint.com
Web: http://www.txicint.com
SOURCE Tongxin International Ltd.