Qiao Xing Announces Common Stock Sale

Qiao Xing Universal Telephone (XING) announced that it has obtained binding commitments from certain institutional investors to purchase approximately 1,500,000 shares of its common stock at a price of $7.25 per share, for gross proceeds of approximately $10,875,000.

In addition, the investors will receive 5 year warrants to purchase up to 300,000 shares of common stock at $9.86 per share. The shares and warrants are being offered under the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission.

Jesup & Lamont Securities Corporation acted as placement agent for the offering.

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