Orsus Xelent Technologies (OTCBB: ORXT), China’s fastest-growing designer and manufacturer of mobile phones, announced today its common shares would be listed on the American Stock Exchange (AMEX) under the symbol ORS starting May 10, 2007.
Xavier Xin Wang, Orsus Xelent’s president and CEO, said the move to the AMEX will help widen the company’s exposure to an even broader market base.
“We believe that a listing on the AMEX is another key step forward for us which will significantly [raise] awareness of our company among U.S. investors and investors around the world,” Wang said in a recent press release. “In turn, this should help broaden our investor base and improve liquidity in the shares, which should benefit all shareholders.”
For those unfamiliar with the company, Orsus Xelent is a Beijing-based designer of low-priced, feature-rich mobile phones. The company covers almost every aspect of the mobile phone industry, including product design, software development, and the integration of new and innovative cellular phone technologies. According to company reports, the company has sold more than 500,000 units since the company’s inception in 2004 – about one percent of the total cellular phone market in the People’s Republic of China.
Some of the company’s products are truly ground-breaking, utilizing fingerprint recognition technology and touch-screen displays. The company’s even created a wristwatch-sized cellphone that can be worn, surprisingly enough, as a wristwatch – allowing people to finally live out their Dick Tracy or Venture Brothers fantasies.
Stocks rose in response to the news, climbing from $5 a share to $5.40 a share during Tuesday afternoon trading. However, the price calmed down soon afterwards, leveling out to $5.20 a share by mid-afternoon.
In addition to his excitement about moving to the AMEX, Wang was ebullient about his company’s success in 2006.
“This good news of our AMEX approval comes on the heels of the record results we recently reported for 2006 growing revenues [of] 137.3 percent to $68,108,000, [and a] pre-tax net income [of] 126.7 percent to $7,965,000, while [our] net income per share reached 23 cents compared to 12 cents a year earlier,” Wang said.