Qiao Xing Communications (PINK:QXMCF)

BEIJING, Jan. 6, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Mobile Communication Co., Ltd.today announced that, at a meeting of QXM's board of directors held on 31 December 2010, the Board authorized that a Scheme of Arrangement, proposed by QXM's parent company, Qiao Xing Universal Resources, Inc., pursuant to which XING would acquire all of the outstanding ordinary shares of QXM other than those shares held by XING in exchange for 1.9 shares of XING's common stock plus US$0.80 in cash for each Minority Share be put forward by the Company to the holders of the Minority Shares for their consideration