Qiao Xing Universal Resources to File Extension for 2010 Form 20-F Filing

HUIZHOU, China, June 30, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Universal Resources, Inc. (Nasdaq: XING or the "Company"), a leading company in the molybdenum mining business as well as a company with substantial assets in the resources industry, today announced that the Company will file a Form 12b-25 Extension for the filing of its Annual Report on Form 20-F for the year ended December 31, 2010.

XING is requesting an extension because the Company was unable to file its 2010 Form 20-F by the initial filing deadline of June 30, 2011. On January 8, 2011, the Company completed the acquisition of the 100% equity interest in Chifeng Xinyuan Mining Co., Ltd. The acquisition required an extraordinary amount of time and effort by the Company's management. Accordingly, the Company's management has been unable to devote the time and effort necessary to complete the preparation of the Form 20-F and the audited financial statements of the Company for the fiscal year ended December 31, 2010 by the filing deadline. The Company anticipates that the Form 20-F will be filed on or before July 15, 2011.

About Qiao Xing Universal Resources, Inc.

Qiao Xing Universal Resources, Inc. is a leading company in the molybdenum mining industry with substantial assets in the resources industry. XING focuses on mining and processing strategically important base-metal ores including molybdenum, copper, lead and zinc. XING currently owns a 100% equity interest in Balinzuo Banner Xinyuan Mining Co., Ltd. and a 34.53% equity interest in Chifeng Aolunhua Mining Co., Ltd, as well as the right to receive 100% of the expected economic residual returns from Chifeng Haozhou Mining Co., Ltd.

XING was one of the first Chinese companies to be listed on NASDAQ (in 1999) as one of the leading companies in the telecommunication-terminal product business in China. In 2007, XING made the strategic decision to diversify into the resources industry. Since then, XING has made several acquisitions in the resources industry and divested its fixed-line and budget mobile phone businesses. XING is now working to divest its remaining mobile-phone business to become a pure-play resources company. To reflect this change, XING changed its corporate name to Qiao Xing Universal Resources, Inc., effective January 28, 2010. XING believes that it is well positioned to optimize the operation of its mining business as well to increase its presence in the resources industry in 2011 and beyond.

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These include statements about our expectations, plans, objectives, assumptions, performance or future events. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plans," "potential," "projects," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend" and similar expressions. These statements involve estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed. You should not place undue reliance on these forward-looking statements. Forward-looking statements include all statements other than statements of historical facts, such as statements regarding the Company's ability to file its 20-F on or before July 15, 2011, the Company's plans to improve efficiencies in the day-to-day operations of its mines, the Company's plans to enhance production processes and management efficiencies, the Company's plans to develop more efficient production processes for molybdenum exploration and extraction and the Company's transition to a pure resources company and bigger player within the resources industry. Readers are cautioned that forward-looking statements are not guarantees of future performance and actual results may differ materially from those projected, anticipated or assumed in the forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Information regarding these factors is included in our filings with the SEC. The Company does not undertake any obligation to update any forward-looking statements. All information provided in this press release is as of June 30, 2011.