Company releases revenue projection of $95 million for the full year 2008
NEW YORK and CHANGSHA, China, May 1 /PRNewswire-Asia-FirstCall/ -- Tongxin International, Ltd. ("Tongxin") ("Company") (Nasdaq: TXIC) a manufacturer of engineered commercial vehicle body structures ("EVBS"), SUV passenger vehicle bodies and stamped body parts for the Chinese commercial vehicle market, extended the release date of its full year 2008 financials to on or before May 15, 2009. The Company's previously reported 20-F release date was scheduled for today, April 30 2009. As a Foreign Private Issuer, the Company is required to report its Form 20-F by June 30, 2009. After release of the Company's 2008 financials, Tongxin will conduct a conference call.
The extension is related to the business combination between Automotive Acquisition Corporation ("AAAC") and Hunan Tongxin on April 17th, 2008. Due to the complexity of USGAAP reporting requirements of the merger, Tongxin and its auditors required the extra time to finalize the audit.
Tongxin released revenue projection of approximately $95 million for the year ended December 31st, 2008, 5.7% growth over 2007.
The Company will provide to shareholders the specific filing date as soon as possible.
About TXI
Tongxin International, Ltd., is the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments, in addition to designing, fabricating and testing dies used in the manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders.
Forward Looking Statements
Statements contained in this press release, which are not historical fact, including the anticipated date of listing of the Class A Common Stock on the NASDAQ Global Market, 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 6-K which may be revised or supplemented in subsequent reports to the SEC. Such actions 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.
