CHANGSHA, China, Dec. 6, 2010 /PRNewswire-Asia-FirstCall/ -- Tongxin International Ltd. (OTC Bulletin Board : TXIC ), a China-based manufacturer of engineered vehicle body structures ("EVBS") and stamped parts for the commercial automotive industry, today announced it has retained Consulting for Strategic Growth 1 ("CFSG1") as its exclusive U.S. investor relations representative. Stan Wunderlich, Chairman and CEO of CFSG1, and his team will immediately initiate a proactive campaign to keep investors apprised of Tongxin's progress in preparing to return to its previous status on the Nasdaq GM.
On November 20, 2010, the Company lowered its revenue guidance for the fiscal year ending December 31,2010, and announced changes in management, including the appointment of Mr. Zhang Duanxiang as Chairman of the Company and Mr. William E. Zielke as CEO and Chief Administrative Officer.
Mr. Zielke stated, "We are working diligently to bring our financial status and compliance back into line with SEC and Nasdaq requirements. Our management transition requires the guidance of a skilled Investor Relations agency, and in CFSG 1, Ltd. we have found just what we require – a hands-on, highly experienced company with a no-nonsense approach. CFSG's wide global experience and rich background of working with China-based clients will help Tongxin International shift gears to pro-actively leverage its past achievements and take command its future."
Stanley Wunderlich, CEO of CFSG, stated, "We are very pleased to have been chosen by Tongxin to become their agency of record. The Company is armed with a large backlog of business and a new management team, and we believe it has the potential and ability to move forward with the proper guidance. We will use our years of experience in the global market to assist Tongxin thru this transition and present an on-going picture of the Company as it journeys back to full compliance."
CFSG1 has decades of hands-on corporate development experience combined with broad personal outreach in the private equity market and Wall Street broker/dealer communities. In the rapidly changing world of corporate finance, CFSG1 is a leader in reverse mergers, investor and public relations and corporate development for small-cap companies and private enterprises, both domestic and foreign. In addition to U.S. clients, the company's portfolio has included businesses based in such countries as China, South Africa, Canada, and India. CFSG1's long-term relations with investment bankers and private equity investors allow it to quickly position its clients in front of the decision makers, market makers and gatekeepers of the financial world.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and Light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin International Ltd. maintains a network of over 100 customers throughout 20 provinces in China. Headquartered in Changsha, the Company also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute Forward-Looking Statements. Actual results may differ materially due to numerous important factors that are described in Tongxin International Ltd.'s reports to the SEC, which may be revised or supplemented in subsequent reports to the SEC. Such factors 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 Ltd. 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.
SOURCE Tongxin International Ltd.