NEW YORK, April 7, 2005 (PRIMEZONE) -- Orsus-Xelent, a China-based designer of mobile phones, today issued summary information primarily contained in the company's 8-K filed April 4, 2005. The 8-K was filed pursuant to a Securities Exchange Agreement, effective March 31, 2005, in which Orsus-Xelent's holding company, United First International Limited (UFIL), completed a reverse merger into Universal Flirts Corp. (OTCBB:UNVF).
For the first nine months of 2004 ended September 30, Orsus had revenues of $52,917,000 and net income of $6,033,000. Post reverse merger, the company has approximately 29.8 million fully diluted shares outstanding. As of September 30, 2004, the company had net assets of $22,772,000 with no long-term liabilities.
Since their launch in April 2004, Orsus mobile phones have sold 500,000 units, representing one percent of the total cellular phone market in the PRC. Orsus mobile phones are traditionally equipped with leading features including dual display, internal 1.8-inch color display, 30-second video recording, 300K pixel photography, e-mail messaging, multimedia messaging, 40 ring tone storage, flip-phone technology and innovative lightweight design.
The company will soon produce a one-million-pixel camera cell phone, and in the near future introduce an advanced product line incorporating the new 3G (Third Generation) high-speed mobile technology. This technology is expected to be approved by the Chinese government in 2005 and, according to The China Ministry of Information Industry, amount to a US$120 billion market in the PRC by year-end.
In 2004, the PRC added 64 million mobile phone users, bringing total year-end subscribers to 334 million, the largest of any nation in the world. This number is expected to reach over 500 million by 2007, according to research conducted by Nokia China. Worldwide 2004 mobile phones sales climbed to 670 million units, a 29 percent increase over 2003, according to the market research firm IC Insights. Sixty percent of these phones were manufactured in China.
Orsus manufactures and markets its products via collaboration with two strategic partners: CEC Cellular Limited provides low-cost production capacity as well as extensive sales and distribution networks; Beijing Huanyitong Technology & Trading Co., Ltd. provides provincial and national sales distributors and dealers with considerable experience in sales of cellular phone products.
Orsus-Xelent's President & CEO, Wang Xin, formerly held sales and executive positions with Shanghai International Cellstar Trading Co., Ltd., a Nasdaq-listed company and wholly owned subsidiary of Cellstar, the world's second-largest mobile phone products sales and distribution company. Orsus-Xelent's CFO, Tian Jun, served for five years as Senior Auditor for Ernst & Young.
Within two weeks, the company name Orsus-Xelent will officially replace that of Universal Flirts Corp. At that time, a new ticker symbol associated with Orsus-Xelent will take effect.
For further information, please consult the company's web site: www.orsus-xelent.com.
Information Regarding Forward-Looking Statements:
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the Securities and Exchange Commission.