At its Annual Meeting of Shareholders held recently, Orsus Xelent Technologies, Inc. (NYSE Amex: ORS), a China-based designer and manufacturer of award-winning mobile phones for the Asian market, said it anticipates full year 2009 revenues of approximately $77 million, which would be approximately 29% lower than revenues in 2008.
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Though the Company remains optimistic about improving sales in 2010 which will include higher margin 3G products; Mr. Guoji Liu, CEO of the Company, stated, "In our fourth quarter, most of our sales were of lower end products with lower margins, as we continued to battle difficult industry and economic conditions. Under the circumstances, while not happy with our results, we were pleased we could face up to the challenges posed and continued to be profitable with our revamped sales strategy." Mr. Liu told shareholders that in 2010 the Company is optimistic about a more "stabilized" environment which he believes will permit the Company to achieve steadily improving sales throughout the year. He also told shareholders that the Company believes "approximately 20% of its sales in 2010 will be of its own higher margin 3G products." A complete transcript of Mr. Liu's remarks at the Annual Meeting is available in the Form 8-K
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