Exceed is responsible for its own financial reporting and disclosures to both US and Chinese regulators and government bodies. We fully stand by all our audited financial statements filed with the SEC and relevant Chinese authorities, including the State Administration of Industry and Commerce ("SAIC") and the State Administration of Taxation ("SAT"). While we maintain positive business relationships with our distributors, we cannot speak to, or take responsibility for, the reported financials (the exact source of the "financial data" for our distributors was not disclosed in this recent report) of our 22 distributors, which we believe are all privately held companies located throughout China and therefore subject to varying provincial and local financial reporting standards.In conclusion, while we do not own or operate the stores ourselves, we do understand that this is an area of importance to our investors. As a result, we have passed an item for the Audit Committee of our Board of Directors to discuss the development of an improved Xidelong retail store network reporting system. Our goal is to provide more timely reporting of store metrics, including store count, to help us optimize our operational planning and structure. In addition, we are initiating discussions with our distributors at our Spring and Summer 2012 Sales Fair on this issue, to seek their assistance in the implementation of a more real-time retail store management and reporting system. We will update you on our progress with this system in due course.
Exceed Company Ltd. Follow-up Letter To Shareholders
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