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.
We hope the above details address your questions, and we reiterate our commitment to maintaining open and frequent communications with our investors in the future. We thank you for your continued support.
Sincerely,Shuipan LinFounder, Chairman & Chief Executive OfficerExceed Company Ltd. About Exceed Company Ltd . Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in the second and third-tier cities in China. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on Nasdaq under the symbols "EDS", "EDSWW" and "EDSUU". For further information, please contact: Investor Relations ( Hong Kong) Mahmoud Siddig Taylor RaffertyT: +852 3196 3712E: Exceed@Taylor-Rafferty.com Investor Relations (US) Delia Cannan Taylor RaffertyT: +1 (212) 889-4350E: Exceed@Taylor-Rafferty.com SOURCE Exceed Company Ltd.
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