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Net loss of $14.09 million compared to net income of $0.75 million in same quarter last year
Net loss in the quarter resulted from the loss on disposal of Portables Unlimited, LLC
BEIJING, Dec. 2, 2013 (GLOBE NEWSWIRE) -- Zoom Technologies, Inc. (Nasdaq:ZOOM) (the "Company"), is a holding company that invests in mobile and telecommunications businesses. On November 25, 2013, after the close of the market, ZOOM filed its quarterly financial report for the third quarter ended September 30, 2013.
The Company recorded material losses at the end of the third quarter of 2013 as a result of the loss of its ownership interest in Portables Unlimited, LLC ("Portables"). If the Company was to maintain its ownership in Portables, it would have had to deploy more capital. The Company performed a comprehensive analysis, and then decided against investing further in Portables. The Company's strategy moving forward is to invest in mobile advertising and technology based businesses with high expected futures earnings growth.
On November 21, 2013, the Company entered into a Letter of Intent (the "
LOI") with Beijing Baifen Tonglian Information & Technology Co., Ltd. ("
Baifen") to acquire, directly or indirectly, all the outstanding shares of Baifen. Please refer to the press release, "Zoom Technologies Inc. to Acquire Beijing Baifen Tonglian Information & Technology Co., Ltd.", dated November 27, 2013 for further details.
The Company will host an investor call at 9:00 a.m. ET (6:00 a.m. Pacific) on Tuesday, December 3, 2013. To access the conference call dial
+1-855-500-8701 and then enter access code (conference ID) 18825421. Callers outside the U.S. and Canada should dial
+65-6723-9385 and then enter access code 18825421.
A replay of the conference call will be available for 3 days, through December 6, 2013. To access the replay, please dial
+1-855-452-5696 and enter access code 18825421. Callers outside the U.S. and Canada should dial
+61-2-8199-0299 and enter access code 18825421.
About Zoom Technologies, Inc.
Zoom Technologies, Inc. (Nasdaq:ZOOM) (the "Company"), is a holding company that expects to invest in mobile and telecommunications businesses.