XI'AN, China, July 7 /PRNewswire-Asia-FirstCall/ -- Kingtone Wirelessinfo Solution Holding Ltd ("Kingtone" or the "Company") (Nasdaq: KONE), a leading China-based software and solutions developer focused on wirelessly enabling businesses and government agencies to more efficiently manage their operations, today announced that it recently obtained the building ownership certificates for its "Kingtone Center", a six-story, approximately 20,000 square-meter warehouse and industrial facility in Xi'an, Shaanxi Province. The building will house over 500 employees in three years as business expands with an upgraded Research & Development center and a customer support center. It will also assist sales and marketing with a showroom for demo customer applications.
"While we were confident of the purchase transaction all along, we understood that many of our shareholders were concerned about the delay of the title transfer. Our management has worked persistently to expedite our possession of the Kingtone Center and we are glad that we completed the building title transfer process" commented Mr. Peng Zhang, Chief Executive Officer of Kingtone, "We sincerely appreciate the confidence and patience of our shareholders in the past few weeks and will continue to deliver the quality work we promised and maximize shareholder value.
"We plan to start both interior and exterior decoration as soon as we receive the approval from local authorities on our design proposal and plan to move in by the end of this calendar year. As a modern office facility, Kingtone Center will help us house our fast-growing business and more importantly, help establish our individual identity, improve our corporate image, and ultimately, increase shareholder value," commented Mr. Peng Zhang, Chief Executive Officer of Kingtone. "We are extremely excited about the potential value that will be created by this building and the recent receipt of the building title certificates. We are proud to begin a new chapter in the history of our company, after our recent successful IPO, in the transformation of Kingtone into a leader in mobile enterprise solutions in China." added Mr. Zhang.
About Kingtone Wirelessinfo Solution Holding Ltd
Kingtone Wirelessinfo Solution Holding Ltd (Nasdaq: KONE) is a leading China-based software and solutions developer focused on wirelessly enabling businesses and government agencies to more efficiently manage their operations. The Company's products, known as mobile enterprise solutions, extend a company's or enterprise's information technology systems to include mobile participants. The Company develops and implements mobile enterprise solutions for customers in a broad variety of sectors and industries, to improve efficiencies by enabling information management in wireless environments. At the core of its many diverse packaged solutions is proprietary middleware, which enables wireless interactivity across many protocols, devices, and platforms.
For more information, please visit Kingtone's website at http://www.kingtoneinfo.com .
Safe Harbor Statement
Certain statements in this press release are forward-looking statements. The Company has based its forward-looking statements largely on its current expectations and projections about future events and trends that it believes may affect its business strategy, results of operations, financial condition, and financing needs. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. All information provided in this release is as of the date hereof. Kingtone undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by law.
For investor and media inquiries, please contact:
Ms. Ying Yang, Chief Financial Officer
Kingtone Wirelessinfo Solution Holding Ltd
Tel: +1-626-623-2575 (US)
SOURCE Kingtone Wirelessinfo Solution Holding Ltd