Key Developments: Zoom Technologies Inc (ZOOM.PH)
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20 Sep 2012
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Latest Key Developments (Source: Significant Developments)
Zoom Technologies Inc Announces Sale Of China-Based Operations And Strategy To Acquire U.S.-Based Businesses
Zoom Technologies Inc announced that the execution of a definitive agreement pursuant to which it will sell its China-based manufacturing, sales and marketing, and R&D subsidiaries, and that the proceeds of the sale will be used for the purchase of additional U.S.-based businesses. Full Article
Zoom Technologies Inc Engages Marcum Bernstein & Pinchuk LLP as Auditor
Zoom Technologies Inc announced it has engaged Marcum Bernstein & Pinchuk LLP as its independent auditor for its financial statements audit for the year ended December 31, 2012, and interim review for the three and nine months ended September 30, 2012. Full Article
ZOOM Technologies, Inc. Signs 400k Mobile Phone Order And Strategic Cooperation With Viettel Mobile Of Vietnam
ZOOM Technologies, Inc. announced that the Company has signed an agreement with Viettel Mobile of Vietnam for original design and manufacturing (ODM) of mobile phones, and for Zoom to provide technical support to Viettel to set up its first R&D center and manufacture facility for mobile phones in Vietnam. The agreement includes Viettel placing an initial order of 400,000 units of ODM phones. Full Article
ZOOM Technologies, Inc. Secures Orders From Micromax And Maxtron
ZOOM Technologies, Inc. announced that the Company has received orders from Micromax of India and Maxtron of Indonesia for original design and manufacturing (ODM) of mobile phones. ZOOM has secured an order from Micromax, the number one domestic mobile phone brand in India, for 450,000 units in total of two models of GSM feature phones. Approximately half of the order will be delivered in the month of June 2012 and the other half within this summer. These two Micormax models are based on the Spreadtrum 6620 chipset. ZOOM is looking forward to producing up to 500,000 units per month for this prime customer from India. Almost concurrently, an order is placed by Maxtron, the domestic mobile brand of Indonesia. This purchase order calls for 100,000 units of 2.5G GSM feature phones, also divided into two models, based on the more advanced Spreadtrum 6800 chipset. 50,000 units have already been delivered as of the date of this press release, and the second batch is scheduled for delivery in June. If this initial order goes smoothly, ZOOM is expecting Maxtron's order to increase to 100,000 units per month. Full Article
ZOOM Technologies, Inc. Comments On FY 2012 Guidance-Conference Call
ZOOM Technologies, Inc. announced that for fiscal 2012, it expect revenue to grow about 20% over 2011, and profitability to return to the more normal levels. The Company reported revenues of $ Full Article
ZOOM Technologies, Inc. Lowers FY 2011 Guidance; Issues FY 2012 Guidance Below Analysts' Estimates
ZOOM Technologies, Inc. announced that it lowers guidance for fiscal 2011 and expects revenue of $250 million to $255 million, net income of $7.5 million to $8.5 million and EBITDA of $14 million to $15.5 million. For fiscal 2012, it expects revenue of $360 million to $380 million, net income of $12 million to $13 million and EBITDA of $17 million to $19 million. According to I/B/E/S estimates analysts are expecting the Company to report revenues of $331 million net income of $16.19 million and EBITDA of $24.72 million for fiscal 2011; revenues of $401 million, net income of $22 million and EBITDA of $32 million for fiscal 2012. Full Article
ZOOM Technologies, Inc., Spreadtrum Communications, Inc. To Partner; Spreadtrum Takes 8.3% Stake In Zoom-DJ
Dow Jones reported that ZOOM Technologies, Inc. and semiconductor provider Spreadtrum Communications, Inc. plans to partner to pursue business opportunities overseas. The partnership between the two China-based companies aims to pair Zoom's design and manufacturing capabilities with Spreadtrum's mobile platform to help overseas manufacturers streamline their supply chain. The arrangement between the two China-based companies comes alongside Spreadtrum's purchase of an 8.3% stake in Zoom. Full Article
ZOOM Technologies, Inc. Acquires Portables Unlimited LLC
ZOOM Technologies, Inc. announced that it has signed a definitive agreement to acquire a 55% share of Portables Unlimited LLC (Portables), one of the exclusive wholesale distributors of T-Mobile products in the United States. Terms of the acquisition will be included in a filing with the SEC on Form 8-K. Maxim Group LLC served as exclusive financial advisor to ZOOM in connection with the transaction. Ellenoff Grossman & Schole LLP acted as counsel to ZOOM. Certilman Balin Adler & Hyman, LLP acted as counsel and Marks Paneth & Shron LLP acted as accountants and financial advisors for Portables. Full Article
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