|By Marketwired .||
|August 19, 2014 09:00 PM EDT||
PONTIAC, MI -- (Marketwired) -- 08/19/14 -- A jury in Oakland County Circuit Court, Pontiac, Michigan USA returned a verdict in the matter of Rudy Wilson vs. Tongxin International, Ltd. (PINKSHEETS: TXIC) denying all claims by Wilson, its former Chairman of the Board and CEO, for breach of contract, violation of public policy and restriction on stock, and finding in favor of the company on its claims of embezzlement, breach of fiduciary duty and breach of contract in the amount of $6,846,000.00.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin International Ltd. maintains a network of over 130 customers throughout 21 provinces in China. Headquartered in Changsha, the Company also maintains regional manufacturing in Ziyang and Zhucheng. For more information, please visit www.txicint.com or www.hntx.com.
Statements contained in this press release, which are not historical fact, constitute Forward-Looking Statements. Actual results may differ materially due to numerous important factors that are described in Tongxin International Ltd.'s reports to the SEC, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International Ltd. does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
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