Zoom Technologies, Inc. (Nasdaq: ZOOM) announced today that it it has signed a definitive agreement to acquire a 55% share of Portables Unlimited LLC (“Portables”), one of the largest exclusive wholesale distributors of T-Mobile products in the United States . Upon closing of the acquisition, ZOOM will establish its international headquarters in Portables’ offices at 136 First Street , Nanuet, New York.
Raj Amar , CEO of Portables, commented:
“We are so excited about the opportunity to merge with a quality handset manufacturer that will enable Portables additional growth opportunities”
Leo Gu , Chairman and CEO of Zoom Technologies, added:
“This move is not only a fast track for us to enter the US market, but also will enable us to accurately target the right product at the right price, which is the key to a successful launch. Everyone at ZOOM is exuberant with the opportunities that this merger will bring, we will be working hard to unleash the full potential of this strategic combination, and we have the goal of expanding to 2,000 retail locations in the near future. I am confident that the knowledge and experience of both companies will result in the delivery of exceptional products to the US while opening new opportunities in other American markets as well”
Let’s market decide where ZOOM’s share price is heading. As of 10:40 a.m. EST ZOOM’s stock traded 300K shares and posted gains of 26%.
Zoom Technologies Inc.
11th Floor Tower A Sanlitun SOHO
No 8 Workers Stadium North Road Chaoyang District
Tel: 86 10 5935 9000
Fax: 86 10 5935 9003
Zoom Technologies is a holding Company with subsidiaries that engage in the manufacturing, research and development, and sale of electronic and telecommunication products for the latest generation mobile phones, wireless communication circuitry and related software products.