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Zoom Technologies, Inc.: Zoom Completes Share Exchange With Gold Lion Holding Ltd.

^{Published on 2009-09-23 06:53:18 - Market Wire}
 

BOSTON, MA--(Marketwire - September 23, 2009) - Zoom Technologies, Inc. (NASDAQ: [ ZOOM ]) (NASDAQ: [ ZOOMD ]) announced that today it has successfully completed its share exchange with Gold Lion Holding Ltd., a leading China-based manufacturer of mobile phones and other mobile electronic products. The company will continue to be called Zoom Technologies, Inc. and will trade on Nasdaq under the symbol ZOOM. From September 23 until October 20, 2009, the company's trading symbol will be ZOOMD, which indicates that the company is considered to be a new listing on Nasdaq. Zoom Telephonics, the US operating company subsidiary of Zoom Technologies, will be spun off to Zoom Technologies shareholders as of the record date of September 21, 2009, as detailed in prior public disclosures.

Gold Lion's CEO, Lei Gu, is the CEO of the post-merger Zoom Technologies, and Anthony Chan is the CFO and Corporate Secretary of post-merger Zoom Technologies. Frank Manning, former CEO of Zoom Technologies, will be one of Zoom Technologies' directors.

About Zoom Technologies

Zoom Technologies is a holding company with subsidiaries that engage in the manufacturing, research and development, and sale of electronic and telecommunication products for 3rd generation mobile phones, wireless communication circuitry, and related software products. Zoom Technologies' subsidiary, Jiangsu Leimone, owns a majority stake of TCB Digital, which offers highly customized and high quality Electronic Manufacturing Service (EMS) for Original Equipment Manufacturer (OEM) customers and also designs and manufactures its own brand of mobile phones under the Leimone brand.

Forward-Looking Statements

This release contains forward-looking information relating to Zoom's plans, expectations, and intentions, including statements relating to Zoom's acquisition and spinoff plans. Actual results may be materially different from expectations as a result of known and unknown risks, including the timing of the spin off of Zoom Telephonics to Zoom's shareholders and other risks set forth in Zoom's filings with the Securities and Exchange Commission. Zoom cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Zoom expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Zoom's expectations or any change in events, conditions or circumstance on which any such statement is based.