Orsus Xelent (ORS) And 2 Resignations “For Personal Reasons”
Does the board of Orsus Xelent Technologies Inc. (ORS) read my posts? In my post last week, I wrote that Orsus, a designer and manufacturer of award-winning mobile phones for the Asian market, was my only disappointment so far this year.
And what do you know? On Thursday the Company announced a big management shift. Mr. Xin Wang, CEO and director, resigned “for personal reasons”. Additionally, Mr. Jian Gao, an independent director, also resigned “for personal reasons”. They were immediately replaced by Mr. Guoji Liu and Mr. Peng Wang respectively.
The Company’s new CEO, Mr. Guoji Liu, 39, stated: “Together with my colleagues at Orsus Xelent, I am confident we can accomplish new missions and challenges. We will do our best to improve upon the Company’s outstanding achievements and to advance the interests of all stockholders.”
I guess some investors weren’t too happy with the Company’s stock price and felt that some fresh blood could be used. The stock reacted positively and closed at $0.42, or up 16% compared to last week.
I’m still waiting for the fourth quarter and fiscal year 2008 results to be published. Possibly, this was already a results of those results? Wait and see.
What do you think the results will be like?