Kingtone Wirelessinfo Solution today announced the resignation of Yiru Shi from its Board of Directors, effective July 11, 2011. Ms. Shi was Chairman of the Audit Committee and a member of the Nominating and Corporate Governance Committee and Compensation Committee. As a result of the resignation of Ms. Shi, the Company now has two vacancies on its board of directors.
Based on the results of the first six months of fiscal 2011 and lower anticipated sales for the second half of fiscal year 2011, in light of increased competition, price pressure and continuing negotiations for new contracts that were expected to be signed earlier in the year, the Company is revising its previously released guidance for fiscal 2011. It now expects revenues in the range of $7.4 million and $8.8 million and net income in the range of $0.1 million and $0.75 million.
Kingtone Wirelessinfo Solution today announced that it has been selected by China Unicom as industrial application cooperative partner for mobile police solutions as well as mobile news collecting and editing solutions. ... Kingtone's marketing team will participate in China Unicom's applications roadshow to demonstrate and promote Kingtone's solutions in Beijing and 11 other major cities across China.
"We are delighted and honored to have been selected by China Unicom as its application partner for mobile police industry and mobile news collecting and editing out of 300 candidates. This demonstrates Kingtone's leading-edge research and development, marketing, integration and customer service perfectly aligns with China Unicom's strategic vision for the telecommunication industry. It is also a great opportunity for us to showcase our intelligent mobile application solutions in 12 major cities nationwide during China Unicom's upcoming road show. With the rapid development of 3G in China creating substantial market opportunities, we believe Kingtone is ideally positioned to capitalize on mutually beneficial relationships with leading telecom carriers. We are confident in our ability to further expand our geographic footprint and maximize value for our customers and shareholders over the long run."