Orsus Xelent Technologies, Inc. designs mobile phones for retail and wholesale distribution. The Company’s business operations consist of mobile phone and digital circuit design, software development, design of mobile phone integration technology, and mobile phone quality control and project management.
In Jun 2011, share price surged (more than 6 times trough to peak) after the company’s 2011 Q1 results in which the company announced a $32 million “profit” ($12.73/share) due to a “non-cash reversal of allowance for bad debt.”
The GeoTeam pointed out that the company has no discernible business operation and that it was facing a liquidity crisis.
The company was notified by NYSE that it was not in compliance with the Exchange’s Company Guide with respect to its financial condition. It was delisted in Oct 2011.
Orsus Xelent: 2008 Annual Report, 15 Apr 2009
Seeking Alpha: Questioning the Operations of Orsus Xelent Technologies, 24 Jun 2011
Seeking Alpha: Orsus Xelent: Don’t Be Fooled By ‘Momentum’, 24 Oct 2011