Qingdao Footwear Reviewing Possible Forward Split

Qingdao Footwear, Inc. (OTC BB:QING.OB - News), announced today that the Board of Directors is currently reviewing a proposal to execute a forward stock split related to it’s common stock.

The company stated it expects the Board to announce its decision in the coming two weeks. If the proposal is accepted by the Board, the company will also immediately announce the terms and date of the proposed split.

“We are reviewing all options that will improve liquidity as well as increase long-term shareholder value,” states company execs.

ABOUT QINGDAO FOOTWEAR

The company’s net sales increased to $14,964,654 in the nine months ended September 30, 2010 from $12,517,751 in the same period in 2009, representing a 19.6% increase year-on-year. As retail sales trends and broader economic growth in the PRC have been positive despite a global economic downturn, during the nine months ended September 30, 2010, we increased prices by 26% in order to achieve higher gross profit, with a focus on net sales profit over volume. This increase was mainly due to the growth in Qingdao Footwear’s points of sales. As of September 30, 2009, Men’s footwear constituted 60% of revenue and women’s footwear the remainder. 40% of sales were formal shoes, and the remaining 40% are attributed to casual footwear.

SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the 1995 Private Securities Litigation Reform Act. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." Such statements are subject to risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.

Qingdao Footwear (CE) (USOTC:QING)
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