Telestone Technologies (NASDAQ:TSTC)

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Thursday, March 31, 2011

Investors should be aware that the 2010 10K did not contain the following passage that was included in its 2010 third quarter 10Q

We believe that the combination of present capital resources and unused financing sources are more than adequate to meet cash requirements for 2010 and the following years. We intend to meet our liquidity requirements, including capital expenditures related to market expansion, research and development for new products and technology, through cash flow provided by operations and additional funds raised by short-term loan. We are an enterprise with good credit and our relationships with these banks are in good standing. We believe that adequate cash flow will be available to fund our operations and additional needs in the future.

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Friday, January 14, 2011

BEIJING, Jan. 14, 2011 /PRNewswire-Asia/ -- Telestone Technologies Corporation today released the following statement:

The Company has learned that an entity named The Forensic Factor has published an article on an investor website making various allegations against the Company.

The Company states that the author failed to contact the Company to verify the claims made before publishing the article, which contains many false and inaccurate claims relating to the Company's operations, industry performance, revenue recognition policies, revenues, accounting practices, earnings and financial disclosures, which display an incomplete understanding of the nature of the Company's business. The Company views the article as an unjustified swipe at a reputable and successful Chinese business, and it is based on unsubstantiated and inaccurate statements and conclusions. The Company is currently weighing appropriate legal remedies against article's author.

The Company rejects any allegation that it acted improperly or that its accounting practices are unsound and not in accordance with generally approved accounting practices. Furthermore, the Company rejects any allegation that it provided false or misleading information to investors or shareholders. Telestone remains firmly committed to complying with all applicable rules, laws, and stock-exchange requirements.

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