Zoom Technologies, Inc. (NASDAQ: ZOOM) said it recorded material losses at the end of the third quarter of 2013 as a result of the loss of its ownership interest in Portables Unlimited, LLC.
If the company was to maintain its ownership in Portables, it would have had to deploy more capital. The company performed a comprehensive analysis, and then decided against investing further in Portables. The company´s strategy moving forward is to invest in mobile advertising and technology based businesses with high expected futures earnings growth.
On November 21, 2013, the company entered into a letter of intent with Beijing Baifen Tonglian Information & Technology Co., Ltd. to acquire all the outstanding shares of Baifen.
Zoom Technologies, Inc. (ZOOM), is a holding company that expects to invest in mobile and telecommunications businesses.