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Exceed resolves dispute with DB Research
Mar '12
Exceed Company Ltd, the owner and operator of "Xidelong" brand - one of the leading domestic sportswear brands in China announced that it has reached settlement with D.B. Research LLC, an independent research firm based in Chesapeake, Virginia, and its principal Michael Joseph Ritinski, in connection with the reports issued by D.B. Research in August 2011 and on March 14, 2012.

Pursuant to the Settlement Agreement, D.B. Research has agreed to remove the Reports from its website and undertake its best efforts to remove said Reports from third-party websites.

D.B. Research has further agreed to relinquish any positions it has relative to Exceed and that it will not assist others in the future in taking short positions in the Company's stock. As a condition of settlement, neither D.B. Research nor Mr. Ritinski admits to any liability or wrongdoing.

Mr. Shuipan Lin, Exceed's founder, Chairman and CEO, commented, "The Company is pleased with the terms of settlement with D.B. Research and Mr. Ritinski, and believes that settlement of the matter was in the best interest of the Company and its shareholders at this juncture. Exceed has and continues to maintain the highest degree of transparency and disclosure with regards to all aspects of its financial reporting and corporate communications, and is intent on protecting its shareholders from any further damage inflicted by short sellers who stand to benefit financially by a decline in the Company's share price."

Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China.

Exceed Company Ltd

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