Exhibit 99.1

TONGXIN INTERNATIONAL, LTD.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(US$ amounts expressed in thousands, except for share data and par value)

	December 31
	2014			2013			2012
ASSETS
Current assets:
Cash and cash equivalents	$	1,169		$	1,264		$	2,659
Restricted cash - security deposit		2,756			4,066			5,224
Notes receivable		4,229			970			4,330
Accounts receivable-trade, net of allowance for doubtful accounts		14,631			8,602			8,244
Other receivable, net of allowance for doubtful accounts		2,905			13,603			1,946
Due (to) from related parties		(1237	)		(1261	)		(1229	)
Inventories		28,481			28,973			25,586
Prepaid expenses and other		(77	)		104			(41	)
Advance to suppliers		(5	)		6			52
Deferred income tax assets		2,347			2,376			2,337
Total current assets	$	55,199		$	58,702		$	49,109
Investments in non-consolidated subsidiaries and affiliates
Property, plant and equipment, net of accumulated depreciation		46,950			51,927			54,603
Land occupancy rights, net		13,916			14,199			13,990
Total assets	$	116,065		$	124,828		$	117,702
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	26,007		$	24,175		$	22,935
Notes payable		5,428			6,442			8,828
Accrued expenses and other liabilities		11,777			20,303			1,010
Income taxes payable		20,115			19,787			18,638
Short-term loans payable		26,161			19,544			23,111
Total current liabilities	$	89,489		$	90,251		$	74,521
Long-term liabilities:
Long-term loans payable		7			8			3,378
Deferred income tax liability		1,409			1,437			1,400
Total liabilities	$	90,905		$	91,696		$	79,299

Shareholders’ equity:
Preferred stock - $0.001 par value, authorized 1,000,000 shares; none issued
Common stock - $0.001 par value, authorized 39,000,000 shares; 16,117,944, 16,035,006, and 15,937,361 shares issued and 14,528,522, 14,445,584, and 14,347,939 shares outstanding in 2014, 2013 and 2012, respectively.	$	15		$	15		$	15
Additional paid-in-capital		99,093			99,093			99,093
Treasury stock, at cost - 1,589,422 common shares		(7,682	)		(7,682	)		(7,682	)
Appropriation to reserve & Accumulated other comprehensive income		7,798			8,253			7,425
Retained earnings (deficit)		(74,072	)		(66,566	)		(60,473	)
Minority Interests		7			19			24
Total shareholders’ equity	$	25,160		$	33,133		$	38,402
Total liabilities and shareholders’ equity	$	116,065		$	124,828		$	117,702

TONGXIN INTERNATIONAL, LTD.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(US$ amounts expressed in thousands)

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2014			2013			2012
Revenues	$	61,076		$	73,750		$	78,162
Cost of goods sold		56,733			68,058			73,725
Gross profit		4,343			5,692			4,437
Selling, general and administrative expenses		9,126			10,223			11,638
Operating income		(4,783	)		(4,531	)		(7,201	)
Other income (expenses):
Government subsidy income		395			769			152
Other		(297	)		584			270
Interest expense		(3,048	)		(2,906	)		(2,737	)
Total other income (expenses)		(2,950	)		(1,553	)		(2,315	)
Income (loss) before income taxes		(7,732	)		(6,084	)		(9,516	)
Income taxes expense		450			232			84
Net (loss) income		($8,183	)		($6,316	)		($9,601	)

Tongxin International, Ltd. 8-K