Qingdao Footwear Announces a Quarterly Common Stock Dividend for May 16, 2011

Qingdao Footwear, Inc. (OTCBB:QING), announced today that the Board of Directors has approved a quarterly dividend, whereby common stock shareholders shall receive restricted common shares of Qingdao Footwear equal to one and one half (1.5%) percent of each common stock shareholdings as of the record date. The first quarterly dividend shall be payable to all common stock shareholders of record on May 16, 2011, with a payable date of May 23, 2011. The shares will be restricted for a period of six months.

Additionally, the company announced that the Board approved the continuance of the dividend for each of the remaining quarters in 2011. Dates for the remaining dividends will be released as available.

A Board Director stated, "We want to thank our shareholders for their continued loyalty and support. This decision gives greater value to our shareholders and will continue to enhance liquidity and interest in our stock and in the Company. This will be an exciting year for Qingdao Footwear and we look forward to continually rewarding our shareholders so they can grow with us."

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.