SinoTech Announces Receipt of Notice of Additional Deficiency From NASDAQ and Resignation of Independent Director and Legal C...
05 10월 2011 - 1:20AM
SinoTech Energy Limited (Nasdaq:CTE) ("SinoTech" or the "Company"),
a provider of enhanced oil recovery ("EOR") services in China,
today announced that it has received a letter dated September 26,
2011, from The Nasdaq Stock Market LLC ("NASDAQ") stating that an
additional basis for delisting the Company's securities from the
Nasdaq Stock Market is that Ernst & Young Hua Ming has
withdrawn its audit opinion, the Company is delinquent in its
periodic reports, and the Company therefore is not in compliance
with Listing Rule 5250(c)(1). The Company is planning to request a
stay of the delisting of the Company's stock resulting from the
additional alleged basis for the delisting.
The Company announced that Ms. Jing Liu has resigned from her
position as an independent director of the Company and as Chair of
the Special Committee of the Company's Board of Directors (the
"Board"), which was formed to conduct an independent investigation
into allegations made in a report posted on alfredlittle.com and
other matters.
Ms. Liu cited several bases for her resignation, including,
without limitation, her belief that the Special Committee was not
allowed to exercise independently the authority vested in it by the
Board to conduct an investigation.
The Company announced that Simpson Thacher & Bartlett LLP
has resigned from its position as the legal counsel of the Company.
The Company also announced that, following Ms. Liu's resignation,
Shearman & Sterling LLP has resigned from its position as legal
counsel to the Special Committee of the Board.
The Company is planning on appointing another independent
director in the near future who will replace Ms.
Liu.
Safe Harbor
Statement
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this press release are forward-looking
statements, including, but not limited to, the description of the
events giving rise to the resignation and related matters. These
forward-looking statements involve known and unknown risks and
uncertainties including uncertainties regarding the facts giving
rise to the resignation, as well as risks and uncertainties
disclosed in SinoTech's filings with the United States Securities
and Exchange Commission, and are based on information available to
SinoTech's management as of the date hereof and on its current
expectations. Actual results may differ materially from the
anticipated results because of such and other risks and
uncertainties. SinoTech undertakes no obligation to update
forward-looking statements to reflect subsequent events or
circumstances, or changes in its expectations, assumptions,
estimates and projections except as may be required by law.
CONTACT: Investor and media inquiries:
Ms. Rebecca Guo
SinoTech Energy Limited, Beijing
+ 86-10-8712-5567
rebecca.guo@sinotechenergy.com
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