TAIYUAN, Shanxi Province,
China, Aug.
18, 2011 /PRNewswire-Asia/ -- Puda Coal, Inc. (NYSE Amex:
PUDA) (the Company), today announced that it has notified the NYSE
Amex (the "Exchange") that it does not intend to appeal the
determination from the Exchange to delist the Company's common
stock. The Company expects the Exchange to delist the
Company's common stock from the Exchange immediately. The
Company also expects its common stock to commence trading on the
OTC pink sheets market shortly after the delisting is complete.
Trading in the Company's common stock on the Exchange has
been halted since April 11, 2011.
The Independent Committee of the Board is continuing its
discussion with representatives of Chairman of the Board, Mr.
Ming Zhao, regarding the preliminary
buy-out proposal made by Mr. Zhao on April
29, 2011. The Company's financial advisors in
connection with the buy-out proposal, Cowen and Company, LLC and
Morgan Joseph TriArtisan LLC, have begun to review documentation
and financial information of the Company.
Given the complexity of the issues involved and the requirement
for audited financial statements, the Independent Committee
anticipates the proposed transaction, if it proceeds, will take
several months to complete. Neither the Company nor the
Independent Committee can provide any assurances that a definitive
agreement will be executed or approved or that a transaction will
be consummated or the timing of such. In addition, the Company's
audit committee is in the process of engaging a successor
independent accounting firm.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking
statements. These statements relate to future events and involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, levels of activity, performance, or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. You should not place
undue reliance on forward-looking statements since they involve
known and unknown risks, uncertainties and other factors which are,
in some cases, beyond our control and which could, and likely will,
materially affect actual results, levels of activity, performance
or achievements. Any forward-looking statement reflects our current
views with respect to future events and is subject to these and
other risks, uncertainties and assumptions. We assume no obligation
to publicly update or revise these forward-looking statements for
any reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future.
SOURCE Puda Coal, Inc.
