Duoyuan Printing receives notice of suspension from NYSE
Tuesday, March 29, 2011
Press release from the issuing company
Beijing - Duoyuan Printing, Inc., today announced that it received a notice from the NYSE Regulation, Inc. ("NYSE Regulation") indicating that the NYSE Regulation has determined that the common stock of the Company should be suspended prior to the opening on April 4, 2011. Trading of the Company's stock will continue on the Over-the-Counter market following suspension.
The decision was reached in view of the fact that the Company is a late filer and was under review by NYSE Regulation in light of the delay in filing with the Securities and Exchange Commission of its June 30, 2010 Form 10-K and certain of its fiscal 2011 Form 10-Q filings.
The Company plans to request a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including the appeal by the Company of the NYSE Regulation staff's determination. In the event that the appeal is successful and the Company otherwise meets the continuing listing standards of NYSE, trading of the Company's common stock on the NYSE would be reinstated, although no timetable has been established as to when the Committee of NYSE Regulation would be able to hear such an appeal.
"While we are disappointed with the NYSE's decision, we plan to appeal for reinstatement on the exchange's main board as soon as possible," commented Everett Chui, the Company's Audit Committee Financial Expert. "Our internal investigation into the matters raised by Deloitte has made substantial progress. We anticipate its completion at the end of April 2011, at which point we plan to engage an auditor to allow us to complete our SEC filings and fulfill the listing standards of the NYSE. We truly appreciate the continuing patience of our investors and look forward to bringing the market further updates in a timely manner."
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