NINGBO, China, Aug. 24, 2011 /PRNewswire-Asis-FirstCall/ --
Keyuan Petrochemicals, Inc. (NASDAQ: KEYP) ("Keyuan or the
"Company"), a leading merchant manufacturer of various
petrochemical products in China,
today announced it has received an additional notice from NASDAQ
stating the Company is not in compliance with Listing Rule
5250(c)(1) for continued listing due to not filing its Form 10-Q
for the three months ended June 30,
2011 by the due date of August 15,
2011.
As previously announced, the Company received notices from the
NASDAQ on April 7, 2011 and on
May 19, 2011, stating that the
Company was not in compliance with Listing Rule 5250(c)(1) for
continued listing due to not filing its Form 10-K for the year
ended December 31, 2010 by the due date of March 31, 2011, and its
Form 10-Q for the three months ended March 31, 2011 by the due date
of May 16, 2011, respectively.
Management would like to remind shareholders that on
July 26th the NASDAQ Hearings Panel
granted a stay of delisting of the Company's securities pending the
Company's scheduled hearing to be held on August 25, 2011. As a result, the Company's
securities will remain listed, however halted, on the NASDAQ Global
Select Market pending further action by the Hearings Panel.
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating
through its wholly-owned subsidiary, Keyuan Plastics, Co. Ltd., is
located in Ningbo, China and is a
leading independent manufacturer and supplier of various
petrochemical products. Having commenced production in October 2009, Keyuan's operations include an
annual petrochemical manufacturing design capacity of 720,000 MT
for a variety of petrochemical products, with facilities for the
storage and loading of raw materials and finished goods, and a
technology that supports the manufacturing process with low raw
material costs and high utilization and yields. In order to meet
increasing market demand, Keyuan plans to expand its manufacturing
capacity to include a SBS production facility, additional storage
capacity, a raw material pre-treatment facility, and an asphalt
production facility.
Safe Harbor Statement
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. For
example, statements about the future use of the proceeds are
forward looking and subject to risks. Keyuan Petrochemicals, Inc.
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission on
forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. A number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, risks outlined in
the Company's filings with the U.S. Securities and Exchange
Commission, including its registration statement on Form S-1, as
amended. The Company does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
For more information, please
contact:
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Investor Relations:
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MZ-HCI
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Ted Haberfield,
President
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Tel: +1-760-755-2716
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Email:
thaberfield@hcinternational.net
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Website: http://www.hcinternational.net
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Mr. Andrew Haag
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Managing Partner,
USA
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Hampton Growth,
LLC
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Tel: +1-877-368-3566
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E-mail:
andrew@hamptongrowth.com
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Website: www.hamptongrowth.com
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SOURCE Keyuan Petrochemicals, Inc.