NINGBO, China, Sept. 7, 2011 /PRNewswire-Asia-FirstCall/ --
Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the
"Company"), a leading merchant manufacturer of various
petrochemical products in China,
announced today that on September 2,
2011, the Company received a letter from the NASDAQ Hearings
Panel ("the Panel") stating that the Panel has determined to grant
the request of the Company to remain listed on The Nasdaq Stock
Market, subject to a trading halt and to the following
conditions:
- On or before September 30, 2011,
the Company shall provide the Panel with a copy of the final report
of the Audit Committee, along with a comprehensive list of the
actions the Company has taken and is committed to taking with
regard to remediating the accounting and control issues
identified.
- On or before October 12, 2011,
the Company shall file all of the periodic filings that are
delinquent as of that date, and any required restatements.
In order to fully comply with the terms of this exception, the
Company must be able to demonstrate compliance with all
requirements for continued listing on NASDAQ. In the event the
Company is unable to do so, its securities may be de-listed from
NASDAQ.
"We are working diligently with the Audit Committee and our
auditor, GHP Horwath to complete all requirements for continued
listing on NASDAQ," stated Mr. Chungfeng Tao, Chairman and Chief
Executive Officer of Keyuan Petrochemicals. "Our entire management
team and board are committed to meeting the conditions set forth by
the NASDAQ Hearing 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:
Investor Relations:
MZ-HCI
Ted Haberfield, President
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
Website: http://www.hcinternational.net
Mr. Andrew Haag
Managing Partner, USA
Hampton Growth, LLC
Tel: +1-877-368-3566
E-mail: andrew@hamptongrowth.com
Website: www.hamptongrowth.com
SOURCE Keyuan Petrochemicals Inc.