Deer Consumer Products, Inc. Received NASDAQ Notification Letter
Regarding Additional Delisting Determination and Appointed its New
Independent Director
SHENZHEN, China, Oct. 16, 2012 /PRNewswire/ -- Deer Consumer
Products, Inc. (NASDAQ: DEER) ("Deer" or the "Company"), a leading
provider of "DEER" branded consumer products, announced today that
on October 10, 2012, the Company
received a letter dated October 10,
2012 from the NASDAQ Listing Qualifications Staff ("NASDAQ
Staff"). In addition, on October 12,
2012, the board of directors of the Company appointed Mr.
Hardy Zhang as a director of the
Company, as Chairman of the Board's Audit Committee being the Audit
Committee Financial Expert, and as a member of each of the Board's
Compensation and Nominating and Corporate Governance
Committees.
Receipt of NASDAQ Notification Letter
As previously disclosed, on October 1,
2012, Arnold F. Staloff
resigned as a member of the Board of Directors of the Company, as
Chairman of the Board's Audit Committee, and as a member of the
Board's Compensation and Nominating and Corporate Governance
Committees. In the NASDAQ letter dated October 10, 2012, NASDAQ Staff informed the
Company that due to the resignation of Mr. Staloff, the Company no
longer complies with NASDAQ's independent director and audit
committee requirements under NASDAQ Listing Rule 5605. In
addition, NASDAQ Staff stated in the letter that given its
delisting determination made on October 2,
2012, and the related public interest concerns cited, NASDAQ
Staff has determined to apply more stringent criteria under NASDAQ
Listing Rule 5101 and deny the Company the cure periods.
Accordingly, Mr. Staloff's resignation serves as an additional
basis for delisting the Company's securities from The Nasdaq Stock
Market.
Appointment of New Independent Director
On October 12, 2012, the Board of
Directors of the Company appointed Mr. Hardy Zhang as a director of the Company,
Chairman of the Board's Audit Committee being the Audit Committee
Financial Expert, and a member of each of the Board's Compensation
and Nominating and Corporate Governance Committees. Mr. Zhang is
currently the chief financial officer and director of Hero Faith
International Enterprise Limited, a Hong
Kong based financial advisory firm. Prior to his joining
Hero Faith International Enterprise Limited in December 2010, Mr. Zhang was a financial
consultant to various private companies from January 2010 to December
2010, before which served as an audit manager at Da Hua
Certified Public Accountants, a member firm of BDO International,
from July 2005 to January 2010. Mr. Zhang received a master degree
of finance from Macquarie University, Australia and is a Certified Practising
Accountant of Australia.
Following the appointment of Mr. Zhang, the Company's Board of
Directors consists of three independent directors and two
non-independent directors, and the Audit Committee is comprised of
three members.
About Deer Consumer Products, Inc.
Deer Consumer Products, Inc. is a NASDAQ Global Select Market
listed U.S. company with its primary operations in China. With a 17-year operating history and
operated by Deer's founders and supported by more than 100 patents,
trademarks and copyrights, Deer is a leading provider of "DEER"
branded consumer products. Deer's product lines include series of
small household and kitchen appliances as well as personal care
products designed to make modern lifestyles easier and
healthier.
Safe Harbor Statement
All statements in this press release that are not historical are
forward-looking statements made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
There can be no assurance that actual results will not differ from
the company's expectations. You are cautioned not to place undue
reliance on any forward-looking statements in this press release as
they reflect Deer's current expectations with respect to future
events and are subject to risks and uncertainties that may cause
actual results to differ materially from those contemplated.
Potential risks and uncertainties include, but are not limited to,
the risks described in Deer's filings with the Securities and
Exchange Commission.
Contact Information:
Corporate Contact:
Ms. Helen Wang, President
Deer Consumer Products, Inc.
Tel: 011-86-755-86028300
Email: investors@deerinc.com
SOURCE Deer Consumer Products, Inc.