XI'AN, China, March 28, 2014 /PRNewswire/ -- China Power
Equipment, Inc. (OTCBB: CPQQ) ("China
Power" or the "Company"), a manufacturer of a new
generation of energy saving amorphous alloy transformer cores and
transformers in China, today
announced that it filed a certification on Form 15 with the
Securities and Exchange Commission ("SEC") in order to suspend its
reporting obligations under Section 15(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act").
The Board of Directors has approved this action as a cost
reduction measure. Suspending and, ultimately, terminating the
Company's SEC reporting obligations will allow it to reduce the
substantial legal, accounting and other expenses associated with
reporting compliance.
The Company is eligible to suspend its reporting obligations
because it has fewer than 300 record holders of its common stock as
of the date hereof in addition to its satisfaction of other
eligibility criteria under Rule 12h-3 of the Exchange Act on the
date of filing the Form 15.
As a matter of fact, due to the fact the Company is a section
15(d) company, the duty to file under Section 15(d) of the Exchange
Act automatically suspends as to any fiscal year, other than the
fiscal year within which a registration statement became effective
if the Company has less than 300 shareholders of record at the
beginning of such a year, which has been the case for the Company
for at least the past three years.
Nevertheless, the Company chose to file the Form 15 to notify
the public that immediately upon the filing of the Form 15, it no
longer intends to continue to file Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Shares are anticipated being available for trading on the OTC Pink
sheets, although there can be no assurances that any trading market
for the Company's securities will exist, after the Company filed
the Form 15.
Ms. Elaine Zhao, resigned from
her Chief Financial Officer position with the Company, effective as
of March 27, 2014, considering the
reduced need from the Company for her expertise going
forward.
About China Power Equipment, Inc.
China Power Equipment, Inc. designs, manufactures, and
distributes amorphous alloy transformer cores and amorphous core
step-down transformers in China.
The Company currently manufactures 59 different products, primarily
amorphous alloy cores and amorphous alloy core transformers.
Safe Harbor Statement
This press release includes forward-looking statements.
Generally, the words "believes," "anticipates," "may," "will,"
"should," "expect," "intend," "estimate," "continue," and similar
expressions or the negative thereof or comparable terminology are
intended to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties, including the
matters set forth in this report or other reports or documents we
file with the SEC from time to time, which could cause actual
results or outcomes to differ materially from those projected.
Undue reliance should not be placed on these forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to update these forward-looking statements.
For more information about China Power Equipment, please visit
its website at www.chinapower-equipment.com.
For more information, please contact:
COMPANY:
Ms. Nicole Chen (English and
Chinese)
Vice President of Finance
China Power Equipment, Inc.
Telephone: +86 (29) 6261 9758
Mobile: +86 186 1633 1170
Email: xa-fj@xa-fj.com
SOURCE China Power Equipment, Inc.
