NINGBO, China, May 24, 2011 /PRNewswire-Asia-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 March 31,
2011 by the due date of May 16,
2011. As previously announced, the Company received notice
from the Nasdaq on April 7, 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 (extended to April 15, 2011 by Exchange Act Rule 12b-25).
To maintain its NASDAQ listing, Keyuan has submitted a plan of
compliance to the NASDAQ on April 26,
2011, addressing issues it believes will support its request
for an extension to regain compliance. If the plan is accepted,
Keyuan may be able to continue its listing during the plan period
up to October 12, 2011, during which
time the Company will be subject to periodic review to determine if
it is making progress consistent with the plan. If the plan is not
accepted, or if the plan is accepted but the Company fails to make
progress consistent with the plan, or it is not in compliance by
October 12, 2011, Keyuan will be
subject to delisting proceedings. Under NASDAQ rules, Keyuan has
the right to appeal any determination by NASDAQ to initiate
delisting proceedings.
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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HC International,
Inc.
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Ted Haberfield
Executive VP
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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.