NINGBO, China, Oct. 4, 2011 /PRNewswire/ -- Keyuan
Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan" or the "Company"), a
leading merchant manufacturer of various petrochemical products in
China, announced today that the
Company provided the NASDAQ Hearings Panel ("the Panel") with a
copy of the Audit Committee's final investigation report along with
a comprehensive list of actions the Company has taken and is
committed to taking with regard to remediating accounting and
internal control issues.
As previously announced on September
7, the Panel accepted the Company's request to remain listed
on The Nasdaq Stock Market subject to certain conditions and the
continuance of its trading halt. These conditions included
providing the Panel with a copy of the final report of the Audit
Committee and filing all delinquent periodic filings with any
required restatements.
In order to fully comply with the terms of this exception, the
Company plans to file its 10-K for 2010 along with its 10-Q's for
the first and second quarter of 2011 by October 12, 2011.
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 pleased with the completion of the final independent
investigation and have submitted the Audit Committee's final report
to the Nasdaq Hearings Panel," stated Mr. Chungfeng Tao, Chairman
and Chief Executive Officer of Keyuan Petrochemicals. "We are
working diligently with the Audit Committee and our auditor, GHP
Horwath, to complete our full year 2010 audit and financial results
for the first six months of 2011. We are committed to meeting all
requirements for continued listing on NASDAQ."
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.