CHANGSHU, China, Oct.19, 2015
/PRNewswire/ -- Sutor Technology Group Limited (the "Company" or
"Sutor") (Nasdaq: TOR), one of the leading China-based manufacturers and customized
service providers for fine finished steel products used by a
variety of downstream applications, today announced that it
received a letter from the Listing Qualifications Department of The
NASDAQ Stock Market, on October 14,
2015 (the "Letter"), informing the Company that it no longer
complies with the Nasdaq requirements for continued listing set
forth in Nasdaq Listing Rule 5250(c)(1), which requires the timely
filing of periodic reports. The non-compliance cited in the
Letter was the result of the Company's failure to timely file its
Annual Report on Form 10-K for the fiscal year ended on June 30,
2015 (the "10-K").
The Letter states in part that the Nasdaq Staff has afforded the
Company the opportunity to submit a plan prior to December 14, 2015 that addresses the details of
the Company's plan to regain compliance with the Nasdaq Listing
Rules. The Nasdaq Listing Rules provide that the Staff can
grant the Company an exception of up to 180 calendar days from the
filing's due date, or until April 11,
2016 to regain compliance if Nasdaq accepts the Company's
plan of compliance.
The Company plans to file the 10-K or present its plan of
compliance to Nasdaq as soon as practicable. However, there is no
assurance that the compliance plan, if it is submitted, will be
accepted by the Nasdaq Staff. If the Company's plan of compliance
is not accepted, the Company would have the opportunity to appeal
that decision to a Hearings Panel.
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and customized
service providers for high-end fine finished steel products and
welded steel pipes used by a variety of downstream applications.
The Company utilizes a variety of in-house developed processes and
technologies to convert steel manufactured by third parties into
fine finished steel products, including hot-dip galvanized steel,
pre-painted galvanized steel, acid-pickled steel, cold-rolled steel
and welded steel pipe products. The Company also provides fee-based
steel processing services to customers, including industrial peers.
To learn more about the Company, please visit
http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include, among
others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating
results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such
forward-looking statements are not guarantees of future performance
and that a number of risks and uncertainties could cause our actual
results to differ materially from those anticipated, expressed or
implied in the forward-looking statements. These risks and
uncertainties include, but not limited to, the factors mentioned in
the "Risk Factors" section of our Annual Report on Form 10-K for
the year ended June 30, 2014, and
other risks mentioned in our other reports filed with the
Securities Exchange Commission ("SEC"). Copies of filings
made with the SEC are available through the SEC's electronic data
gathering analysis retrieval system (EDGAR) at
http://www.sec.gov. The words
"believe,""expect,""anticipate,""project,""targets,""optimistic,""intend,""aim,""will"
or similar expressions are intended to identify forward-looking
statements. All statements other than statements of historical fact
are statements that could be deemed forward-looking
statements. The Company assumes no obligation and does not
intend to update any forward-looking statements, except as required
by law.
For more information, please contact:
Investor Relations
Sutor Technology Group Limited
Tel: +86-512-5268-0988
Email: investor_relations@sutorcn.com
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SOURCE Sutor Steel Technology Co., Ltd.