GONGYI, China, May 24, 2013 /PRNewswire/ -- China GengSheng
Minerals, Inc. (NYSE MKT: CHGS) (the "Company" or "GengSheng"), a
leading China-based high-tech
industrial materials manufacturer producing heat-resistant,
energy-efficient materials for a variety of industrial
applications, today announced it received a letter from NYSE MKT
LLC ("NYSE MKT" or the "Exchange") on May 21, 2013 notifying the Company that it is not
in compliance with Section 134 and 1101 of the Exchange's Company
Guide (the "Company Guide") because the Company has yet to file it
Form 10-Q for the quarter ended March 31,
2013.
Receipt of the NYSE MKT's letter does not have any immediate
effect upon the listing of the Company's common stock. Pursuant to
the NYSE MKT's rules, the Company has until June 4, 2013 to submit a plan advising the NYSE
MKT of actions it has taken, or will take, that will bring the
Company into compliance with Sections 134 and 1101 of the Company
Guide by no later than August 15,
2013.
As previously disclosed by the Company, the Company experienced
delay in closing its books for the quarter ended March 31, 2013 because of turnover in some of its
accounting staff in China. It nevertheless is working
diligently to finalize its financial statements and aims to file
its Form 10-Q no later than June 14,
2013.
The Company will submit to the NYSE MKT a compliance plan to
this effect, as referred to in the previous paragraph.
About China GengSheng Minerals, Inc.
China GengSheng Minerals, Inc. ("GengSheng") develops,
manufactures and markets a broad range of high-tech industrial
material products, including monolithic refractories, industrial
ceramics, fracture proppants and fine precision abrasives. A market
leader offering customized solutions, GengSheng sells its products
primarily to the iron and steel industry as heat-resistant
components for steel-making furnaces, industrial kilns and other
high-temperature vessels to guarantee and improve the productivity
of those expensive pieces of equipment, while reducing their
consumption of energy. Founded in 1986 and based in China's Henan
province, GengSheng currently has over 170 customers in the iron,
steel, oil, glass, cement, aluminum and chemical businesses located
in China and other countries.
GengSheng conducts business through GengSheng International
Corporation, a British Virgin
Islands company, and its Chinese subsidiaries, which are
Henan GengSheng Refractories Co., Ltd., Zhengzhou Duesail Fracture
Proppant Co., Ltd., Henan GengSheng Micronized Powder Materials
Co., Ltd, Guizhou SouthEast Prefecture Co., Ltd., GengSheng New
Materials Co., Ltd, Henan GengSheng High Temperature Materials Co.,
Ltd. and Henan Yuxing Proppant Co., Ltd.
For more information about the Company, please visit
http://www.gengsheng.com.
For more information, please contact:
China GengSheng Minerals, Inc.
Investor Relations
Mr. Shuai Zhang
ir@gengsheng.com
+86-371-6405-9846
SOURCE China GengSheng Minerals, Inc.