GONGYI, China, Oct. 4, 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 public warning letter
from NYSE MKT LLC (the "Exchange") on October 1, 2013 as a result of its failure to
have its audit committee or a comparable body of its board of
directors review and approve certain loan guarantees provided by
the Company's chairman and CEO, Mr. Shunqing Zhang pursuant to
Sections 120 and 1009 of the Exchange's Company Guide (the "Company
Guide"). The Exchange has warned that any future failure to comply
with Section 120 of the Company Guide may result in the prompt
initiation of delisting procedures against the Company. Management
of the Company has taken the warning letter under advisement and
will implement internal procedures to prevent further breaches of
Section 120 of the Company Guide.
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.
SOURCE China GengSheng Minerals, Inc.