GONGYI, China, May 9, 2014 /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 that it has given formal written
notice to The NYSE MKT LLC ("MKT") of its intention to voluntarily
delist its common stock from MKT.
The Company intends to file a Form 25 with the Securities and
Exchange Commission ("SEC") on or about May
9, 2014 to effect the voluntary delisting of its common
stock from MKT. The official delisting of the Company's common
stock will become effective approximately ten days thereafter, on
May 9, 2014. The Company will
continue to file periodic reports with the SEC pursuant to the
requirements of Section 12(g) of the Securities Exchange Act of
1934, as amended.
The Company anticipates that starting from the delisting from
MKT on May 9, 2014, the Company's
common stock will begin quotation on the over-the-counter ("OTC")
market tier, OTCQB. Operated by OTC Markets Group Inc., the OTCQB
is a market tier for OTC traded companies that are registered and
reporting with the SEC. It is anticipated that the Company's common
stock will continue to trade under the symbol CHGS on the
computerized OTCQB system.
Following the Board of Director's detailed review of numerous
factors, the applicable MKT rules and regulations, Rule 12-d2-2(c)
under the Securities Exchange Act of 1934, as amended, the
Company's current financial condition, the benefits generated by
the maintenance of the listing, and the significant compliance
obligations and costs that result from the maintenance of the
listing, the Board of Directors determined that the significant
costs associated with the continued listing of the Company's common
stock on MKT outweigh the current benefits to the Company and its
shareholders. Therefore, the Board of Directors authorized the
action to delist the Company's common stock from MKT. The action to
delist the Company's common stock from MKT was also approved and
ratified by the shareholders of the Company at a special
shareholder meeting held on September 2, 2013.
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 300 customers in the iron,
steel, oil, glass, cement, aluminum, chemical and solar industries
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 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.