NINGBO, China, October 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
