SHENZHEN, China, Oct. 21 /PRNewswire-Asia-FirstCall/ -- FUQI International, Inc. (Nasdaq: FUQI) today announced that a Nasdaq Listing Qualifications Panel (the "Panel") has granted the Company's request for a further stay of the delisting of its securities from Nasdaq. At the hearing, which is scheduled to take place in mid-November 2010, FUQI will present its plan for regaining compliance with Nasdaq Listing Rules.
As the Company reported on September 29, 2010, Nasdaq notified the Company that it was subject to delisting due to its failure to file its Annual Report on Form 10-K for the period ended December 31, 2009 and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2010 and June 30, 2010, as required by Nasdaq Listing Rule 5250(c)(1).
The Company requested a hearing on October 6, 2010, which automatically stayed the delisting for 15 calendar days. Prior to the expiration of the 15-day stay, the Panel granted the Company's request for a further stay pending the results from the Company's scheduled hearing. As such, the Company will remain listed pending the Panel's formal ruling after the scheduled hearing.
As previously announced, the Panel generally issues a written decision approximately 35 days after the hearing. The Panel has the authority to grant an exception to the Nasdaq Listing Rules for a period not to exceed 360 days from the due date of FUQI's initial late periodic report, which is the Form 10-K that was due on March 16, 2010.
About FUQI International
Based in Shenzhen, China, FUQI International, Inc. is a leading designer, producer and seller of high quality precious metal jewelry in China. Fuqi develops, promotes, manufactures and sells a broad range of products consisting of unique styles and designs made from gold and other precious metals such as platinum and Karat gold. For more information, please visit http://www.fuqi.com.cn
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "will," "believes," "expects," "anticipates" or similar expressions. Such information is based upon expectations of the Company's management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions. Such risks and uncertainties include, but are not limited to, the completion and audit of the Company's financial statements for the year end December 31, 2009; the completion of the Company's review of accounting errors in the first three quarter of 2009; the Company's ability to file its restated 2009 quarterly reports, its 2009 Form 10-K, and the quarterly reports for the periods ended March 31, 2010 and June 30, 2010; the Company's ability to regain compliance and remain listed on Nasdaq; risks related to the restatement process and its impact on results of operations; the risk of possible changes in the scope and nature of, and the time required to complete the restatement process and the issuance of audit opinions on the Company's prior year financial statements; risks that the Company and/or its auditors may identify items that materially and adversely affect the Company's financial results; the Company's ability to remediate the significant deficiencies and/or material weaknesses in its internal controls; risks that additional material weaknesses will be identified which may prolong the restatement process; the Company's inability to efficiently deploy resources to manage the restatement process or complete it on a timely basis; and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company does not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see the Company's most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and its subsequent SEC filings. 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.
