Company to Ring Closing Bell on September 16, 2010
NINGBO, China, Sept. 13 /PRNewswire-Asia/ -- Keyuan Petrochemicals, Inc. (OTC Bulletin Board: KYNP) ("Keyuan or the "Company"), a leading independent manufacturer and supplier of various petrochemical products in China, today announced that the Company received approval by NASDAQ's Listing Qualifications Department to list its common stock on the NASDAQ Capital Market. The Company anticipates that its common stock will commence trading on the NASDAQ Capital Market on September 15, 2010 under the ticker symbol "KEYP." Until that time, the Company's common stock will continue to trade on the Over-the-Counter Bulletin Board under the symbol "KYNP".
Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan, stated, "We believe that uplisting to the NASDAQ Capital Market will benefit our investors by improving our position in the global financial markets, offering increased trading liquidity and raising awareness of the Company's significant growth potential. We also believe that approval for listing on the NASDAQ is an affirmation of Keyuan's strong operating performance and financial condition, and of our leading market position as an independent producer of refined petrochemical products in China."
To mark its listing, Keyuan is invited to preside over the Closing Bell Ceremony at the NASDAQ Exchange's MarketSite in New York City on September 16, 2010. The ceremony can be viewed live beginning at 3:50 pm ET on the MarketSite Tower webcam at the link: http://www.nasdaq.com/about/marketsitetowervideo.asx
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 capacity of 550,000 MT of 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.
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