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Keyuan Petrochemicals Inc. Receives Approval to Move Listing to the NASDAQ Global Market

2011-01-14 04:49 1222

NINGBO, China, Jan. 14, 2011 /PRNewswire-Asia/ -- Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, announced that the Company received approval by NASDAQ's Listing Qualifications Department to list its common stock on the NASDAQ Global Market. The Company anticipates that its common stock will commence trading on the NASDAQ Global Market on January 18, 2011 under the same ticker symbol "KEYP." Until that time, the Company's common stock will continue to trade on the NASDAQ Capital Market.

"We are proud to have qualified for the NASDAQ Global Market," said Chunfeng Tao, Chairman and Chief Executive Officer of Keyuan. "This move is a significant milestone of our progress and indicative of our commitment to generating shareholder value. We believe inclusion in this higher tier of companies reflects our commitment to accretive growth and our positive momentum in 2011."

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 550,000 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.

Source: Keyuan Petrochemicals, Inc.
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NASDAQ:KEYP
Keywords: Oil/Energy
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