ZHENGZHOU, China, May 26, 2015 /PRNewswire/ -- China Gerui
Advanced Materials Group Limited (NASDAQ: CHOP)
("China Gerui," or the "Company"), a leading high-precision,
cold-rolled steel producer in China, announced today that the Company
received a written notice (the "Notice") of non-compliance to meet
NASDAQ Listing Standard Rule 5250(c)(1) related to its failure to
timely file its Form 20-F.
The Notice requires China Gerui to submit a plan within sixty
calendar days or by July 20, 2015
that addresses the details of the Company's plan to regain
compliance with the Nasdaq Listing Rules. If NASDAQ
accepts the plan, an exception will be granted of up to 180
calendar days from the due date of the filing of Form 20-F, or
until November 11, 2015, to regain
compliance.
The Company intends to file a compliance plan and remediate
disclosure deficiencies, but there is no assurance that it will be
successful in doing so or that the Company's plan to regain
compliance with the NASDAQ Listing Rule will be accepted.
About China Gerui Advanced Materials Group Limited
China Gerui Advanced Materials Group Limited is a leading niche
and high value-added steel processing company in China. The Company produces high-end,
high-precision, ultra-thin, high- strength, cold-rolled steel
products that are characterized by stringent performance and
specification requirements that mandate a high degree of
manufacturing and engineering expertise. China Gerui's products are
not standardized commodity products. Instead, they are tailored to
customers' requirements and subsequently incorporated into products
manufactured for various applications. The Company sells its
products to domestic Chinese customers in a diverse range of
industries, including the food and industrial packaging,
construction and household decorations materials, electrical
appliances, and telecommunications wires and cables. For more
information, please visit http://www.geruigroup.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. All statements other than statements of historical fact
are statements that could be forward-looking statements
including, but not limited to, statements regarding future events,
future performance, the auction of the acquired porcelain
collection, the availability and use of proceeds from the sale of
the antiquities, the utility to our investors of the non-GAAP
financial measures presented in this release, and our 2014 full
year revenue guidance. You can identify these
forward-looking statements through our use of words such as
"may," "will," "anticipate," "assume," "should," "indicate,"
"would," "believe," "contemplate," "expect," "estimate,"
"continue," "plan," "point to," "project," "could," "intend,"
"target" and other similar words and expressions of the future. All
written or oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary notice,
including, without limitation, those risks and uncertainties
described in our annual report on Form 20-F for the year ended
December 31, 2013 and
otherwise in our SEC reports and filings. Such reports are
available upon request from the Company, or from the SEC, including
through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
Company
Contact:
|
Investor Relations
Contacts:
|
|
Email: investors@geruigroup.com
|
Vivian
Chen
|
Kevin
Theiss
|
Website: www.geruigroup.com
|
Managing
Director
|
Account
Manager
|
|
Grayling
|
Grayling
|
|
Phone:
646-284-9427
|
Phone:
646-284-9409
|
|
Email: vivian.chen@grayling.com
|
Email: kevin.theiss@grayling.com
|
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SOURCE China Gerui Advanced Materials Group Ltd.