New Energy Systems Group Voluntarily Applying to Delist from NYSE MKT
13 April 2013 - 6:30AM
Marketwired
SHENZHEN, CHINA--(Marketwired -
April 12, 2013) - New Energy Systems Group (NYSE MKT:
NEWN) ("New Energy" or the "Company"), an original design
manufacturer and distributor of Anytone® and MeePower® branded
consumer backup power systems for mobile devices and solar related
application products to service municipal power applications, today
announced that the Company is voluntarily applying to delist its
common stocks from NYSE MKT and planning to list on OTC pink
market. This decision has been unanimously approved by the
Company's board.
The Company made this decision due to the following reasons:
1. The Company believes that the current US capital market
is not suitable for small cap Chinese companies like New Energy.
Although the Company's performance has not been good recently,
the Company believes that the current stock price does not
reflect the Company's real value.
2. Under the current capital market situation, the Company
believes that costs to maintain its listing on NYSE MKT
greatly outweigh the benefits of it.
3. By saving significant listing costs, the Company will
have more funds to support its developing strategy.
Based on the above reasons, the management believed that it is
not practical for the Company to maintain its listing on NYSE MKT.
As such, the Board of Directors of the Company unanimously agreed
that it is in the best interest of the Company and its shareholders
to voluntarily delist its common stock from NYSE MKT. In connection
with this decision, the Company has formally notified NYSE MKT on
April 12, 2013 of the Company's intention to file a Form 25 -
Notification of Removal from Listing and/or Registration under
Section 12(b) of the Securities Exchange Act of 1934, as amended,
with the SEC on or about April 22, 2013.The Company expects that
the delisting will take effect on or about April 22, 2013.
Mr. Weihe ("Jack") Yu, Chairman and CEO of New Energy Systems
Group, said, "It was extremely difficult for the Company to make
this decision. However, considering the Company's future
development, we believed this is a reasonable and understandable
decision. In addition, the Company does not eliminate the
possibility to come back to list on the major stock exchanges."
About New Energy Systems
Group
New Energy Systems Group is an original design manufacturer and
distributor of lithium ion batteries and backup power systems for
leading manufacturers of mobile phones, laptops, digital cameras,
MP3s and a variety of other portable electronics. The Company's
end-user consumer products are sold under the Anytone® and
MeePower® brand in China and globally. The fast pace of new mobile
device introductions in China combined with a growing middle class
make it fertile ground for New Energy's end-user consumer products.
Additional information about the company is available at:
www.newenergysystemsgroup.com.
Forward Looking
Statements
This release contains certain
"forward-looking statements" relating to the business of the
Company and its subsidiary and affiliated companies. These forward
looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions. Such forward looking statements involve known
and unknown risks and uncertainties that may cause actual results
to be materially different from those described herein as
anticipated, believed, estimated or expected. Investors should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (www.sec.gov). All forward-looking
statements attributable to the Company or to persons acting on its
behalf are expressly qualified in their entirety by these factors
other than as required under the securities laws. The Company does
not assume a duty to update these forward-looking
statements.
For more information, please contact: COMPANYNew Energy Systems
GroupKen LinVP of Investor RelationsTel: +1-917-573-0302Email:
ken@newenergysystemsgroup.com www.newenergysystemsgroup.com
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