HUIZHOU, China, May 19,
2011 /PRNewswire-Asia-FirstCall/ -- NIVS IntelliMedia Technology
Group, Inc. ("NIVS" or the "Company") (NYSE Amex: NIV), a
comprehensive consumer electronics company that designs,
manufactures, and sells intelligent audio and visual products and
mobile phones, today announced that: on May
16, 2011, the Company received a notification from the NYSE
Amex LLC (the "Exchange") advising the Company of the determination
of the staff of NYSE Regulation, Inc. (the "Staff") that the
Company is also subject to delisting pursuant to Section 132(e) of
the Company Guide; and on May 17,
2011, the Company received an additional notification from
the Exchange advising the Company of the Staff's determination that
the Company has failed to comply with certain additional continued
listing standards of the Exchange pursuant to Sections 134 and 1101
of the Company Guide.
On April 5, 2011, NIVS received
notification (the "Initial Notification") from the Exchange of its
intention to delist the common stock of the Company from the
Exchange, pursuant to Section 1009(a) of the NYSE Amex LLC Company
Guide (the "Company Guide"). For details regarding the Initial
Notification, see the Company's current report on Form 8-K filed
with the SEC on April 11, 2011. The
Company appealed the Staff's determination and provided a written
submission to the Exchange in support of its appeal on May 6, 2011 (the "Initial Submission"), and a
supplemental written submission on May 10,
2011.
In the view of the Staff, the Company is additionally subject to
delisting pursuant to Section 132(e) of the Company Guide because
the Company made a material misrepresentation in its submission to
the Listing Qualifications Panel. Specifically, in the
Initial Submission, the Company stated that it had been contacted
by the SEC Division of Enforcement and had received a subpoena for
documents in relation to an SEC investigation of three other
companies, however, in the Initial Submission, the Company did not
state that it was itself under investigation by the SEC. It has
come to the Staff's attention that the representatives of the
Company had been specifically informed prior to the date of the
Initial Submission that the Company was itself a subject of the
SEC's investigation, and that notwithstanding such notification,
the Initial Submission failed to disclose that the Company was
itself under investigation by the SEC. After the discrepancy was
brought to the attention of the Company's representatives, it
submitted the Supplemental Submission, in which it confirmed that
the Company is under investigation by the SEC.
The Staff has also determined that the Company has failed to
comply with certain of the continued listing standards set forth in
Sections 134 and 1101 of the Company Guide because the Company has
yet to file its Form 10-Q for the period ended March 31, 2011. In the view of the Staff, due to
the fact that the Company's auditor withdrew its most recent audit
opinion, it is expected that a new independent auditor will need to
complete a full audit of the Company's financial statements. As a
result of this, there is no timetable as to when or if the Company
will be able to complete the filing of its Form 10-K for the year
ended December 31, 2010 or Form 10-Q
for the period ended March 31,
2011.
For details regarding the notices, see the Company's current
report on Form 8-K filed with the SEC on or about May 19, 2011.
The Company intends to address the additional determinations of
the Staff, along with the prior determinations contained in the
Initial Notification, at a hearing before an Amex Listing
Qualifications Panel scheduled for June 2,
2011. There can be no assurance that the Company's request
for continued listing will be granted.
SEC Investigation
The Company has received formal notification from the staff of
the SEC that it has initiated a formal, nonpublic investigation
into whether the Company and four other listed companies had made
material misstatements or omissions concerning its financial
statements, including cash accounts and accounts receivable. The
SEC has served the Company with a subpoena, dated March 24, 2011, for documents relating to the
matters under review by the SEC. It is not possible at this time to
predict the outcome of the SEC investigation, including whether or
when any further proceedings might be initiated, when these matters
may be resolved or what, if any, penalties or other remedies may be
imposed. The Company is committed to cooperating with the SEC.
Auditor Resignation
On May 14, 2011, BDO China Li Xin
Da Hua CPAs ("BDO") resigned as the Company's independent auditor,
effective immediately. For details regarding BDO's resignation, see
the Company's current report on Form 8-K to be filed on or about
May 19, 2011.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group, Inc., (NYSE Amex: NIV) is an
integrated consumer electronics company that designs, manufactures,
markets, and sells intelligent audio and video products and mobile
phones in China, Greater
Asia, Europe, and North
America. The NIVS brand has received "Most Popular Brand"
distinction in China's acoustic
industry for three consecutive years, among numerous other awards.
NIVS has developed leading Chinese speech interactive technology,
which forms a foundation for the Company's intelligent audio and
visual systems, including digital audio, LCD televisions, digital
video broadcasting set-top boxes, peripherals, and more.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements" including
statements regarding: the timing and outcome of the Company's
appeal of the delisting determination to the Amex Listing
Qualifications Panel, or the SEC investigation; the conduct,
timing, duration and outcome of the investigation of the Special
Committee of the Board of Directors into the allegations made by
MaloneBailey; the Company's ability to engage a new auditor and the
timing of such engagement; the Company's business and operations;
business strategy, plans, and objectives of the Company and its
subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions and involve known and unknown
risks and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks, and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this news 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 (http://www.sec.gov). All
forward-looking statements attributable to the Company or 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 any duty to update these
forward-looking statements.
For more information, please contact:
NIVS IntelliMedia
Jason Wong
Vice President, Investor Relations
Mobile: +86 138 2991 6919 in China
Email: jason@nivsgroup.com
www.nivsgroup.com/English
SOURCE NIVS IntelliMedia Technology Group, Inc.