China Energy Savings Technology, Inc. Received Notice of Delisting
19 May 2006 - 4:45PM
PR Newswire (US)
HONG KONG, May 19 /Xinhua-PRNewswire/ -- China Energy Savings
Technology, Inc. (NASDAQ:CESV) today announced that on May 10, 2006
it received a staff determination letter from the Nasdaq Stock
Market. It stated the staff believes that due to public interest
concerns under Marketplace Rule 4300 and that the Registrant may
have violated Marketplace Rules 4330 and 4420, the staff determined
to delist the Registrant's securities from the Nasdaq Stock Market
at the opening of business on Friday, May 19, 2006 unless the
Company requests a hearing in accordance with Nasdaq Marketplace
Rules. While the Company does not agree with the staff's
determination, it is the Company's intention not to request such a
hearing. About China Energy Savings Technology China Energy Savings
Technology, Inc., through its ownership interest in Starway
Management Limited engages in the development, manufacture, sale,
and distribution of energy-saving products for use in commercial
and industrial settings in the People's Republic of China.
According to test reports by various PRC authorities including the
National Center of Supervision & Inspection on Electric Light
Source Quality (Shanghai) issued in September 2002, Shenzhen
Academy of Metrology & Quality Inspection issued in December
2002 and approved by the State Quality Supervision Inspection
Department, the energy saving products of Starway's subsidiaries
may provide energy saving rates ranging from approximately 25% to
45%. The energy saving projects conducted by Starway's subsidiaries
mostly relate to public or street lighting systems, government
administration units, shopping malls, supermarkets, restaurants,
factories and oil fields, etc. There are small and large-scaled
projects: the small-scaled projects relate to restaurants, shops,
small arcades, offices and households through the sale of
equipment, and the large- scaled projects relate to large shopping
malls, supermarkets, factories and public bodies through the
provision and installation of equipment over a term usually
extended for years. Safe Harbor Statement As a cautionary note to
investors, certain matters discussed in this press release may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve
risks and uncertainties that may cause actual results to differ
materially, including the following: changes in economic
conditions; general competitive factors; the Company's ability to
execute its business model and strategic plans; and the risks
described from time to time in the Company's SEC filings. For more
information, please contact: China Energy Savings Technology, Inc.
Email: DATASOURCE: China Energy Savings Technology, Inc. CONTACT:
China Energy Savings Technology, Inc., Web site:
http://www.dicjenhitech.com/
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