CHANGSHU, China, Nov. 25, 2014 /PRNewswire-FirstCall/ -- Sutor
Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR),
one of the leading providers of fine finished steel products and
services used by steel fabricators and other applications in a
variety of industries, today announced that it received a letter
from the Listing Qualifications Department of The NASDAQ Stock
Market, on November 20, 2014 (the
"Letter"), informing the Company that it does not comply with the
Nasdaq continued listing requirements set forth in Nasdaq Listing
Rule 5250(c)(1), which requires the timely filing of periodic
reports because the Company has not yet filed its Form 10-Q for the
period ended September 30, 2014 (the "Form 10-Q"), and
because the Company remains delinquent in filing its Form 10-K for
the period June 30, 2014 (the "Form 10-K").
The Company has until December 15,
2014, to submit a plan to regain compliance with respect to
the above delinquent reports. The Nasdaq Listing Rules provide that
the Staff can grant the Company an exception of up to 180 calendar
days from the filing's due date, or until April 13, 2015 to regain compliance if Nasdaq
accepts the Company's plan of compliance.
As previously reported by the Company in its Form 12b-25 filed
with the Securities and Exchange Commission on November 14, 2014, the filing of the Company's
Form 10-Q has been delayed as a result of the change of the
Company's auditor.
About Sutor Technology Group Limited
Sutor is one of the leading providers of fine finished steel
products and services for fine finished steel products used by a
variety of downstream applications. The Company utilizes a variety
of in-house developed processes and technologies to convert steel
manufactured by third parties into fine finished steel products,
including hot-dip galvanized steel, pre-painted galvanized steel,
acid-pickled steel, cold-rolled steel and welded steel pipe
products. To learn more about the Company, please visit
http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are forward-looking
statements in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include, but not limited to, references to our plan to file both
Form 10-K and Form 10-Q by the end of November 2014 and management's expectation to
regain compliance of Nasdaq Listing Rules. These
forward-looking statements are only predictions and are not
guarantees of performance. These statements are based on beliefs
and assumptions of management, which in turn are based on currently
available information. These forward-looking statements also
involve risks and uncertainties, which could cause actual results
to differ materially from those contained in any forward-looking
statement.Many of these factors are beyond our ability to control
or predict.These risks and uncertainties include, but not limited
to, the factors mentioned in the "Risk Factors" section of our
Annual Report on Form 10-K for the fiscal year ended June 30, 2013, and other risks mentioned in our
other reports filed with the Securities and Exchange Commission
("SEC"). Copies of filings made with the SEC are available through
the SEC's electronic data gathering analysis retrieval system
(EDGAR) at http://www.sec.gov. The words "believe," "expect,"
"anticipate," "project," "targets," "optimistic," "intend," "aim,"
"will" or similar expressions are intended to identify
forward-looking statements. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. Although we believe the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, level of activity, performance or achievements.
Moreover, neither we nor any other person assumes responsibility
for the accuracy or completeness of any of these forward-looking
statements. We do not undertake any responsibility to update
any of these forward-looking statements to conform our prior
statements to actual results or revised expectations, except as
expressly required by law..
For more information, please contact:
Investor Relations
Sutor Technology Group Limited
Tel: +86-512-5268-0988
Email: investor_relations@sutorcn.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sutor-technology-group-limited-receives-nasdaq-non-compliance-letter-due-to-delay-in-filing-quarterly-report-on-form-10-q-300000892.html
SOURCE Sutor Steel Technology Co., Ltd.