BEIJING, June 6, 2011 /PRNewswire-Asia-FirstCall/ -- On
June 6, 2011, Duoyuan Printing, Inc.
(NYSE: DYP) ("Duoyuan Printing" or the "Company"), announced an
update on the status of its listing with the NYSE.
The Company previously received a notice on March 28, 2011 indicating that NYSE Regulation,
Inc. ("NYSE Regulation") has determined that the Company is subject
to delisting and that the common stock of the Company should be
suspended prior to the opening on April 4,
2011. The decision was reached in view of the fact
that the Company is a late filer and was under review by NYSE
Regulation in light of the delay in filing with the Securities and
Exchange Commission of its June 30,
2010 Form 10-K and certain of its fiscal 2011 Form 10-Q
filings. On April 4, 2011, the
Company's stock was suspended from trading on the NYSE and
commenced trading on the over-the-counter market following the
suspension.
On April 11, 2011, the Company
requested a review of NYSE Regulation's determinations. The
Company did not request that the suspension be lifted pending the
appeal. On May 4, 2011, NYSE
Regulation, Inc. Board of Directors' Committee for Review granted
the Company a hearing date of September 12,
2011.
On May 5, 2011, the Company
received a notice from NYSE Regulation requesting the provision of
certain information pursuant to the Company's listing agreement
with the NYSE. In particular, NYSE Regulation requested
information mainly concerning:
- details and the status of the Company's internal
investigation,
- all documents provided to, collected by or gathered in
connection with the Company's internal investigation or the SEC
investigation,
- copies of all correspondence between the Company and the SEC
regarding the SEC investigation and copies of all documents and
information provided or produced to the SEC in connection with the
SEC investigation,
- details and the status of the Company's retention of an
independent auditor,
- complete biographical data for current members of the Board of
Directors and the Audit Committee, and
- a detailed analysis of the Company's current shareholders'
equity, including any support for the financial and operating data
disclosed in the Company's March 21,
2011 Form 8-K.
In the May 5th letter, NYSE
Regulation also reiterated that it would continue to monitor the
Company's compliance with the other qualitative and quantitative
continued listing standards applicable to the Company.
The Company has since provided a response to NYSE Regulation's
May 5th letter as well as
responses to subsequent follow-up requests from NYSE Regulation and
its counsel, including, in part, the Company's assertion of
attorney-client and work product privileges over NYSE Regulation's
request for documents provided to, collected by or gathered in
connection with the Company's internal investigation or the SEC
Investigation.
On May 31, 2011, the Company
received a notice from NYSE Regulation informing the Company that
NYSE Regulation has determined there are additional grounds that
render the Company as no longer suitable for continued listing
under Section 802.01 of the NYSE's Listed Company Manual. The
additional grounds include determinations that:
- the Company and/or its management has engaged in operations
which, in the opinion of the NYSE, are contrary to the public
interest and make further dealings or listing of the Company's
common stock on the NYSE inadvisable or unwarranted, which are
based on the circumstances under which the Company (a) terminated
Deloitte after it identified questionable activity and reported
difficulty obtaining information and documentation necessary to
complete its audit, (b) disregarded the opinions of the Company's
former independent directors with respect to terminating Deloitte,
(c) has yet to have retained an independent auditor and has not
presented any evidence to NYSE Regulation that it will be able to
retain one at any time in the near future, and (d) experienced the
resignations of its Chief Financial Officer and two independent
directors (including the chair of the Audit Committee),
- the Company has failed to provide support for its $50 million
stockholders' equity calculation, leading NYSE Regulation to
determine that the Company has failed to observe good accounting
practices in reporting its earnings and financial position,
- the Company's responses to the May 5th letter and
subsequent correspondence has failed to comply with its disclosure
obligations to the NYSE under its listing agreement, and
- the Company has failed to comply with quantitative continued
listing standards.
At this time, the Company intends to continue pursuing the
appeal of NYSE Regulation's determinations. The Company will
address the allegations raised by NYSE Regulation at a hearing at
NYSE's offices in New York City scheduled on September 12,
2011.
About Duoyuan Printing, Inc.
Duoyuan Printing, Inc. (NYSE: DYP) is a leading manufacturer of
commercial offset printing presses in China. The Company combines technical
innovation and precision engineering to offer a broad range of
printing equipment and solutions. Duoyuan Printing, Inc. has
manufacturing and research and development facilities in Langfang,
Hebei Province and Shaoyang,
Hunan Province in addition to a
distribution and service network with over 85 distributors that
operate in over 65 cities and 28 provinces in China. Headquartered in Beijing, the Company is one of the largest
non-government owned major offset printing equipment and solutions
providers in China. For further
information, please visit Duoyuan Printing's website
http://www.duoyuan.com.
For investor inquiries please email ir@duoyuan.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that involve
risks, uncertainties and assumptions. All statements other than
statements of historical fact in this press release are
forward-looking statements, including but not limited to, the
continued trading of the Company's common stock on the
over-the-counter market or the NYSE, the Company's appeal of NYSE
Regulation's determination to suspend trading in the Company's
common stock, the outcome of such appeal, the ability to meet the
continued listing standards of the NYSE, the Company's ability to
restore investor confidence, the ability to resolve open audit
issues, retaining an audit firm and the filing of the Company's SEC
reports. These forward-looking statements are based on the
Company's current expectations, assumptions, estimates and
projections about the Company and the industry in which the Company
operates, but involve a number of unknown risks and uncertainties,
including, without limitation, the results of the Company's
internal investigation, NYSE Regulation's view of the merits of the
Company's appeal, the Company's ability to retain an independent
registered public accounting firm, the Company's ability to address
any concerns raised by its internal investigators, NYSE Regulation,
potential auditors, the SEC or any other third party. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed
in these forward-looking statements are reasonable, it cannot
assure you that such expectations will turn out to be correct, and
actual results may differ materially from the anticipated results.
You are urged to consider these factors carefully in
evaluating the forward-looking statements contained herein and are
cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by these
cautionary statements.
SOURCE Duoyuan Printing, Inc.