BEIJING, March 3, 2014 /PRNewswire/ -- Tri-Tech
Holding Inc. (Nasdaq: TRIT), which provides turn-key water
resources management, water and wastewater treatment, industrial
safety and pollution control solutions, announced today that, on
February 27, 2014, it received a
letter (the "Nasdaq Letter") from the Staff of The Nasdaq Stock
Market ("Nasdaq"), notifying Tri-Tech that Nasdaq has determined to
delist Tri-Tech's ordinary shares from Nasdaq pursuant to the
Staff's discretionary authority under Listing Rule 5101 and based
on Tri-Tech's failure to disclose material information as required
by Nasdaq Listing Rule 5250(b)(1). Nasdaq Listing Rule 5101
provides, in part, that Nasdaq "has broad discretionary authority
over the initial and continued listing of securities in Nasdaq in
order to maintain the quality of and public confidence in its
market, to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, and to protect
investors and the public interest." Nasdaq Listing Rule 5250(b)(1)
requires prompt disclosure to the public of any "material
information that would reasonably be expected to affect the value
of its securities or influence investors' decisions."
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The Nasdaq Letter noted that Tri-Tech may appeal the Staff's
determination to a Hearings Panel (the "Panel"), pursuant to the
procedures set forth in the Nasdaq Listing Rules. A hearing request
will stay the delisting of Tri-Tech's securities, but will not
result in resumption of trading, pending the Panel's determination.
Unless Tri-Tech requests an appeal, its ordinary shares will be
delisted from NASDAQ at the opening of business on March 10, 2014 and a Form 25-NSE will be filed
with the Securities and Exchange Commission (the "SEC"), which will
remove Tri-Tech's securities from listing and registration on The
Nasdaq Stock Market.
In the Nasdaq Letter, Nasdaq specifically identified the
following concerns: (i) the theft by Tri-Tech's former Chief
Executive Officer ("CEO"), Guang
Cheng, of important assets of Tri-Tech in China; (ii) Tri-Tech's ongoing failures to
regain control of these assets and prevent Mr. Cheng,
notwithstanding his termination as CEO, from exercising authority
over a material subsidiary of Tri-Tech, authority which Mr. Cheng
continues to exercise at present; (iii) Tri-Tech's inability to
disburse funds from that subsidiary's bank accounts and engage in
other corporate actions without the explicit cooperation and
assistance of Mr. Cheng; and (iv) Tri-Tech's failure to timely
disclose the foregoing events to the public.
Tri-Tech plans to appeal the Staff's determination to the Panel.
There can be no assurance that the Panel will grant the appeal made
by Tri-Tech, or that Tri-Tech will be able to regain or maintain
compliance with the requirements for continued listing under the
Nasdaq Listing Rules. There can be no assurance that Tri-Tech
will maintain its Nasdaq listing.
About Tri-Tech Holding Inc.
Tri-Tech is an innovative provider of consulting, engineering,
procurement, construction and technical services. The Company
supports government, state owned entities and commercial clients by
providing efficiency oriented solutions focused on treatment of
water and waste water, management of water resources and
water-efficient irrigation, as well as industrial emission and
safety controls. With software copyrights, product patents, and
capable employees in China, the U.S. and India, Tri-Tech's
capabilities span the cycle of innovation. Please visit
www.tri-tech.cn for more information.
An online investor kit including a company profile,
presentations, press releases, current price quotes, stock charts
and other valuable information for investors is available at
www.tri-tech.cn/ir. To subscribe to future releases via e-mail
alert, visit www.tri-tech.cn/ir/info/request.
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of
1995. These statements are subject to uncertainties and risks
including, but not limited to, product and service demand and
acceptance, changes in technology, economic conditions, the impact
of competition and pricing, government regulation, and other risks
contained in reports filed by the company with the Securities and
Exchange Commission. All such forward-looking statements, whether
written or oral, and whether made by or on behalf of the company,
are expressly qualified by the cautionary statements and any other
cautionary statements which may accompany the forward-looking
statements. In addition, the company disclaims any obligation to
update any forward-looking statements to reflect events or
circumstances after the date hereof.
For more information, please contact us at:
Tri-Tech Holding Inc.
www.tri-tech.cn
IR Department
+86 10 57323666
ir@tri-tech.cn
SOURCE Tri-Tech Holding Inc.
