TAIYUAN, Shanxi Province,
China, July
25, 2011 /PRNewswire-Asia-FirstCall/ -- Puda Coal, Inc.
(NYSE Amex: PUDA) (the Company), today announced that on
July 15, 2011, the Company submitted
to the NYSE Amex (the Exchange) a plan to regain compliance with
certain of the Exchanges continued listing standards. The Exchange
originally required the Company to submit a plan of compliance by
July 5, 2011 and subsequently
extended the submission deadline to July
15. The Company can provide no assurances that the plan will
be approved by the Exchange.
On July 13, 2011, the Independent
Committee of the Board received a draft merger agreement from
Chairman of the Board, Mr. Ming
Zhao, pertaining to the preliminary buy-out proposal made by
Mr. Zhao on April 29, 2011. Although
it is expected that evaluation and negotiation of the draft
agreement will take at least several weeks, neither the Company nor
the Independent Committee can provide any assurances that a
definitive agreement will be executed or approved or that a
transaction will be consummated or the timing of such. The Company
will provide no other updates regarding the proposed buy-out until
there is a material development.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking
statements. These statements relate to future events and involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, levels of activity, performance, or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. You should not place
undue reliance on forward-looking statements since they involve
known and unknown risks, uncertainties and other factors which are,
in some cases, beyond our control and which could, and likely will,
materially affect actual results, levels of activity, performance
or achievements. Any forward-looking statement reflects our current
views with respect to future events and is subject to these and
other risks, uncertainties and assumptions. We assume no obligation
to publicly update or revise these forward-looking statements for
any reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future.
Investor Relations
Contact:
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Crocker Coulson,
President
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CCG Investor
Relations
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Tel:
+1-646-213-1915
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Email: crocker.coulson@ccgir.com
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Elaine Ketchmere,
Partner
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Tel:
+1-310-954-1345
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Email: elaine.ketchmere@ccgir.com
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Web: www.ccgirasia.com
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SOURCE Puda Coal, Inc.