New Energy Systems Group Receives NYSE MKT Form 10-K Delinquency Letter
April 22 2013 - 4:34PM
Marketwired
SHENZHEN,
CHINA--(Marketwired - April 22, 2013) -
New Energy Systems Group (NYSE MKT: NEWN) ("New Energy" or
the "Company"), an original design manufacturer and distributor of
Anytone® and MeePower® branded consumer backup power systems for
mobile devices and solar related application products to service
municipal power applications, today announced that the Company has
received a written notice from NYSE MKT LLC (the "NYSE MKT" or the
" "Exchange") on April 17, 2013, indicating that the Company was
not incompliance with the Exchange's continued listing criteria set
forth in Section 134 and 1101 of the NYSE MKT LLC Company Guide
(the "Company Guide") due to the delay in filing the Company's
Annual Report on Form 10-K for the year ended December 31, 2012
(the "Annual Report").
Sections 134 and 1101 of the Company Guide require the timely
filing of such report with the Securities and Exchange Commission
(the "SEC"). The Staff of the Exchange cites the Company's failure
to file its Annual Report within the extended due date has violated
its listing agreement with the Exchange. In order to maintain its
listing, the Company must submit a plan of compliance by May 1,
2013 (the "Plan"), addressing what action in details the Company
has taken or will take to regain its compliance with Section 134
and 1101 of the Company Guide no later than July 16, 2013 (the
"Plan Period"). If the Company does not submit a Plan, or the Plan
is not accepted, the Company will be subject to delisting process.
In addition, if the Plan is accepted, but the Company is not
compliance with the continued listing standards of the Company
Guide by July 16, 2013, or if the Company does not make progress
consistent with the Plan during the Plan Period, the Exchange staff
will initial delisting proceedings as appropriate.
Because the Company notified the Exchange its intention to
voluntarily withdraw its common stock from the Exchange on April
12, 2013, it does not intend to submit a plan of compliance.
About New Energy Systems
Group
New Energy Systems Group is an original design manufacturer and
distributor of lithium ion batteries and backup power systems for
leading manufacturers of mobile phones, laptops, digital cameras,
MP3s and a variety of other portable electronics. The Company's
end-user consumer products are sold under the Anytone® and
MeePower® brand in China and globally. The fast pace of new mobile
device introductions in China combined with a growing middle class
make it fertile ground for New Energy's end-user consumer products.
Additional information about the company is available at:
www.newenergysystemsgroup.com.
Forward Looking
Statements
This release contains certain
"forward-looking statements" relating to the business of the
Company and its subsidiary and affiliated companies. These forward
looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions. Such forward looking statements involve known
and unknown risks and uncertainties that may cause actual results
to be materially different from those described herein as
anticipated, believed, estimated or expected. Investors should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (www.sec.gov). All forward-looking
statements attributable to the Company or to persons acting on its
behalf are expressly qualified in their entirety by these factors
other than as required under the securities laws. The Company does
not assume a duty to update these forward-looking
statements.
For more information, please contact:COMPANYNew Energy Systems
GroupKen LinVP of Investor RelationsTel: +1-917-573-0302Email:
ken@newenergysystemsgroup.comwww.newenergysystemsgroup.com
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