HUIZHOU, China, June 2, 2011 /PRNewswire-Asia-FirstCall/ -- NIVS
IntelliMedia Technology Group, Inc. (the "Company") (NYSE Amex:
NIV), a comprehensive consumer electronics company that designs,
manufactures, and sells intelligent audio and visual products and
mobile phones, today announced that: on May
31, 2011, the Company received a notification from the NYSE
Amex LLC (the "Exchange") advising the Company of the continuance
of the Company's delisting hearing date to June 15, 2011.
On April 5, May 16, and May 17,
2011, the Company received notification from the Exchange of
its intention to strike the common stock of the Company by filing a
delisting application with the U.S. Securities and Exchange
Commission (the "SEC") pursuant to Section 1009(a) of the NYSE Amex
LLC Company Guide, based on a determination by the staff of NYSE
Regulation, Inc. (the "Staff") that it is necessary and appropriate
for the protection of investors to initiate immediate delisting
proceedings. For details regarding such notification, see the
Company's current reports on Form 8-K filed with the SEC on
April 11, 2011 and on May 19, 2011. The Company appealed the Staff's
determination and was granted a hearing before a Listing
Qualifications Panel, scheduled for June 2,
2011.
On May 27, 2011, the Company
requested a short continuance of the June 2,
2011 hearing, which request was granted by the Exchange on
May 31, 2011. The Company's
hearing before a Listing Qualifications Panel is now scheduled for
June 15, 2011. There can be no
assurance that the Company's request for continued listing will be
granted.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group, Inc., (NYSE Amex: NIV) is an
integrated consumer electronics company that designs, manufactures,
markets, and sells intelligent audio and video products and mobile
phones in China, Greater
Asia, Europe, and North America. The NIVS brand has
received "Most Popular Brand" distinction in China's acoustic industry for three
consecutive years, among numerous other awards. NIVS has developed
leading Chinese speech interactive technology, which forms a
foundation for the Company's intelligent audio and visual systems,
including digital audio, LCD televisions, digital video
broadcasting set-top boxes, peripherals, and more.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements" including
statements regarding: the conduct, timing and outcome of the
Company's appeal of the delisting determination to the NYSE Amex
Listing Qualifications Panel and of the investigation of the
Special Committee of the Company's Board of Directors into the
allegations made by the Company's former auditors; the Company's
ability to engage a new auditor and the timing of such engagement;
the Company's business and operations; business strategy, plans,
and objectives of the Company and its subsidiaries; and any other
statements of non-historical information. These forward-looking
statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions
and involve known and unknown risks and uncertainties. Although the
Company believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve
assumptions, risks, and uncertainties, and these expectations may
prove to be incorrect. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this news 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
(http://www.sec.gov). All forward-looking statements attributable
to the Company or 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 any
duty to update these forward-looking statements.
For more information, please contact:
NIVS IntelliMedia
Jason Wong
Vice President, Investor Relations
Mobile: +86 138 2991 6919 in China
Email: jason@nivsgroup.com
www.nivsgroup.com/English
SOURCE NIVS IntelliMedia Technology Group, Inc.