BEIJING, May 23, 2013 /PRNewswire-FirstCall/ -- China
Shen Zhou Mining & Resources, Inc. (the
"Company") (NYSE MKT: SHZ), today announced the
Company received a delisting notice (the "Notice")
from the staff (the "Staff") of NYSE Regulation, Inc.
("NYSE Regulation") on behalf of NYSE MKT LLC (the
"Exchange") indicating that the Company had failed to
demonstrate its ability to regain compliance with Sections 1003(a)
(iv) of the Exchange's Company Guide (the "Company
Guide"). Section 1003(a)(iv) of the Company Guide applies
if a listed company has sustained losses that are substantial in
relation to its overall operations or its existing financial
resources, or its financial condition has become so impaired that
it appears questionable, in the opinion of the Exchange, as to
whether the company will be able to continue operations and/or meet
its obligations as they mature. The Notice further stated that the
Company is not in compliance with Sections 134 and 1101 of the
Company Guide for not filing its annual report on Form 10-K for the
fiscal year ended December 31, 2012.
Additionally, the Company is not in compliance with Sections 134
and 1101 of the Company Guide for not filing its quarterly report
on Form 10-Q for the quarter ended March 31,
2013.
As previously disclosed, on October 24,
2012, the Company received a letter from the Exchange
advising that the Company was not in compliance with Section
1003(a)(iv) of the Company Guide (the "Original
Notice"). Also, on April 22,
2013, the Company disclosed it received a letter from the
Exchange advising that the Company was not in compliance with
Sections 134 and 1101 of the Company guide for failure to file its
annual report on Form 10-K for the fiscal year ended December 31, 2012 (the "Late Filer
Notice").
As previously disclosed, with respect to the Original Notice,
the Company submitted a plan to regain compliance on November 30, 2012 (the "Original
Plan"), which the Exchange accepted on January 11, 2013. On April
24, 2013, the Company submitted a request for an extension
of the period for compliance under the Original Plan to
October 24, 2013 (the
"Extension Request"). On May
1, 2013, the Company submitted an additional compliance plan
with respect to the Late Filer Notice (the "Late Filer
Plan").
After a review of the information provided by the Company, the
Exchange determined that the Company had not made progress
consistent with the Original Plan and failed to present a
reasonable basis to conclude that the Company could regain
compliance with the Exchange's continued listing standards by the
requested date of October 24, 2013,
and that the Exchange would (1) deny the Extension Request, (2)
reject the Late Filer Plan, and (3) move to delist the Company's
securities from the Exchange. As such, the Exchange intends to
strike the Company's stock from the Exchange by filing a delisting
application with the Securities and Exchange Commission pursuant to
Section 1009(d) of the Company Guide.
The Company does not intend to appeal the Exchange's decision.
The Company's stock is subject to immediate delisting proceedings.
Upon delisting, there can be no assurance that a trading
market will ever resume.
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its
subsidiaries, is engaged in the exploration, development, mining,
and processing of fluorite and nonferrous metals such as zinc, lead
and copper in China. The Company
has the following principal areas of interest in China: (a) fluorite extraction and processing
in the Sumochaganaobao region of Inner Mongolia; (b) fluorite
extraction and processing in Jingde County, Anhui Province; (c) zinc/copper/lead
processing in Wulatehouqi of Inner Mongolia; and (d) zinc/copper
exploration, mining and processing in Xinjiang.
For more information, please visit http://www.chinaszmg.com/
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Forward-looking statements can be identified by the use
of forward-looking terminology such as "will", "believes",
"expects"or similar expressions. These forward-looking statements
may also include statements about our proposed discussions related
to our business or growth strategy, which is subject to change.
Such information is based upon expectations of our management that
were reasonable when made but may prove to be incorrect. All of
such assumptions are inherently subject to uncertainties and
contingencies beyond our control and upon assumptions with respect
to future business decisions, which are subject to change. We do
not undertake to update the forward-looking statements contained in
this press release. For a description of the risks and
uncertainties that may cause actual results to differ from the
forward-looking statements contained in this press release, see our
most recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and our subsequent SEC filings.
Copies of filings made with the SEC are available through the SEC's
electronic data gathering analysis retrieval system (EDGAR) at
http://www.sec.gov.
Contact Information
Ziming Li
Investor Relations
China Shen Zhou Mining & Resources, Inc
Tel: 86-10-88909976
Investors@chinaszky.com
SOURCE China Shen Zhou Mining & Resources, Inc.