SHENZHEN, China, Jan. 3, 2012 /PRNewswire-Asia-FirstCall/
-- China TMK Battery Systems Inc. (OTC Bulletin Board: DFEL)
("TMK" or "the Company") (formerly, Deerfield Resources, Ltd.), a
Chinese manufacturer and distributor of customized rechargeable
battery solutions to global consumer product companies, today
announced that on December 30, 2011,
it filed a Certification and Notice of Suspension of Duty to File
Reports with the Securities and Exchange Commission (the "SEC") in
order to reduce substantial legal and accounting expenses. The
Company was eligible to deregister its common shares because it had
fewer than 300 holders of record of its common shares at the
beginning of its fiscal year.
The Board of Directors is in the process of evaluating strategic
alternatives for the Company including a sale, merger,
privatization, or other business combination, however, the Company
has not set a timetable for completion of this evaluation process
and there can be no assurances that this review will result in any
action. The Company does not expect to make any further comments
unless the Board of Directors has approved a specific course of
action or otherwise deems disclosure appropriate.
"We believe our company has a bright future ahead," explained
Mr. Henian Wu, Chairman and
President of the Company. "Since we became a public company in
February 2010, our revenues have
increased from $48.6 million in 2009
to an estimated $84 million in 2011,
significantly faster than the industry. Despite this strong
performance and ongoing efforts to strengthen our competitive
position, our stock continues to trade at a depressed valuation. We
expect that the Company will have attractive options to consider.
In the meantime, our Management team will continue to focus on
executing our business plan and serving our customers."
The Company's Form 15 filing on December
30, 2011 immediately suspended the Company's obligation to
file certain reports with the SEC, including Forms 10-K, 10-Q and
8-K, however, the Company's common stock will continue to be quoted
on the OTCQB and eligible shareholders may continue to avail
themselves of legend removal under Rule 144 until the
deregistration becomes effective. The Company expects that
the deregistration of its common stock will become effective on or
before March 31, 2012. Following
deregistration, the Company's common shares will only be quoted on
the OTC Pink Sheets and its shareholders may no longer avail
themselves of Rule 144.
About China TMK Battery Systems Inc.
Based in Shenzhen, PRC and
founded in 1999, TMK manufactures and distributes high rate
discharge Nickel Metal Hydride ("Ni-MH") multi-cell batteries in
its manufacturing facility located in Shenzhen, China. TMK maintains a diverse
roster of large, consumer-focused clients with major production
facilities in China. The Company
works with its clients throughout the product design cycle to
develop and integrate reliable and long-lasting rechargeable power
solutions for widely used consumer products, which include home
appliances, cordless power tools, medical devices, multiple
personal communication devices and electric bicycles segments. The
Company is also focused on becoming a supplier of back-up power
solutions to the telecommunications industry and for traffic
lighting applications. Corporate Information can be found at
www.tmk-battery.com and investor information can be found at
http://ir.stockpr.com/tmk-battery/
Cautionary Statement Regarding Forward Looking
Information
This press release may contain certain "forward-looking
statements" relating to the business of China TMK Battery Systems
Inc., and its subsidiary companies. All statements, other than
statements of historical fact included herein are "forward-looking
statements" including statements regarding: the ability of the
Board of Directors to find strategic alternatives for the Company
in the wake of the deregistration; the general ability of the
Company to achieve its commercial objectives, including the ability
of the Company to retain its customers and sustain growth; and the
ability of the management to continue implementation of the
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, 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 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 (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 a duty to update these forward-looking
statements.
For more information, please contact:
For the Company:
Mr. Jin Hu, CFO
Tel: +186-88977631
Investor Relations:
MZ North America
Ted Haberfield, Managing Partner
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
SOURCE China TMK Battery Systems Inc.