BEIJING, Nov. 15, 2013 /PRNewswire/ -- LianDi Clean
Technology Inc. (OTCPink: LNDT) ("LianDi" or the "Company")
announced its intent to voluntarily deregister its Common Stock
from the reporting requirements of the Securities Exchange Act of
1934 (the "Exchange Act") by filing a Form 15 with the U.S.
Securities and Exchange Commission (the "SEC"). The Company
anticipates filing the Form 15 with the SEC on or about
December 2, 2013. The Company's
Chairman Mr. Jianzhong Zuo, stated
that the Board's decision to deregister its securities was made
after careful and thorough consideration of the advantages and
disadvantages of continuing registration and the continuing costs
and demands on management time arising from compliance with SEC,
Sarbanes-Oxley and other regulatory requirements. LianDi is
eligible to deregister its securities because it has fewer than 300
holders of record. The Board of Directors believes the accounting,
legal and administrative savings associated with deregistration,
both in terms of cost and in time, are in the best interests of
shareholders and the Company. For LianDi's size and the
thinly-traded nature of its stock, the Board believes the financial
and management burden is disproportionate to the benefits of
maintaining its registered status. In light of current and expected
future regulatory requirements, including requirements resulting
from the Sarbanes-Oxley Act, LianDi estimates that it may realize
ongoing annual savings of approximately $500,000 in addition to any indirect cost
savings. LianDi also expects that management will be able to better
focus its attention and resources on continuing to improve
operations and enhancing shareholder value.
LianDi expects that the deregistration will become effective
within 90 days after the Form 15 is filed with the SEC. Upon filing
of the Form 15, LianDi's obligation to file certain reports under
the Exchange Act, including Forms 10-K, 10-Q and 8-K, will
immediately be suspended, and once deregistration is effective,
future reports will not be available through the SEC EDGAR
system.
Following deregistration, LianDi intends to voluntarily make
periodic financial and other information available to its
shareholders via its website at http://www.china-liandi.com. Upon
termination of the registration of its Common Stock, the company's
securities will not be eligible for trading on any national
exchange or the OTC Bulletin Board.
LianDi expects but cannot guarantee that its common stock will
continue to be quoted on the OTC Pink tier operated by OTC Markets
Group, a centralized electronic quotation service for
over-the-counter securities, following its deregistration, so long
as market makers demonstrate an interest in trading in the
Company's common stock. LianDi can provide no assurance that any
broker-dealer will make a market in LianDi's Common Stock, which is
a requirement for quotation on the OTC Pink Tier.
Forward Looking Statements. Any statements set forth above that
are not historical facts are forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act ("SLRA") of 1995, including statements
concerning the Company's strategies, plans, objectives, intentions
and projections. Generally, the words "believe," "expect,"
"intend," "estimate," "anticipate," "project," "realize," "will"
and similar expressions identify forward-looking statements, which
generally are not historical in nature. Such statements are subject
to a variety of estimates, risks and uncertainties, known and
unknown, which may cause the Company's actual results to differ
materially from those anticipated in such forward-looking
statements. Potential risks and uncertainties include, but are not
limited to, such factors as the filing and effective dates of the
Form 15 could differ from what is described above; brokers may not
make a market to allow for OTC Pink quotations; and other risks
discussed in the Company's filings with the SEC, including the
Company's Annual Report on Form 10-K, which filings are available
from the SEC. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. LianDi undertakes no obligation to publicly update or
revise any forward-looking statements.
For further information please contact:
Mr. Jianzhong Zuo
+86-10-58720171
Info_lndt@163.com
SOURCE LianDi Clean Technology Inc.