BEIJING, March 28, 2011 /PRNewswire-Asia-FirstCall/ --
Duoyuan Printing, Inc. (NYSE: DYP) ("Duoyuan Printing" or the
"Company"), today announced that it received a notice from the NYSE
Regulation, Inc. ("NYSE Regulation") indicating that the NYSE
Regulation has determined that the common stock of the Company
should be suspended prior to the opening on April 4, 2011. Trading of the Company's stock
will continue on the Over-the-Counter market following
suspension.
The decision was reached in view of the fact that the Company is
a late filer and was under review by NYSE Regulation in light of
the delay in filing with the Securities and Exchange Commission of
its June 30, 2010 Form 10-K and
certain of its fiscal 2011 Form 10-Q filings.
The Company plans to request a review of this determination by a
Committee of the Board of Directors of NYSE Regulation. Application
to the Securities and Exchange Commission to delist the issue is
pending the completion of applicable procedures, including the
appeal by the Company of the NYSE Regulation staff's determination.
In the event that the appeal is successful and the Company
otherwise meets the continuing listing standards of NYSE, trading
of the Company's common stock on the NYSE would be reinstated,
although no timetable has been established as to when the Committee
of NYSE Regulation would be able to hear such an appeal.
"While we are disappointed with the NYSE's decision, we plan to
appeal for reinstatement on the exchange's main board as soon as
possible," commented Everett Chui,
the Company's Audit Committee Financial Expert. "Our internal
investigation into the matters raised by Deloitte has made
substantial progress. We anticipate its completion at the end of
April 2011, at which point we plan to
engage an auditor to allow us to complete our SEC filings and
fulfill the listing standards of the NYSE. We truly appreciate the
continuing patience of our investors and look forward to bringing
the market further updates in a timely manner."
About Duoyuan Printing
Duoyuan Printing (NYSE: DYP) is a leading manufacturer of
commercial offset printing presses in China. The Company combines technical
innovation and precision engineering to offer a broad range of
printing equipment and solutions. Duoyuan Printing has
manufacturing and research and development facilities in Langfang,
Hebei Province and Shaoyang,
Hunan Province in addition to a
distribution and service network with over 85 distributors that
operate in over 65 cities and 28 provinces in China. Headquartered in Beijing, the Company is one of the largest
non-government owned major offset printing equipment and solutions
providers in China. For further
information, please visit Duoyuan Printing's website
http://www.duoyuan.com.
For investor enquiries, please email ir@duoyuan.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that
involve risks, uncertainties and assumptions. All statements other
than statements of historical fact in this press release are
forward-looking statements, including but not limited to, the
continued trading of the Company's common stock on the
Over-the-Counter market or the NYSE, the Company's plan to appeal
NYSE Regulation's determination to suspend trading in the Company's
common stock, the outcome of such an appeal, the ability to meet
the continued listing standards of the NYSE, the Company's ability
to restore investor confidence, the ability to resolve open audit
issues and the schedule of completing the Company's internal
investigation, retaining an audit firm and the filing of the
Company's SEC reports. These forward-looking statements are based
on the Company's current expectations, assumptions, estimates and
projections about the Company and the industry in which the Company
operates, but involve a number of unknown risks and uncertainties,
including, without limitation, the results of the Company's
internal investigation, NYSE Regulation's view of the merits of the
Company's appeal, the Company's ability to retain an independent
registered public accounting firm, the Company's ability to address
any concerns raised by its internal investigators, the NYSE
Regulation, potential auditors, the SEC or any other third party.
The Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary statements.
SOURCE Duoyuan Printing, Inc.