SHENZHEN, China, April 22, 2015 /PRNewswire/ -- Viewtran
Group, Inc. (NASDAQ: VIEW) ("Viewtran" or "the Company"), a
provider of medical and healthcare devices, energy saving equipment
and complementary technology and engineering services in
China, today announced that it has
notified The NASDAQ Stock Market LLC ("NASDAQ") of its intent to
delist its common stock from the NASDAQ Stock Market for the
following reasons:
- In recent years, the Company has derived only minimal benefits
from being listed on NASDAQ;
- The Company is planning to sell substantially all of its
assets; and
- On January 7, 2015, the Company
received a letter from the Listing Qualifications Department of
NASDAQ stating that NASDAQ's staff had determined that the Company
is not in compliance with Listing Rule 5250(c)(2) (the "Rule"),
which requires that the Company file its six-month financial
information with the SEC on a Form 6-K by no later than six months
after the end of the Company's second fiscal quarter.
The Company intends to file a Form 25 with the SEC on
May 4, 2015 relating to the delisting
of its common stock, with the delisting of its common stock to be
effective ten days thereafter. Accordingly, the Company expects
that the last day of trading of its common stock on NASDAQ will be
on or about May 14, 2014.
On the effective date of the delisting, the Company believes
that it will begin to trade on the over the counter market.
The Company also announced today that the Company has signed a
Sale and Purchase Agreement to sell substantially all of its assets
to Blueberry Capital Limited, an independent third party, for a
purchase price of $70 million.
The closing of the transaction will be subject to a vote of the
Company's shareholders.
About Viewtran Group, Inc.:
Viewtran Group, Inc. (VIEW) is a provider of medical and
healthcare devices, energy saving equipment and complementary
technology and engineering services in China.
Safe Harbor Statement:
This press release includes certain statements that are not
descriptions of historical facts, but are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities and Exchange Act of 1934.
These forward-looking statements may include statements about our
proposed discussions related to our business or growth strategy,
which are subject to change. Such information is based upon
expectations of our management that were reasonable when made, but
may prove to be incorrect. All 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. For further descriptions of other risks and
uncertainties, see our most recent Annual Report filed with the
Securities and Exchange Commission (SEC) on Form 20-F, 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 www.sec.gov.
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SOURCE Viewtran Group, Inc.
