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8-K - FUQI INTERNATIONAL, INC. | v194829_8k.htm |
Exhibit
99.1
FUQI
International Receives Additional Noncompliance Notice from Nasdaq
SHENZHEN,
China, August 20, 2010 -- FUQI International, Inc. (Nasdaq: FUQI) today
announced receipt of an additional noncompliance notice from The Nasdaq Stock
Market.
On August
17, 2010, the Company received, as expected, an additional notification letter
from The Nasdaq Stock Market stating that the Company remains out of compliance
with Nasdaq Marketplace Rule 5250(c)(1), which requires timely filing of SEC
periodic reports, including the Company's Form 10-K for fiscal 2009 and Form
10-Q reports for the periods ended March 31, and June 30, 2010. As previously
reported, on June 16, 2010, Nasdaq granted the Company an exception until
September 28, 2010 to regain compliance with Nasdaq listing
standards. Accordingly, the Company has until September 28, 2010 to
file its Form 10-K for the year ended December 31, 2009 and Form 10-Q reports
for the periods ended March 31 and June 30, 2010. As required by
Nasdaq, the Company also intends to submit by September 1, 2010 an update to its
original compliance plan. The Nasdaq Notification Letter has no
immediate effect on the listing or trading of the Company’s common stock on the
Nasdaq Global Select Market.
If the
Company is unable to file the delinquent reports by September 28, 2010, Nasdaq
will provide written notification that the Company's securities will be
delisted. At that time, the Company may appeal Nasdaq's determination, and
during any such appeal, the Company's securities would continue to be listed on
Nasdaq.
About
FUQI International
Based in
Shenzhen, China, FUQI International, Inc. is a leading designer, producer and
seller of high quality precious metal jewelry in China. Fuqi develops, promotes,
manufactures and sells a broad range of products consisting of unique styles and
designs made from gold and other precious metals such as platinum and Karat
gold.
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," "anticipates" or similar expressions. Such
information is based upon expectations of the Company's 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. Such risks and uncertainties include, but are not limited to,
the Company's ability to file its Form 10-K and Form 10-Q reports, regain
compliance and remain listed on Nasdaq; the completion and audit of the
Company's financial statements for the year end 2009; the completion of the
Company's review of accounting errors in the first three quarter of 2009; risks
related to the restatement process and its impact on results of operations; the
risk of possible changes in the scope and nature of, and the time required to
complete the restatement process and the issuance of audit opinions on the
Company's prior year financial statements; risks that the Company and/or its
auditors may identify items that materially and adversely affect the Company's
financial results; the Company's ability to remediate the significant
deficiencies and/or material weakness(es) in its internal controls; risks that
additional material weaknesses will be identified which may prolong the
restatement process; the Company's inability to efficiently deploy resources to
manage the restatement process or complete it on a timely basis; adverse capital
and credit market conditions, the vulnerability of the Company's business to a
general economic downturn in China; and other factors detailed from time to time
in the Company's filings with the United States Securities and Exchange
Commission and other regulatory authorities. The Company does 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
the Company's most recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and its 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 .