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8-K - FORM 8-K - DUOYUAN PRINTING, INC. | c14790e8vk.htm |
EX-99.2 - EXHIBIT 99.2 - DUOYUAN PRINTING, INC. | c14790exv99w2.htm |
Exhibit 99.1
Duoyuan Printing Receives Notice of Suspension from NYSE
BEIJING, March 29, 2011 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 Companys 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 staffs determination. In the event that the appeal is successful and the
Company otherwise meets the continuing listing standards of NYSE, trading of the Companys 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 NYSEs decision, we plan to appeal for reinstatement on the
exchanges main board as soon as possible, commented Everett Chui, the Companys 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 Printings 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 Companys common stock on the Over-the-Counter market or the NYSE, the Companys plan to
appeal NYSE Regulations determination to suspend trading in the Companys common stock, the
outcome of such an appeal, the ability to meet the continued listing standards of the NYSE, the
Companys ability to restore investor confidence, the ability to resolve open audit issues and the
schedule of completing the Companys internal investigation, retaining an audit firm and the filing
of the Companys SEC reports. These forward-looking statements are based on the Companys 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 Companys internal investigation, NYSE Regulations view of the
merits of the Companys appeal, the Companys ability to retain an independent registered public
accounting firm, the Companys 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.