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| 8-K - FORM 8K DATED 05/19/11 - Keyuan Petrochemicals, Inc. | f8k051911_keyuan.htm |
Exhibit 99.1
Keyuan Petrochemicals Inc. Announces NASDAQ Delinquency Notice
NINGBO, China, May 23, 2011 -- Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, today announced it has received an additional notice from NASDAQ stating the Company is not in compliance with Listing Rule 5250(c)(1) for continued listing due to not filing its Form 10-Q for the three months ended March 31, 2011 by the due date of May 16, 2011. As previously announced, the Company received notice from the Nasdaq on April 7, 2011, stating that the Company was not in compliance with Listing Rule 5250(c)(1) for continued listing due to not filing its Form 10-K for the year ended December 31, 2010 by the due date of March 31, 2011 (extended to April 15, 2011 by Exchange Act Rule 12b-25).
To maintain its NASDAQ listing, Keyuan has submitted a plan of compliance to the NASDAQ on April 26, 2011, addressing issues it believes will support its request for an extension to regain compliance. If the plan is accepted, Keyuan may be able to continue its listing during the plan period up to October 12, 2011, during which time the Company will be subject to periodic review to determine if it is making progress consistent with the plan. If the plan is not accepted, or if the plan is accepted but the Company fails to make progress consistent with the plan, or it is not in compliance by October 12, 2011, Keyuan will be subject to delisting proceedings. Under NASDAQ rules, Keyuan has the right to appeal any determination by NASDAQ to initiate delisting proceedings.
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating through its wholly-owned subsidiary, Keyuan Plastics, Co. Ltd., is located in Ningbo, China and is a leading independent manufacturer and supplier of various petrochemical products. Having commenced production in October 2009, Keyuan's operations include an annual petrochemical manufacturing design capacity of 720,000 MT for a variety of petrochemical products, with facilities for the storage and loading of raw materials and finished goods, and a technology that supports the manufacturing process with low raw material costs and high utilization and yields. In order to meet increasing market demand, Keyuan plans to expand its manufacturing capacity to include a SBS production facility, additional storage capacity, a raw material pre-treatment facility, and an asphalt production facility.
Safe Harbor Statement
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. Keyuan Petrochemicals, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form S-1, as amended. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Investor Relations:
HC International, Inc.
Ted Haberfield Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
Website: http://www.hcinternational.net
Mr. Andrew Haag
Managing Partner, USA
Hampton Growth, LLC
Tel: +1-877-368-3566
E-mail: andrew@hamptongrowth.com
Website: www.hamptongrowth.com