AutoChina International Announces Receipt of Nasdaq Notification Letter
July 19 2011 - 7:00AM
Business Wire
AutoChina International Limited (“AutoChina” or the “Company”)
(NASDAQ: AUTC), China’s largest commercial vehicle sales,
servicing, leasing, and support network, today announced that on
July 15, 2011, the Company received a written notification from the
Nasdaq Stock Market stating that it is not in compliance with the
filing requirements for continued listing under Nasdaq Marketplace
Rule 5250(c)(1). The Nasdaq notification, which the Company
expected, was issued in accordance with standard Nasdaq procedures
due to the Company not filing its Annual Report on Form 20-F for
the year ended December 31, 2010 with the U.S. Securities and
Exchange Commission (“SEC”) within the required time period.
Nasdaq has provided the Company until August 15, 2011 to submit
a plan to regain compliance, and the Company expects to be able to
meet that deadline. Once a plan of compliance is submitted, Nasdaq
will review that submission, and, if it determines that the plan is
acceptable, the Company will have up to 180 days from the date it
was due to file the Form 20-F for the year ended December 31, 2010,
including its audited financial results, to regain compliance.
About AutoChina International Limited:
AutoChina International Limited is China’s largest commercial
vehicle sales, servicing, leasing, and support network. AutoChina’s
operating subsidiary was founded in 2005 by nationally recognized
Chairman and CEO, Yong Hui Li. The Company owns and operates 333
commercial vehicle financing centers across China; and primarily
provides sales-type leasing and support services for local
customers. The Company’s website is
http://www.autochinaintl.com.
Safe Harbor Statement:
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
about the Company. Forward-looking statements are statements that
are not historical facts. Such forward-looking statements, based
upon the current beliefs and expectations of the Company's
management, are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
The following factors, among others, could cause actual results to
meaningfully differ from those set forth in the forward-looking
statements:
- Continued compliance with government
regulations;
- Changing legislation or regulatory
environments;
- Requirements or changes affecting the
businesses in which the Company is engaged;
- Industry trends, including factors
affecting supply and demand;
- Labor and personnel relations;
- Credit risks affecting the Company's
revenue and profitability;
- Changes in the commercial vehicle
industry;
- The Company’s ability to effectively
manage its growth, including implementing effective controls and
procedures and attracting and retaining key management and
personnel;
- Changing interpretations of generally
accepted accounting principles;
- General economic conditions; and
- Other relevant risks detailed in the
Company’s filings with the Securities and Exchange Commission.
The information set forth herein should be read in light of such
risks. The Company does not assume any obligation to update the
information contained in this press release.
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