CHANGSHU, China, Feb. 6, 2015 /PRNewswire/ -- Sutor Technology
Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the
leading China-based manufacturers
and service providers for fine finished steel products used by a
variety of downstream applications, today announced that on
February 5, 2015 it received a letter
from the staff of the Listing Qualification of the Nasdaq Stock
Market LLC ("NASDAQ"), indicating that the Company was granted an
additional 180 calendar day period, or until August 3, 2015 to satisfy with the $1.00 minimum closing bid price requirement under
the Nasdaq Listing Rules.
NASDAQ's determination was based on the Company meeting the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing on
the NASDAQ Capital Market with the exception of the bid price
requirement, and the Company's written notice to NASDAQ stating its
intention to cure the deficiency during the additional compliance
period by effecting a reverse stock split, if necessary.
The NASDAQ notification letter has no immediate effect on the
listing or trading of the Company's common stock on the NASDAQ
Capital Market. The Company will consider all available options to
resolve the deficiency and regain compliance during the second
compliance period.
About Sutor Technology Group Limited
Sutor is one of the leading China-based manufacturers and service
providers for high-end fine finished steel products and welded
steel pipes used by a variety of downstream applications. The
Company utilizes a variety of in-house developed processes and
technologies to convert steel manufactured by third parties into
fine finished steel products, including hot-dip galvanized steel,
pre-painted galvanized steel, acid-pickled steel, cold-rolled steel
and welded steel pipe products. In addition, the Company offers
fee-based steel processing services and sells fine finished steel
products through electronic commerce platforms. To learn more about
the Company, please visit http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are "forward-looking
statements' in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include, among
others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating
results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such
forward-looking statements are not guarantees of future performance
and that a number of risks and uncertainties could cause our actual
results to differ materially from those anticipated, expressed or
implied in the forward-looking statements. These risks and
uncertainties include, but not limited to, the factors mentioned in
the "Risk Factors" section of our Annual Report on Form 10-K for
the year ended June 30, 2014, and
other risks mentioned in our other reports filed with the
Securities Exchange Commission ("SECĀ”). 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. The words "believe," "expect,"
"anticipate," "project," "targets," "optimistic," "intend," "aim,"
"will" or similar expressions are intended to identify
forward-looking statements. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. The Company assumes no obligation and does not
intend to update any forward-looking statements, except as required
by law.
For more information, please contact:
Investor
Relations
Sutor Technology Group
Limited
Tel:
+86-512-5268-0988
Email:
investor_relations@sutorcn.com
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SOURCE Sutor Technology Group Limited