Andatee Announces Receipt of NASDAQ Continued Listing Deficiency Notice
April 10 2015 - 3:32PM
Andatee China Marine Fuel Services Corporation (Nasdaq:AMCF), a
producer, distributor, and retailer of quality marine fuel for
small cargo and fishing vessels in China (the "Company"), today
announced that the Company received a notification from the NASDAQ
Stock Market ("NASDAQ") informing the Company that since it had not
filed its Annual Report on Form 10-K for the fiscal year ended
December 31, 2014, the Company was not in compliance with NASDAQ
Listing Rule 5250(c)(1). The NASDAQ notification letter does not
result in the immediate delisting of the Company's common stock,
and the stock will continue to trade uninterrupted under its
current trading symbol.
The Company must submit a plan of compliance with the foregoing
listing deficiency by no later than June 5, 2015. If its plan is
approved by the NASDAQ staff, the Company may be eligible for a
listing exception of up to 180 calendar days (or until September
28, 2015) to regain compliance. If the NASDAQ staff concludes that
the Company will not be able to cure the deficiency, or if the
Company determines not to submit the required materials or make the
required representations, the Company's common stock will be
subject to delisting by NASDAQ.
As the Company disclosed in its Current Report on Form 8-K filed
March 31, 2015, the Company expects the completion of the 2014
audit and filing of the 2014 Annual Report by no later than April
30, 2015.
About Andatee China Marine Fuel Services
Corporation
Andatee China Marine Fuel Services Corporation, through its
subsidiaries, engages in the production, storage, distribution, and
trading of blended marine fuel oil for cargo and fishing vessels in
the People's Republic of China. Andatee is based in Dalian,
PRC.
Safe Harbor Relating to the Forward Looking
Statements
Statements contained in this press release not relating to
historical facts are forward-looking statements that are intended
to fall within the safe harbor rule under the Private Securities
Litigation Reform Act of 1995. All forward-looking statements
included herein are based upon information available to the Company
as of the date hereof and, except as is expressly required by the
federal securities laws, the Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, changed circumstances or future events
or for any other reason. To the extent that any statements made
here are not historical, these statements are essentially
forward-looking. The Company uses words and phrases such as
"guidance," "forecasted," "projects," "is expected," "remain
confident," "will" and/or similar expressions to identify
forward-looking statements in this press release. Undue reliance
should not be placed on forward-looking information. The Company
may also make written or oral forward-looking statements in its
periodic reports filed with the U.S. Securities and Exchange
Commission and other written materials and in oral statements made
by its officers, directors or employees to third parties. These
statements are subject to risks and uncertainties that cannot be
predicted or quantified and, consequently, actual results may
differ materially from those expressed or implied by these
forward-looking statements. Such risk factors include, without
limitation, the Company's ability to submit a plan of compliance
that will be approved by the NASDAQ staff, the Company's ability to
complete the 2014 audit and filing of the 2014 Annual Report on
Form 10-K within the projected timeframe, its ability to maintain
listing of its securities on NASDAQ, the Company's ability to
properly execute our business model, oil price stability, to
address price and demand volatility, to counter weather and
seasonal fluctuations, to attract and retain management and
operational personnel, potential volatility in future earnings,
fluctuations in the Company's operating results, our ability to
expand geographically into new markets and successfully integrate
future acquisitions, our ability to integrate and capitalize on the
recent acquisitions, PRC governmental decisions and regulation, and
existing and future competition that the Company is facing.
Additional risks that could affect our future operating results are
more fully described in our U.S. Securities and Exchange Commission
filings, including our Annual Report on Form 10-K for the year
ended December 31, 2013, filed with the SEC and other subsequent
filings. These filings are available at http://www.sec.gov. The
Company may, from time to time, make additional written and oral
forward-looking statements, including statements contained in our
filings with the SEC and our reports to shareholders. We do not
undertake to update any forward-looking statements that may be made
from time to time by or on our behalf.
CONTACT: Thomas Yang
Andatee Marine Fuel Services Corporation Limited
Unit C, No. 68 West Binhai Road, Xigang District
Dalian Liaoning, China
Phone: 011-86411-8240-8219
Facsimile: 011-86411-8368-8835
Website: www.andatee.com
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