HUIZHOU, China, May 9, 2011 /PRNewswire-Asia-FirstCall/ -- China
Intelligent Lighting and Electronics, Inc. (NYSE Amex: CIL) (the
"Company") today confirmed that it is continuing to conduct its
normal business operations while the Special Investigation
Committee consisting of independent members of the Board of
Directors (the "Special Committee") is executing upon its mandate
to conduct an internal investigation into the concerns of the
Company's former independent registered public accounting firm,
MaloneBailey, LLP. Under the supervision and oversight of the
Special Committee, a group of recently engaged experts in the
forensic accounting, legal and other related fields is conducting a
detailed review of the facts and circumstances underlying the
concerns in question.
In addition, the Company appealed the delisting determination
issued by the NYSE Amex LLC staff ("Amex"), which appeal has stayed
the delisting action pending a hearing on the matter. A
hearing before the AMEX Listing Qualifications Panel will be held
in June 2011 at which hearing the
Company will present its appeal of the Amex staff's delisting
determination. There can be no assurance that the Company's
appeal for continued listing will be granted, or even if it is
granted, that the Company will be able to execute upon such request
in a timely manner or to the satisfaction of Amex. In the event the
Amex Panel determines to affirm the staff's delisting
determination, the Company's securities will be subject to imminent
delisting from Amex and will be quoted for trading in
over-the-counter securities markets.
About China Intelligent Lighting and Electronics,
Inc.
China Intelligent Lighting and Electronics, Inc. (NYSE Amex:
CIL) is a China-based company that
provides a full range of lighting solutions, including the design,
manufacture, sales and marketing of high-quality LED and other
lighting products for the household, commercial and outdoor
lighting industries in China and
internationally. The Company currently offers over 1,000 products
that include LEDs, long life fluorescent lights, ceiling lights,
metal halide lights, super electric transformers, grille spot
lights, down lights, and recessed and framed lighting.
www.hyundai-elc.com/english/
Forward-Looking Statements
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: Certain of the statements made in the press
release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements can be identified by the use of forward-looking
terminology such as "believe," "expect," "may," "will," "should,"
"project," "plan," "seek," "intend," or "anticipate" or the
negative thereof or comparable terminology. Such statements
typically involve risks and uncertainties and actual results could
differ materially from the expectations reflected in such
forward-looking statements as a result of a variety of factors,
including the Company's ability to successfully appeal the
delisting notification from NYSE Amex; the Company's ability to
timely complete an internal investigation into allegations of
frauds from its former independent auditor; the discovery of
additional issues related to the Company's accounting records which
may extend the investigation; costs and expenses incurred by the
Company related to the internal investigation, including legal and
other professional service fees, and the ultimate findings and
conclusions of such investigation; the Company's exposure to
shareholder lawsuits that have been filed against the Company in
connection with the matters subject to the investigation, in
addition to costs and expenses that will be incurred by the Company
related to the defense of such claims, particularly in light of the
Company's lack of insurance that will cover any of the costs; the
ability of its new independent auditing firm to audit the Company's
financial statements for the years ended December 31, 2010 and 2009 and file its Form 10-K
for the year ended December 31, 2010
within a reasonable period; the Company's inability to efficiently
deploy resources to manage the process or complete it on a timely
basis; collectability of trade receivables due to the Company by
its customers; the Company's ability to develop and market new
products; the Company's ability to accurately forecast amounts of
supplies needed to meet customer demand; exposure to product
liability and defect claims; fluctuations in the availability of
raw materials and components needed for the Company's products;
changes in the laws of the PRC that affect the Company's
operations; and the Company's ability to obtain all necessary
government certifications, approvals, and/or licenses to conduct
its business. New risk factors emerge from time to time and
the Company cannot predict all such risk factors, nor can it assess
the impact of all such risk factors on the Company's business or
the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements.
For more information, please contact:
Investor Relations:
China Intelligent Lighting and Electronics, Inc.
Peter Zhu
Tel: +1-646-380-2453
SOURCE China Intelligent Lighting and Electronics, Inc.