HUIZHOU, China, June 22, 2011 /PRNewswire-Asia-FirstCall/ -- NIVS
IntelliMedia Technology Group, Inc. ("NIVS" or the "Company") (NYSE
Amex: NIV), a comprehensive consumer electronics company that
designs, manufactures, and sells intelligent audio and visual
products and mobile phones, today announced that the NYSE Amex LLC
(the "Exchange") will suspend the Company's listing with the
Exchange, effective as of the open of business on Thursday, June 23, 2011.
On June 20, 2011, the Company was
notified by the Exchange that a Listing Qualifications Panel of the
Exchange's Committee on Securities had denied the Company's request
for continued listing with the Exchange, following a hearing on
June 15, 2011.
Upon the suspension of trading on the Exchange, it is expected
that the Company's common stock will be eligible to trade in the
"grey market" where securities that are not listed, traded or
quoted on any U.S. stock exchange, the OTC Bulletin Board or OTC
Link are found. Grey market trades are reported by
broker-dealers to their Self Regulatory Organization ("SRO") and
the SRO distributes the trade data to market data vendors and
financial websites, such as Yahoo!® Finance, so investors can track
price and volume. The Company's stock is not immediately eligible
for trading on the over-the-counter (OTC) market due to the fact
that trading in the Company's stock was previously halted on the
Exchange.
The Company looks forward to the conclusion of the investigation
of the Special Committee and the planned subsequent audit of the
Company's 2009 and 2010 fiscal years. The Company hopes to
provide accurate and complete financial information to its
shareholders and the investing public as soon as possible.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group, Inc., (NYSE Amex: NIV) is an
integrated consumer electronics company that designs, manufactures,
markets, and sells intelligent audio and video products and mobile
phones in China, Greater Asia, Europe, and North
America. The NIVS brand has received "Most Popular Brand"
distinction in China's acoustic
industry for three consecutive years, among numerous other awards.
NIVS has developed leading Chinese speech interactive technology,
which forms a foundation for the Company's intelligent audio and
visual systems, including digital audio, LCD televisions, digital
video broadcasting set-top boxes, peripherals, and more. For
more information regarding NIVS, including updates regarding the
Company, please see the NIVS website at www.nivsgroup.com/English
.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements" including
statements regarding: the conduct, timing, duration and outcome of
the investigation of the Special Committee of the Board of
Directors into the allegations made by MaloneBailey; whether the
Company's common stock will be traded in the "grey market" after
delisting; the Company's business and operations; business
strategy, plans, and objectives of the Company and its
subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions and involve known and unknown
risks and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks, and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this news release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume any duty to update these
forward-looking statements.
For more information, please
contact:
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NIVS IntelliMedia
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Jason Wong
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Vice President, Investor
Relations
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Mobile: +86 138 2991 6919 in
China
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Email:
jason@nivsgroup.com
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www.nivsgroup.com/English
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SOURCE NIVS IntelliMedia Technology Group, Inc.