China Valves Technology, Inc. Receives Nasdaq Non-Compliance Letter
20 August 2012 - 10:30PM
China Valves Technology, Inc. (Nasdaq:CVVT) ("China Valves" or the
"Company"), a leading Chinese metal valve manufacturer, today
announced that the Company received a letter from The Nasdaq Stock
Market ("NASDAQ") notifying the Company of its failure to file the
quarterly report on Form 10-Q for the period ended June 30, 2012
(the "Filing") as required by NASDAQ Listing Rule 5250(c)(1) for
continued listing. The letter was issued in accordance with NASDAQ
Listing Rule 5815(a). The letter stated that the Company has until
September 13, 2012 to provide NASDAQ with a plan to regain
compliance with NASDAQ's filing requirements. Based on the plan,
NASDAQ can grant an extension of up to 180 calendar days from the
due date of the Filing to regain compliance. If NASDAQ does not
accept the Company's plan, the Company will have the opportunity to
appeal the decision to a NASDAQ Hearings Panel.
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries,
Zhengzhou Zhengdie Valve Co., Ltd., Henan Kaifeng High Pressure
Valve Co., Ltd., Tai Zhou Taide Valve Co., Ltd., Yangzhou Rock
Valve Lock Technology Co., Ltd., China Valve Technology (Changsha)
Valve Co., Ltd. and Shanghai Pudong Hanwei Valve Co., Ltd., is
engaged in the development, manufacturing and sale of high-quality
metal valves for the electricity, petroleum, chemical, water, gas
and metallurgy industries. The Company has one of the best known
brand names in China's valve industry, and its history can be
traced back to 1959 when it was formed as a state-owned enterprise.
The Company develops valve products through extensive research and
development and owns a number of patents. It enjoys significant
domestic market share and exports to Asia and Europe. For more
information, visit http://www.cvalve.com
Safe Harbor
Statements
Any statements set forth above that are not historical facts are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such factors include, but are not
limited to, the Company's ability to develop and market new
products, the ability to access capital for expansion, the ability
to acquire other companies, changes from anticipated levels of
sales, changes in national or regional economic and competitive
conditions, changes in relationships with customers, changes in
principal product profits and other factors detailed from time to
time in the Company's filings with the United States Securities and
Exchange Commission and other regulatory authorities. The Company
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. This press release is based upon information
available to the public, as well as other information from sources
which management believes to be reliable, but it is not guaranteed
by China Valves to be accurate, nor does China Valves purport it to
be complete. Opinions expressed herein are those of management as
of the date of publication and are subject to change without
notice.
CONTACT: China Valves Technology, Inc.
Jianbao Wang, CEO
Tel: +86-371-8600-9777
E-mail: ir@cvalve.com
http://www.cvalve.com
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