FUZHOU,
China, Dec. 16, 2022 /PRNewswire/ -- Pingtan
Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the
"Company"), a fishing company based in the People's Republic of
China (the "PRC"), today announced that it was notified
by The Nasdaq Stock Market LLC ("Nasdaq") on December 9, 2022, that the trading in PME stock
has been suspended in response to the actions by the
U.S. Department of the Treasury's Office of Foreign Assets
Control ("OFAC"). In a press release earlier the same day,
OFAC designated certain individuals and companies along with
their affiliated entities, including the Company and its
Chairman and Chief Executive Officer, Mr. Xinrong Zhuo, as well as certain vessels in
which the Company has an interest, in the list of
Specially Designated Nationals ("SDN List"). The details of the
sanctions may be referenced at
https://home.treasury.gov/news/press-releases/jy1154 and
https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20221209.
OFAC stated in its press release that these actions are taken
pursuant to Executive Order 13818, issued by former
President Trump on December 20,
2017 ("EO 13818"). OFAC issued two general
licenses ("GLs"), Global Magnitsky GLs 3 and 4. GL 3
authorizes U.S. persons to engage in certain transactions
ordinarily incident and necessary to the wind down of financial
contracts and other agreements related to the Company, or the
divestment or transfer of debt or equity of the Company, which is
currently listed on the Nasdaq Stock Market, to a non-U.S.
person through 12:01 a.m. eastern standard
time, March 9, 2023. GL 4
authorizes U.S. persons to engage in transactions that are
ordinarily incident and necessary to the wind down of transactions
involving a vessel in which one or more of the blocked entities
have an interest, through 12:01 a.m.
eastern standard time, March 9,
2023. For additional details, see
https://home.treasury.gov/system/files/126/glomag_gl3.pdf and
https://home.treasury.gov/system/files/126/glomag_gl4.pdf.
The Company conducts marine fishing operations in international
waters with owned or licensed vessels, and has endeavored to ensure
that its fishing methods are in compliance with international
standards and the laws and regulations of the operating waters. The
Company's human resource management is in compliance with the
Labor Law and the Labor Contract Law of the PRC, and the
Company strives to comply with the laws of all other
jurisdictions that have approved the Company's fishing
operations, and other relevant international laws.
The Company is thoroughly assessing the possible impact of this
incident on the Company's business and prospects. The
Company intends to take appropriate measures to protect the
interests of the Company and its shareholders, and is
currently reviewing its options to seek removal from the SDN
List.
About Pingtan
Pingtan is a fishing company primarily engaging in ocean fishing
through an operating subsidiary based in the PRC. Pingtan
conducts marine fishing operations in international with owned
or licensed vessels.
Forward-Looking Statements
This press release contains ''forward-looking statements''
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact in this
press release are forward-looking statements, including but not
limited to statements regarding the development of the sanction
incident and the Company's measures, as well as the Company's
compliance with relevant laws and regulations,
including Nasdaq listing rules. Actual results and the
timing of relevant events could differ materially from those
anticipated in such forward-looking statements as a result of
various risks and uncertainties. These forward-looking
statements are based on the Company's current expectations and
involve known and unknown risks and uncertainties. Investors can
identify these forward-looking statements by words or phrases such
as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and the Company undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date hereof.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
ir@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
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SOURCE Pingtan Marine Enterprise Ltd.