SHISHI, China, Oct. 22, 2013
/PRNewswire-FirstCall/ -- China Marine Food Group Limited
(NYSE MKT: CMFO) ("China
Marine" or the "Company"), a manufacturer of
Mingxiang® seafood-based snack foods, Hi-Power® marine algae-based
beverages and a distributor of frozen marine catch, today announced
that, on October 21, 2013, its board
of directors concluded that voluntarily delisting the Company's
common stock from the NYSE MKT and voluntarily deregistering from
the reporting requirements of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), are in the best interests
of the Company. The Company is eligible to deregister its
common stock because it has fewer than 300 stockholders of
record.
Accordingly, the Company intends to file on or about
November 1, 2013 a Form 25 with the
Securities and Exchange Commission (the "SEC") to
voluntarily delist its common stock from the NYSE MKT and to
deregister its common stock from Section 12(b) of the Exchange Act.
The Company also intends to file on or about November 11, 2013 a Form 15 with the SEC to
suspend the Company's reporting obligations under Section 15(d) of
the Exchange Act. Immediately upon the filing of Form 15, the
Company will no longer be obligated to file certain Exchange Act
reports with the SEC. Following delisting and deregistering,
the Company presently intends to provide quarterly and annual
information regarding its performance through postings to its
website.
It is expected that delisting will take effect on or about
November 11, 2013, and at that time
the Company's shares will no longer be traded on the NYSE MKT.
The Company's board of directors determined, after careful
consideration, that voluntarily delisting and deregistering is in
the overall best interests of the Company. The following factors
were considered, in addition to others, by the board of directors
in taking this action:
- the cost savings that may be realized by the Company as a
result of the elimination of its obligation to file reports with
the SEC;
- avoidance of costs and management's attention which are
required in order to comply with the Sarbanes-Oxley Act of 2002 and
the rules and regulations promulgated by the SEC
thereunder;
- the benefit of reallocating management personnel to
devote greater attention to the Company's long-term financial
results rather than short-term market concerns; and
- release of the Company from the reporting obligations of
being an Exchange Act reporting Company.
Pengfei Liu, the Company's
Chairman and Chief Executive Officer, commented, "These actions are
designed to reduce our operating costs. The consequences
of remaining an SEC-reporting company, which includes significant
costs and management time associated with regulatory compliance,
outweighed the current benefits of being a NYSE MKT listed
company."
About China Marine
China Marine Food Group Limited is a food and beverage
manufacturer of Mingxiang® seafood-based snack foods and Hi-Power®
marine algae-based health drinks, and a wholesaler of frozen marine
catch in five provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned
its Mingxiang® brand as a category leader in 3,500 retail food
sales points and 14,000 beverage sales points in China. The Company has received "The Famous
Brand" and "Green Food" awards. Located in Fujian province, it is one of the largest
coastal provinces in the PRC and a vital navigation hub between the
East China Sea and the South China Sea. The Company is committed to
the highest standard of quality control with the ISO9001, ISO14001,
HACCP certification and EU export registration.
Forward Looking Statements
This release contains certain "forward-looking statements"
relating to the business of China Marine Food Group Limited and its
subsidiary companies, which can be identified by the use of
forward-looking terminology such as "believes", "expects" or
similar expressions. Such forward looking statements involve known
and unknown risks and uncertainties, including all business
uncertainties relating to product development, marketing,
concentration in a single customer, raw material costs, market
acceptance, future capital requirements, competition in general and
other factors that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Certain of these risks and uncertainties are
described in greater detail in our filings with the Securities and
Exchange Commission. China Marine Food Group Limited is under no
obligation to (and expressly disclaims any such obligation to)
update or alter its forward-looking statements whether as a result
of new information, future events or otherwise. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
For more information, please contact:
COMPANY
Ka Yuk Suen
China Marine Food Group Ltd.
Suite 815, 8/F., Ocean Centre
Harbour City, 5 Canton Road
Tsimshatsui, Kowloon, Hong
Kong
Tel: (852) 2111-8696
Email: suenkayuk@gmail.com
Web: www.china-marine.cn
SOURCE China Marine Food Group Limited