BEIJING, April 9, 2008 /PRNewswire-FirstCall/ -- American Dairy, Inc. (NYSE:ADY), one of the leading producers and distributors of premium infant formula, milk powder and soybean, rice and walnut products in China, today announced that it received a notice from NYSE Regulation Inc. as a result of the Company being unable to timely file its annual report on Form 10-K for the year ended December 31, 2007.
As previously announced, American Dairy engaged Grant Thornton, the Hong Kong member firm of Grant Thornton International, as its independent registered public accountants in January of 2008. Grant Thornton is currently conducting an audit of the Company's financial statements for the 2007 fiscal year and historical re-audits of the fiscal years 2004 through 2006. As a result of the foregoing, the Company was unable to timely file its annual report with the Securities and Exchange Commission. The Company is working with Grant Thornton to ensure that the 10-K is filed as soon as possible following completion of the 2007 audit and the historical re-audits.
The NYSE has advised the Company that it will monitor the Company and the status of its late filing for an initial six month period. If the Company fails to file its annual report within the initial six months from the filing due date, it must submit an extension request for an additional six months period. If the NYSE determines that an additional trading period of up to six months is appropriate and the Company fails to file its annual report by the end of that period, suspension and delisting period would generally commence.
About American Dairy, Inc.
American Dairy, Inc. conducts operations in The People's Republic of China ("China") through its wholly owned subsidiary, Feihe Dairy. Founded in 1962, Feihe Dairy is one of the leading producers and distributors of premium infant formula, milk powder and soybean, rice and walnut products in China. Feihe Dairy is headquartered in Beijing, China, and has processing and distribution facilities in Kedong, Qiqihaer, Baiquan, Gannan, Shanxi, and Langfang, http://www.americandairyinc.com/ ; http://www.feihe.com/ Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such forward-looking statements. Potential risks and uncertainties are set forth in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations. DATASOURCE: American Dairy, Inc.
CONTACT: In the U.S.: Ashley Ammon MacFarlane, +1-203-682-8200; or In Asia: Xuyang Zhang, +86-10-8523-3087, both of Integrated Corporate Relations, Inc., for American Dairy, Inc.
Web site: http://www.americandairyinc.com/ http://www.feihe.com/
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