CHANGSHU, China, Dec. 1, 2015 /PRNewswire/ -- Sutor Technology
Group Limited (the "Company" or "Sutor") (Nasdaq: TOR), one of the
leading China-based manufacturers
and customized service providers for fine finished steel products
used by a variety of downstream applications, today announced that
it received a letter from the Listing Qualifications Department of
The NASDAQ Stock Market, on November 24,
2015 (the "Letter"), informing the Company that it does not
comply with the Nasdaq continued listing requirements set forth in
Nasdaq Listing Rule 5250(c)(1), which requires the timely filing of
periodic reports because the Company has not yet filed its Form
10-Q for the period ended September 30, 2015 (the "Form 10-Q"). The
Nasdaq notification letter does not result in the immediate
delisting of the Company's common stock, and the stock will
continue to trade uninterrupted under its current trading
symbol.
The Company has until December 14,
2015, to submit a plan to regain compliance with respect to
the above delinquent reports. The Nasdaq Listing Rules
provide that the Staff can grant the Company an exception of up to
180 calendar days from the filing's due date, or March 28, 2016 to regain compliance if Nasdaq
accepts the Company's plan of compliance. The Company expects to
submit the delinquent reports or the plan of compliance before the
deadline.
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and customized
service providers for high-end fine finished steel products and
welded steel pipes used by a variety of downstream applications.
The Company utilizes a variety of in-house developed processes and
technologies to convert steel manufactured by third parties into
fine finished steel products, including hot-dip galvanized steel,
pre-painted galvanized steel, acid-pickled steel, cold-rolled steel
and welded steel pipe products. The Company also provides fee-based
steel processing services to customers, including industrial peers.
To learn more about the Company, please visit
http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include, among
others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating
results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such forward-looking
statements are not guarantees of future performance and that a
number of risks and uncertainties could cause our actual results to
differ materially from those anticipated, expressed or implied in
the forward-looking statements. These risks and uncertainties
include, but not limited to, the Company's ability to submit
a plan of compliance that will be approved by the Nasdaq staff, the
Company's ability to complete the 2015 audit and filing of the 2015
annual report on Form 10-K and quarterly report on From 10-Q for
the period ended September 30, 2015
within the projected timeframe, its ability to maintain listing of
its securities on Nasdaq, the factors mentioned in the "Risk
Factors" section of our Annual Report on Form 10-K for the year
ended June 30, 2014, and other risks
mentioned in our other reports filed with the Securities Exchange
Commission ("SEC"). Copies of filings made with the SEC are
available through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at http://www.sec.gov. The words
"believe," "expect," "anticipate," "project," "targets,"
"optimistic," "intend," "aim," "will" or similar expressions are
intended to identify forward-looking statements. All statements
other than statements of historical fact are statements that could
be deemed forward-looking statements. The Company assumes no
obligation and does not intend to update any forward-looking
statements, except as required by law.
For more information, please contact:
Investor
Relations
Sutor Technology Group
Limited
Tel:
+86-512-5268-0988
Email: investor_relations@sutorcn.com
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SOURCE Sutor Steel Technology Co., Ltd.