Sino Clean Energy, Inc. Provides Update on Trading Halt and Intention to Appeal the Delisting Determination by NASDAQ
XI'AN, China, Aug. 15, 2012 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy Inc. (SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in China, today announced that the Company received a letter from the NASDAQ Stock Market LLC ("NASDAQ") on August 7, 2012, which stated that the NASDAQ Staff has determined to delist the Company's securities pursuant to its discretionary authority under Listing Rule 5101. The Staff in its letter also alleges violations by the Company of Listing Rule 5250(b)(1) and IM-5250-1, which sets forth a listed company's obligation to make public disclosures, and Listing Rule 5250(a), which sets forth a listed company's obligation to provide information to NASDAQ.
The Company strongly disagrees with NASDAQ's findings and intends to appeal the delisting determination by requesting an oral hearing in front of a NASDAQ panel for ruling on the fairness of a delisting decision.
Because of uncertainties surrounding the Company's status as a NASDAQ-listed enterprise, it is evaluating its options in regards to the filing of second quarter 2012 financial results with the Securities and Exchange Commission and intends to update the market when matters are more definitively resolved.
About Sino Clean Energy
Sino Clean Energy is one of the top producers of coal-water slurry fuel ("CWSF") by sales in China, according to data provided in Frost & Sullivan's 2010 Chinese CWSF market report. A leader in developing CWSF as a cleaner alternative to burning coal aggregate in heating, industrial and power generation for residential and industrial applications, the Company has production lines located in Shaanxi, Liaoning, and Guangdong provinces. For more information about Sino Clean Energy, please visit http://www.sinocei.net.
Sino Clean Energy Inc.
Jing Li, Assistant to the CEO
Phone: +86-29-8844-7960 ext. 802
Phone: +86-10-6583-7516 or +1-646-328-2526
SOURCE Sino Clean Energy Inc.