SinoCoking Coal and Coke Chemical Industries, Inc. (Nasdaq:SCOK) (the "Company" or "SinoCoking"),
a vertically-integrated coal and coke processor, today announced that the Company has been made aware of the negative blog report published earlier today by a disclosed short-seller in its stock.
The Company plans to issue a shareholder letter to address and respond to each of the allegations made in such report, which will be made available on the Company’s website
. We will notify shareholders when the forthcoming letter has been posted via a press release.
“The report contains false and misleading statements about our Company,” noted SinoCoking’s Chairman and CEO, Jianhua Lv. “We strongly disagree with the assertions made by this particular author and feel it is very important to respond quickly to allegations against or negative commentary about our Company. We believe that it is our responsibility to our shareholders and employees to provide as much transparency as possible about our operations.”
SinoCoking and Coke Chemical Industries, Inc., a Florida corporation, is a vertically-integrated coal and coke processor that uses coal from both its own mines and that of third-party mines to produce basic and value-added coal products for steel manufacturers, power generators, and various industrial users. SinoCoking has been producing metallurgical coke since 2002, and acts as a key supplier to regional steel producers in central China. SinoCoking also produces and supplies thermal coal to its customers in central China. SinoCoking currently owns its assets and conducts its operations through its subsidiaries, Top Favour Limited and Pingdingshan Hongyuan Energy Science and Technology Development Co., Ltd., and its affiliated companies, Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd., Baofeng Coking Factory, Baofeng Hongchang Coal Co., Ltd., Baofeng Hongguang Environment Protection Electricity Generating Co., Ltd., Zhonghong Energy Investment Company and Henan Hongyuan Coal Seam Gas Engineering Technology Co., Ltd, and Baofeng Xingsheng Coal., Ltd.