China Shenghuo Announces Receipt Of Deficiency Notice And Voluntary Delisting From NYSE Amex LLC And Deregistration With The SEC
In the news release, China Shenghuo Announces Receipt of Deficiency Notice and Voluntary Delisting from NYSE Amex LLC and Deregistration with the SEC, issued 07-May-2012 by China Shenghuo Pharmaceutical Holdings, Inc. over PR Newswire, we are advised by the company that the original headline, "China Shenghuo Announces Receipt of Deficiency Notice and Voluntary Delisting from NYSE Amex LLC and Deregistration with the SEC", should read "China Shenghuo Announces Its Intent Not to File Form 15 At This Time and Continue to be a Reporting Company Until Such Time As It Is Allowed to Suspend Its Reporting Obligations". The complete, corrected release follows:
China Shenghuo Announces Its Intent Not to File Form 15 At This Time and Continue to be a Reporting Company Until Such Time As It Is Allowed to Suspend Its Reporting Obligations
KUNMING, China, May 7, 2012 /PRNewswire-Asia-FirstCall/ -- China Shenghuo Pharmaceutical Holdings, Inc. (NYSE Amex LLC: KUN) ("China Shenghuo" or the "Company"), today announced its intent not to file Form 15 at this time and continue to be a reporting company until such time as it is allowed to suspend its reporting obligations.
In a Press Release dated April 20, 2012, the Company announced its intention to file a Form 15, which would, upon such filing, suspend the Company's obligations to file certain reports with the U.S. Securities & Exchange Commission (the "SEC"), including reports on Form 10-K, 10-Q,and 8-K. It was anticipated that such Form 15 would be filed on or about May 10, 2012, upon the effectiveness of the Form 25 - Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), filed in connection with the Company's voluntary delisting of its common stock from trading on NYSE Amex.
In discussions between the Company's legal counsel and the SEC, the SEC has taken the position that the exemption that the Company had sought to rely upon under Section 15(d) of the Exchange Act to suspend its reporting obligations is unavailable to it at this time. As such, the Company at this time will not file a Form 15, and it will continue to be a reporting company under Section 15(d) of the Exchange Act until such time as it is allowed to suspend its reporting obligations, which the Company expects to be no later than the first quarter of 2013. The Company therefore is preparing its quarterly report on Form 10-Q for the three months ended March 31, 2012, and expects to file it as soon as practicable.
About China ShenghuoFounded in 1995, China Shenghuo is primarily engaged in the research, development, manufacture, and marketing of Sanchi-based medicinal and pharmaceutical, nutritional supplement and cosmetic products. Through its subsidiary, Kunming Shenghuo Pharmaceutical (Group) Co., Ltd., it owns thirty SFDA (State Food and Drug Administration) approved medicines, including the flagship product Xuesaitong Soft Capsules, which is currently being listed in the 2010 Provincial Insurance Catalogue of sixteen provinces around China. At present, China Shenghuo incorporates a sales network of agencies and representatives throughout China, which markets Sanchi-based traditional Chinese medicine to hospitals and drug stores as prescription and OTC drugs primarily for the treatment of cardiovascular, cerebrovascular and peptic ulcer disease. The Company also exports medicinal products to Asian countries such as Indonesia, Singapore, Japan, Malaysia, and Thailand and to European countries such as the United Kingdom, Tajikistan, Russia and Kyrgyzstan. With the substantial completion of Shenghuo Plaza at the end of 2010, China Shenghuo entered into a new business - the hotel and hospitality business. Two floors of Shenghuo Plaza are designed to be utilized as 12 Ways Chinese Herbal Beauty Demonstration Center. The balance of Shenghuo Plaza is used as a business hotel - Zhonghuang Hotel, restaurant and banquet facilities and an entertainment venue.
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