Sept. 6, 2012
/PRNewswire/ -- Wonder Auto Technology, Inc. (the "
"), a manufacturer of automotive electrical parts, safety products, suspension products and engine accessories in
, announced on
August 31, 2012
that it informed the U.S. Securities and Exchange Commission (the "
") that it will consent to an order revoking the registration of its common stock under the Securities Exchange Act of 1934 (the "
"), subject to its review of the proposed order and terms thereof. The Company also informed the SEC that its consent to the order "should not be construed to be an admission that the Company or any of its directors, officers or employees violated any law, rule or regulation, or that any action taken by the SEC would be justified."
The Company agreed to consent to a deregistration order after the SEC Division of Enforcement refused to grant the Company's request for additional time to complete its filings and advised the Company that it would pursue deregistration proceedings under Section 12(j). The Company's audit committee commenced an investigation in early 2011 that continued during a substantial portion of the year. Since the completion of the investigation, and the announcement of the audit committee's findings, the Company has been working diligently to complete its financial statements and file its delinquent reports. Despite the deregistration order, the Company intends to complete its outstanding periodic reports and intends to provide shareholders with current information with respect to its performance and financial condition. The Company is working with its auditors,
(HK) CPA Limited, to complete the restatement of its financial results for the fiscal years ended
December 31, 2009
and 2010 and to complete its financial statements for the fiscal year ended
, 2011. The Company intends to release those financial statements as soon as possible.
Safe Harbor Statement
This release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, the Company's intentions to issue its financial statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "hopes," "intends," "may," "will," or similar expressions. Such information is based upon assumptions and expectations of the Company's management that were reasonable when made but may prove to be incorrect. All of such assumptions and expectations are inherently subject to uncertainties and contingencies beyond the Company's control and based upon premises with respect to future business decisions, which are subject to change. The Company does not undertake to update the forward-looking statements contained in this report. Factors that could impact these forward looking statements include, among others, the Company's ability to complete its filings, including securing adequate resources to complete such filings, the timing and scope of third-party review of the filings (such as legal and auditor review), and the implementation of internal controls or other recommended measures that may need to be addressed in order to complete the filings, and other matters as well as the Company's ability to identify viable alternatives for providing shareholders liquidity. For a description of the other risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see the Company's most recent Quarterly Reports on 10-Q and Annual Report on Form 10-K filed with the Securities and Exchange Commission ("
"), and the Company's subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at
. All information in this release is as of the date of the release only.
About Wonder Auto
Wonder Auto Technology, Inc. is a
holding company with operating subsidiaries in
primarily engaged in the business of designing, developing, manufacturing and selling automotive electric parts, automotive safety products, suspension products and engine components. Its products include alternators and starters, airbags, pretensioners and steering wheels, engine valves and tappets, and rods and shafts for use in shock absorber systems. It has been manufacturing alternators and starters in
since 1997. The Company's subsidiary Jinzhou Jinheng has been designing and developing airbags for over 10 years. The Company's subsidiary Jinan Worldwide has been producing engine valves and tappets for over 50 years. The Company's subsidiary Jinzhou Wanyou is supplying rods and shafts to suspension system manufacturers worldwide.
The Company's products are used in passenger and commercial automobiles, and it is focused on the small- to-medium sized engine passenger vehicle market. The Company sells its products primarily within
to automobile original equipment manufacturers, or OEMs, engine manufacturers and automotive parts suppliers.
SOURCE Wonder Auto Technology, Inc.