Pursuant to Section 803(B)(6)(b), the Company will have until the earlier of its next annual shareholders' meeting or one year from the occurrence of the event that caused the failure to comply to regain compliance with NYSE MKT's audit committee composition requirement, provided, however, that if the Company's annual shareholders; meeting occurs no later than 75 days following the event that caused the failure to comply, the Company shall instead have 75 days from the date of such event to regain compliance.
NYSE MKT has notified the Company that it will be included in the list of issuers that are not in compliance with the NYSE MKT's continued listing standards within five days from the date of such notice. The Company intends to regain compliance within the allotted timeframe.
The Company will continue to release additional information concerning the allegations in due course. Longwei is committed to providing full and accurate disclosure to investors and to rebutting any false claims that attempt to undermine confidence in the Company.
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storing and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 220,000 metric tons ("mt") located at three storage facilities within Shanxi: Taiyuan, Gujiao and Huajie, which have an individual storage capacity of approximately 50,000mt, 70,000mt, and 100,000mt, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi, but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.