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,
. The Company has a storage capacity for its products of 220,000 metric tons ("mt") located at three storage facilities within
: 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
, but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to transportation companies, coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue from agency fees by acting as a purchasing agent for other intermediaries in
, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's Taiyuan and Gujiao facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
Longwei was recently named to the
list of "
's 200 Best Under a Billion" from a universe of 15,000 companies.
ranked the companies based on sales growth, earnings growth and return on equity in the past 12 months and over three years. As was reported, Longwei's three-year track record is 45% sales growth, 28% earnings per share growth and 28% return on equity. The
article can be found at:
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