Feb. 26, 2013
/PRNewswire/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in
the People's Republic of China
("PRC"), announced that it has received notice from the NYSE MKT that the Company is not in compliance with Section 134 and 1101 of the NYSE MKT Company Guide (the "Company Guide") in that it failed to file its Quarterly Report on Form 10Q for the fiscal quarter ended
December 31, 2012
in a timely manner.
As previously stated, Longwei believes the Geo Investing report dated
January 3, 2013
contains numerous errors of facts, misleading speculations and malicious interpretations of events. Nevertheless, in order to provide the highest level of transparency to its shareholders, the Company and its legal counsel in the U.S. and the PRC, as well as its auditor are reviewing the allegations and management is cooperating with the review process. The Company intends to take further action to defend itself.
The NYSE MKT has informed the Company that it must submit a plan of compliance by
March 6, 2013
advising the NYSE MKT what plan of action it will take to bring the Company into compliance with Sections 134 and 1101 of the Company Guide by no later than May 20, 2013.
NYSE MKT has notified the Company that it will remain on the list of issuers that are not in compliance with the NYSE MKT's continued listing standards. 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.