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TheStreet Open House

Longwei Petroleum To Delist From NYSE MKT

Stock quotes in this article: LPH

TAIYUAN CITY, China, March 11, 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 a Notice of Delisting from the NYSE MKT (the "Exchange") that its securities are subject to being delisted from the Exchange for failure to comply with Sections 132(e), 134, 801(h), 803(B)(2)(c), 803(B)(4), 1101, 1003(d) and 1003(f)(iii) of the NYSE MKT Company Guide (the "Company Guide").  As previously report in the Company's Current Report on Form 8-K filed on February 1, 2013, two of the Company's independent board members and members of the Company's audit committee resigned, leaving one independent member on the Company's board and audit committee.  Additionally, on February 19, 2013, the Company failed to file its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2012 within the requisite time period, including permissible extension period.   Furthermore, the Company is in violation of (i) Section 132 (e) of the Company Guide which requires the Company to provide additional information  requested by the Exchange deemed necessary to make a determination regarding a security's continued listing, (ii) Section 1003(d) of the Company Guide, which states that securities of an issuer failing to comply with its listing or other agreements with the Exchange or the SEC are subject to suspension, (iii) Section 1003(f)(iii) which states that the Exchange may suspend or remove the listing of an issuer's securities if the issuer or management engages in operations which, in the opinion of the Exchange, are contrary to the public interest; and (iv) Section 803(B)(4) of the Company Guide, which governs the responsibility and authority of a listed issuer's audit committee.

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 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.

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