DALIAN, China, April 2, 2013 /PRNewswire/ -- TODA International Holdings, Inc. (OTCBB: TODAF), a research and development company, announced today that, effective immediately, it will file reports and make other filings under the Securities Exchange Act of 1934, as amended, and the Securities Act of 1933, as amended, in accordance with the requirements of the Securities and Exchange Commission (SEC) applicable to foreign private issuers. Prior to today, the Company had voluntarily made filings with the SEC in accordance with the requirements applicable to U.S. domestic reporting companies.
As a result of this change, TODA will no longer file with the SEC annual reports on Form 10-K, quarterly reports on Form 10-Q, or current reports on Form 8-K. Instead, the Company will file its future annual reports, beginning with the report for the fiscal year ending December 31, 2012, on Form 20-F, and current reports on Form 6-K, which forms are applicable to foreign private issuers. The Company intends to continue to report its financial results in accordance with US GAAP. By electing to report as a foreign private issuer, the Company expects to simplify its reporting requirements resulting in reduced administration costs, while maintaining the availability of information to shareholders and investors.
TODA International Holdings, Inc. (OTCBB: TODAF) is primarily engaged in the research and development, production and distribution of composite bimetallic materials, primarily copper-clad aluminum, or CCA, and its manufacturing equipment, as well as the research and development of additional related production technologies and the provision of consultancy services on such technologies to a number of entities, within and without China. TODA operates its business primarily through Dalian TOFA New Materials Development Co., Ltd. and Dalian Tongda Equipment Technology Development Co, Ltd., each a consolidated affiliated entity of TODA in China.TODA assumes no obligation to update the information in this press release. Any statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to TODA's financial condition, results of operations and business, which can be identified by the use of forward-looking terminology, such as "estimates," "projects," "plans," "believes," "expects," "anticipates," "intends," or the negative thereof or other variations thereon, or by discussions of strategy that involve risks and uncertainties. Any such statements contained in this press release reflect TODA's current beliefs with respect to future events and are only estimates or predictions. No assurances can be given regarding the achievement of future results, as actual results may differ materially as a result of risks facing TODA, and actual events may differ from the assumptions underlying the statements that have been made regarding anticipated events. SOURCE TODA International Holdings, Inc.