SHISHI, China, Oct. 22, 2013 /PRNewswire-FirstCall/ -- China Marine Food Group Limited (NYSE MKT: CMFO) (" China Marine " or the " Company"), a manufacturer of Mingxiang® seafood-based snack foods, Hi-Power® marine algae-based beverages and a distributor of frozen marine catch, today announced that, on October 21, 2013, its board of directors concluded that voluntarily delisting the Company's common stock from the NYSE MKT and voluntarily deregistering from the reporting requirements of the Securities Exchange Act of 1934, as amended (the " Exchange Act"), are in the best interests of the Company. The Company is eligible to deregister its common stock because it has fewer than 300 stockholders of record.
Accordingly, the Company intends to file on or about November 1, 2013 a Form 25 with the Securities and Exchange Commission (the " SEC") to voluntarily delist its common stock from the NYSE MKT and to deregister its common stock from Section 12(b) of the Exchange Act. The Company also intends to file on or about November 11, 2013 a Form 15 with the SEC to suspend the Company's reporting obligations under Section 15(d) of the Exchange Act. Immediately upon the filing of Form 15, the Company will no longer be obligated to file certain Exchange Act reports with the SEC. Following delisting and deregistering, the Company presently intends to provide quarterly and annual information regarding its performance through postings to its website.
It is expected that delisting will take effect on or about November 11, 2013, and at that time the Company's shares will no longer be traded on the NYSE MKT.
The Company's board of directors determined, after careful consideration, that voluntarily delisting and deregistering is in the overall best interests of the Company. The following factors were considered, in addition to others, by the board of directors in taking this action:
- the cost savings that may be realized by the Company as a result of the elimination of its obligation to file reports with the SEC;
- avoidance of costs and management's attention which are required in order to comply with the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the SEC thereunder;
- the benefit of reallocating management personnel to devote greater attention to the Company's long-term financial results rather than short-term market concerns; and
- release of the Company from the reporting obligations of being an Exchange Act reporting Company.
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