China GengSheng to Voluntarily Delist from NYSE MKT
GONGYI, China, May 9, 2014 /PRNewswire/ -- China GengSheng Minerals, Inc. (NYSE MKT: CHGS) (the "Company" or "GengSheng"), a leading China-based high-tech industrial materials manufacturer producing heat-resistant, energy-efficient materials for a variety of industrial applications, today announced that it has given formal written notice to The NYSE MKT LLC ("MKT") of its intention to voluntarily delist its common stock from MKT.
The Company intends to file a Form 25 with the Securities and Exchange Commission ("SEC") on or about May 9, 2014 to effect the voluntary delisting of its common stock from MKT. The official delisting of the Company's common stock will become effective approximately ten days thereafter, on May 9, 2014. The Company will continue to file periodic reports with the SEC pursuant to the requirements of Section 12(g) of the Securities Exchange Act of 1934, as amended.
The Company anticipates that starting from the delisting from MKT on May 9, 2014, the Company's common stock will begin quotation on the over-the-counter ("OTC") market tier, OTCQB. Operated by OTC Markets Group Inc., the OTCQB is a market tier for OTC traded companies that are registered and reporting with the SEC. It is anticipated that the Company's common stock will continue to trade under the symbol CHGS on the computerized OTCQB system.
Following the Board of Director's detailed review of numerous factors, the applicable MKT rules and regulations, Rule 12-d2-2(c) under the Securities Exchange Act of 1934, as amended, the Company's current financial condition, the benefits generated by the maintenance of the listing, and the significant compliance obligations and costs that result from the maintenance of the listing, the Board of Directors determined that the significant costs associated with the continued listing of the Company's common stock on MKT outweigh the current benefits to the Company and its shareholders. Therefore, the Board of Directors authorized the action to delist the Company's common stock from MKT. The action to delist the Company's common stock from MKT was also approved and ratified by the shareholders of the Company at a special shareholder meeting held on September 2, 2013.
About China GengSheng Minerals, Inc.
China GengSheng Minerals, Inc. ("GengSheng") develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics, fracture proppants and fine precision abrasives. A market leader offering customized solutions, GengSheng sells its products primarily to the iron and steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment, while reducing their consumption of energy. Founded in 1986 and based in China's Henan province, GengSheng currently has over 300 customers in the iron, steel, oil, glass, cement, aluminum, chemical and solar industries located in China and other countries. GengSheng conducts business through GengSheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan GengSheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd., Henan GengSheng Micronized Powder Materials Co., Ltd, Guizhou Southeast Prefecture GengSheng New Materials Co., Ltd, Henan GengSheng High Temperature Materials Co., Ltd. and Henan Yuxing Proppant Co., Ltd.
For more information about the Company, please visit http://www.gengsheng.com.
For more information, please contact:
China GengSheng Minerals, Inc.
Mr. Shuai Zhang
SOURCE China GengSheng Minerals, Inc.