L&L Engages KPMG on Taiwan Depositary Receipt
SEATTLE, April 17, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or "Company"), a Seattle-based company with profitable coal operations in China, announced today that it has engaged KPMG Taiwan ("KPMG"), a big four accounting firm, to audit its financials for a potential Taiwan Depositary Receipt ("TDR") issue.
At L&L's Annual Shareholders Meeting on August 31, 2012, shareholders voted to pursue a secondary listing, or equivalent, on an Asian based exchange. L&L's Chairman and CEO, Dickson Lee, has had various discussions with Asian business leaders, including Mr. Lee Sush-Der, Chairman of the Taiwan Stock Exchange and has been encouraged by their support. Expanding L&L's business in Taiwan is a natural choice given its robust banking networks, proximity to China, western management practices, and increasing need for energy (coal).
Prior to acceptance of their appointment, KPMG conducted due diligence in Los Angeles with L&L's independent auditor, Kabani and Co. ("Kabani"), and interviewed L&L's management team in Seattle. KPMG will audit L&L's financial statements under applicable Taiwan Stock Exchange rules, including FY 2013 ended April 30, 2013. KPMG's audit will be for L&L's TDR efforts, while Kabani continues as L&L's US independent auditor.
The current low valuations on US stock exchanges attributed to companies with Chinese operations and increased funding costs, means it is strategically advantageous to use the TDR to raise funds to expand L&L's business, and to unlock shareholders' value and liquidity to an investor base familiar with China operations.
L&L's Audit Committee Chair, Mohan Datwani, Esq., commented, "I am pleased that KPMG, a big four accounting firm, has agreed to audit our financials. Over the past eighteen months the Company has positioned itself well, achieving five consecutive quarters of top and bottom end growth, with our most recent quarterly EPS at $0.42 (3Q FY2012), making a solid financial case for a TDR issue."
Forward Looking Statements
The statements containing words that are not historical fact, including statements related to Company's future performance, all "forward-looking statements" are within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results of the future events described in this document could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
L&L Energy Inc.
SOURCE L & L Energy, Inc.