Yongye International Provides Update to Shareholders on Trading
BEIJING, March 20, 2013 /PRNewswire-FirstCall/ -- Yongye International, Inc. (NASDAQ: YONG) ("Yongye" or the "Company"), a leading developer, manufacturer, and distributor of crop nutrient products in the People's Republic of China ("PRC"), today affirmed that NASDAQ halted trading in the Company's common stock at approximately 9:28 AM ET on Monday, March 18, 2013. On Friday, March 15, 2013, the Company filed a notification of late filing on Form 12b-25 with the Securities and Exchange Commission arising from delays in compiling certain information required relating to accounts receivable and related allowance for doubtful accounts for the year ended December 31, 2012.
On Tuesday, March 19, 2013, Yongye received a written request from NASDAQ for additional information relating to the Company's delay in filing the Form 10-K, the collection of accounts receivable as of year-end 2012, the current state of the Company's auditors' audit of the financial statements to be included in the Company's Form 10-K for the year ended December 31, 2012, and the status of the Company's proposed "going private" transaction. The Company plans to provide the information requested by NASDAQ as promptly as practicable in an effort to satisfy NASDAQ's concerns so that it may permit the resumption of trading of the Company's common stock.
Trading will remain halted until Yongye International, Inc. has fully satisfied NASDAQ's request for additional information. Once such information and explanations are provided to NASDAQ, NASDAQ may request further information.
As a reminder, the Company expects to file its Annual Report on Form 10-K by April 2, 2013 and plans to schedule its fourth quarter and full-year 2012 earnings conference call to coincide with the filing of its 10-K. Details regarding the earnings announcement and earnings conference call will be provided at the appropriate time.
About Yongye International
Yongye International, Inc. is a leading crop nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye's principal product is a liquid crop nutrient, from which the Company derived substantially all of the sales in 2011. The Company also produces powder animal nutrient product which is mainly used for dairy cows. Both products are sold under the trade name "Shengmingsu," which means "life essential" in Chinese. The Company's patented formula utilizes fulvic acid as the primary compound base and is combined with various micro and macro nutrients that are essential for the health of the crops. The Company sells its products primarily to provincial level distributors, who sell to the end-users either directly or indirectly through county-level and village-level distributors. For more information, please visit the Company's website at www.yongyeintl.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Ms. Kelly Wang
Finance Director – Capital Markets
Phone: +86-10-8231-9608; +86-10-8232-8866 x 8827
Ms. Cara O'Brien
Mr. Brendan Ward
SOURCE Yongye International, Inc.