SHANGHAI, May 21, 2014 /PRNewswire/ -- China Precision Steel, Inc. (NASDAQ: CPSL) ("China Precision Steel" or the "Company"), a niche precision steel processing Company principally engaged in producing and selling high precision, cold-rolled steel products, announced today that on May 15, 2014, the Company received a delisting notice from NASDAQ Stock Market, LLC ("NASDAQ") due to the failure to pay certain fees required by Listing Rule 5250(f). The Company elects not to appeal.
Trading of the China Precision Steel's common stock on the NASDAQ will be suspended at the opening of business on May 27th, 2014. The Company's security will immediately begin to trade on the OTC Bulletin Board under the trading symbol CPSLQ.
About China Precision Steel
China Precision Steel is a niche precision steel processing company principally engaged in the production and sale of high precision cold-rolled steel products and provides value added services such as heat treatment and cutting medium and high carbon hot-rolled steel strips. China Precision Steel's high precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-rolled steel products are mainly used in the production of automotive components, food packaging materials, saw blades, steel roofing and textile needles. The Company sells to manufacturers in the People's Republic of China as well as overseas markets such as Nigeria, Ethiopia, Thailand and Indonesia. China Precision Steel was incorporated in 2002 and is headquartered in Sheung Wan, Hong Kong. Additional information can be found at the Company's website http://chinaprecisionsteelinc.com.
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SOURCE China Precision Steel Inc.