NASDAQ Hearings Panel Denies SmartHeat Appeal of NASDAQ Delisting
Determination; SmartHeat Intends to Appeal to NASDAQ Listing and Hearing
NEW YORK, Nov. 9, 2012
NEW YORK, Nov. 9, 2012 /PRNewswire/ -- SmartHeat Inc., (NASDAQ:HEAT; website:
www.smartheatinc.com) received notification from the NASDAQ Listing
Qualifications Hearings Panel that it affirmed the determination made by the
staff of the NASDAQ's Listing Qualifications Department to delist the
company's shares of common stock from the NASDAQ Stock Market ("NASDAQ"). As a
result, the company's shares of common stock, which were subject to a trading
halt since May 30, 2012, have been suspended from the NASDAQ Stock Market
effective at the open of business on Friday, November 9, 2012. The company
anticipates that its shares of common stock will be eligible for quotation on
On May 30, 2012, NASDAQ halted trading in shares of the company's common stock
pending NASDAQ's request for additional information from the company with
respect to the restructuring of our board and management and our entry into a
secured revolving credit facility.We provided NASDAQ with additional
information and clarification with respect to these matters, our business
operations and financial condition, as requested.
On August 23, 2012, the company received a notice which stated that "the staff
has determined to apply more stringent criteria," to the company and,
accordingly, to delist the company's securities pursuant to the staff's broad
discretionary authority under Listing Rule 5101. The staff in its letter
stated that it has concerns "regarding the company's solvency, viability,
operational structure and suitability for listing."
The company strongly disagrees with the delisting determination made by
NASDAQ's staff and the panel.The company intends to file an appeal of the
panel's determination with the NASDAQ Listing and Hearing Review Council. The
appeal will not stay the suspension set for November 9, 2012.
The company's board of directors urges its stockholders to vote "FOR" all of
the proposals to be voted on at the company's annual meeting to be held in
Hong Kong on December 11, 2012, demonstrating their support of the company in
its appeal with the listing council. For further information regarding the
proposals to be voted on at the annual meeting, please consult our definitive
proxy statement filed with the Securities and Exchange Commission on October
26, 2012, and available at
and at www.smartheatinc.com.
About SmartHeat Inc.
Founded by James Jun Wang, a former executive at Honeywell China, SmartHeat
Inc. (www.smartheatinc.com) is a U.S. company with its primary operations in
China. SmartHeat is a market leader in China's clean technology energy savings
industry. SmartHeat manufactures heat exchangers, custom plate heat exchanger
units (PHE Units), heat meters and heat pumps. SmartHeat's products directly
address air pollution problems in China where massive coal burning for cooking
and heating is the only source of economical heat energy in China. With broad
product applications, SmartHeat's products significantly reduce heating costs,
increase energy use and reduce air pollution. SmartHeat's customers include
global Fortune 500 companies, municipalities and industrial/residential users.
China's heat transfer market is currently estimated at approximately $2.4
billion with double-digit annual growth according to the China Heating
Safe Harbor Statement
All statements in this press release that are not historical are
forward-looking statements made pursuant to the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. There can be no
assurance that actual results will not differ from the company's expectations.
SmartHeat's actual results may differ from its projections. Further,
preliminary results are subject to normal year-end adjustments. You are
cautioned not to place undue reliance on any forward-looking statements in
this press release as they reflect SmartHeat's current expectations with
respect to future events and are subject to risks and uncertainties that may
cause actual results to differ materially from those contemplated. Potential
risks and uncertainties include, but are not limited to, the risks described
in SmartHeat's filings with the Securities and Exchange Commission.
Contact Corporate Communications:
Ms. Jane Ai, Corporate Secretary
SOURCE SmartHeat Inc.
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