L&L Engages KPMG on Taiwan Depositary Receipt
SEATTLE, April 17, 2013
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, toaudit its financials for a potential Taiwan Depositary
Receipt ("TDR") issue.
AtL&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
managementpractices, and increasing need for energy (coal).
Prior to acceptance of their appointment,KPMG conducted due diligence in Los
Angeles withL&L's independent auditor,Kabani and Co. ("Kabani"), and
interviewedL&L's management team in Seattle. KPMG willauditL&L's financial
statements under applicable Taiwan Stock Exchange rules, including FY 2013
endedApril 30, 2013. KPMG's audit will be for L&L's TDR efforts, while Kabani
continues as L&L'sUS independent auditor.
The current low valuations on US stock exchanges attributed to companies with
Chinese operations andincreased funding costs, means it isstrategically
advantageousto use theTDR to raise funds to expandL&L's business, and
tounlockshareholders' value and liquidity to aninvestor basefamiliar with
L&L'sAudit 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
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.
SOURCE L & L Energy, Inc.
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