Yongye International, Inc. Announces Common Stock Will Resume Trading on the
NASDAQ Stock Market on June 17, 2013
BEIJING, June 17, 2013
BEIJING, June 17, 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"), announced today that its common stock will resume
trading on the NASDAQ Stock Market on Monday, June 17, 2013 at 7:15 a.m.
As previously disclosed, NASDAQ halted trading in Yongye's common stock on
Monday, March 18, 2013 following Yongye's notification that the filing of its
Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (the
"Form 10-K") would be delayed given delays in compiling certain information
related to accounts receivable and related allowance for doubtful accounts for
the year ended December 31, 2012.
NASDAQ subsequently delivered several requests for information to Yongye
relating to various aspects of its business and operations.
Since March 18, 2013, Yongye has been in regular contact with NASDAQ and has
worked diligently to fully address all requests received. On Friday, June 14,
2013, Yongye was notified by NASDAQ that, following a detailed review and
examination of the information provided by Yongye, NASDAQ has concluded its
process and that trading of Yongye's common stock will resume on Monday, June
17, 2013 at 7:15 am Eastern Time.
Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye International,
stated, "We are pleased to be able to put this issue behind us. We sincerely
thank our shareholders for their patience during the recent months while we
worked hard to provide what was needed to satisfy NASDAQ requirements and
enable trading to resume. The management team looks forward to refocusing our
full attention on executing our strategy to further grow the business and on
working to maximize value for our shareholders."
It is also important to note, and as previously disclosed, that on April 1,
2013 the Company filed its Form 10-K with the Securities and Exchange
Commission ("SEC") within the automatic 15 day extension period afforded by
SEC rules and that it has always been in full compliance with its financial
Update on Proposed Go Private Offer
The Company also announced that (i) Mr. Zishen Wu, the Company's Chairman and
Chief Executive Officer, (ii) Full Alliance International Limited, (iii) MSPEA
Agriculture Holding Limited, and (iv) Abax Global Capital (Hong Kong) Limited,
on behalf of funds managed and/or advised by it and its nominee entities and
its and their affiliates, have confirmed with the special committee ("Special
Committee") of the board of directors of the Company that they remain
interested in pursuing the proposed going private transaction described in the
proposal letter delivered to the board of directors on October 15, 2012.
As a reminder, no decisions have been made by the Special Committee with
respect to the Company's response to the proposed going private transaction.
There can be no assurance that any definitive offer will be made, that any
agreement will be executed, or that this or any other transaction will be
approved or consummated.
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 2012. 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
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.
Yongye International, Inc.
Ms. Kelly Wang
Finance Director – Capital Markets
Mr. Brendan Ward (U.S.)
Ms. May Shen (China)
SOURCE Yongye International, Inc.
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