L&L Provides Update on Taiwan Depository Receipt
SEATTLE, Aug. 21, 2013
SEATTLE, Aug. 21, 2013 /PRNewswire/ --L & L Energy, Inc. (NASDAQ: "LLEN")
("L&L" or the "Company"), a U.S.-based company with a track record of
profitable coal operations in China, today provided an update on its Taiwan
Depository Receipt ("TDR") project.
TDR Application to be Submitted in September 2013
As previously announced, KPMG has completed and issued unqualified opinions on
L&L's FY 2012 and 2011 financials, and is in the process of completing its
review of L&L's recently filed FY2013 financials. Taishin Securities, L&L's
underwriter, is on schedule to complete the necessary documents for the TDR
Managementexpects to submit the formal TDR application to the Taiwan Stock
Exchange ("TSE") in September 2013.
Potential Dividend in Connection with TDR Listing
L&L has noted that companies listed on the TSEgenerally issue cash dividends
each year. Management is currently in discussions with Taishin and legal
counsel on how to best adopt a dividend policy, which would apply to all LLEN
shareholders including the US shareholders. Management expects further
discussion with shareholders on this important issueat L&L's 2013 Annual
General Shareholders meeting on September 16 in Seattle, WA.
L&L Director and Audit Committee Chairman, Mohan Datwani, commented, "We have
received solid support from the business community in Taiwan to pursue this
TDR issuance. The Company and management have long history and business
background in Taiwan. I believe this is attributed to Mr. Lee's philanthropic
deed to Chung Yuan Christian University in Taiwan, and Company's commitment to
grow its business in Taiwan. Two business newspapers have recently published
interviews highlighting L&L's TDR project and business plans in Taiwan. The
interview articles are available on the Company's website."
Forward Looking Statements
The statements containing words that are not historical fact, including
statements related to Company's Litigation Reform Act of 1995, and that
involve a number uncertainties. 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
SOURCE L & L Energy, Inc.
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