China Gengsheng Receives Public Warning Letter from NYSE MKT
GONGYI, China, Oct. 4, 2013
GONGYI, China, Oct. 4, 2013 /PRNewswire/ -- China GengSheng Minerals, Inc.
(NYSE MKT: CHGS) (the "Company" or "GengSheng"), a leading China-based
high-tech industrial materials manufacturer producing heat-resistant,
energy-efficient materials for a variety of industrial applications, today
announced it received a public warning letter from NYSE MKT LLC (the
"Exchange") on October 1, 2013 as a result of its failure to have its audit
committee or a comparable body of its board of directors review and approve
certain loan guarantees provided by the Company's chairman and CEO, Mr.
Shunqing Zhang pursuant to Sections 120 and 1009 of the Exchange's Company
Guide (the "Company Guide"). The Exchange has warned that any future failure
to comply with Section 120 of the Company Guide may result in the prompt
initiation of delisting procedures against the Company. Management of the
Company has taken the warning letter under advisement and will implement
internal procedures to prevent further breaches of Section 120 of the Company
About China GengSheng Minerals, Inc.
China GengSheng Minerals, Inc. ("GengSheng") develops, manufactures and
markets a broad range of high-tech industrial material products, including
monolithic refractories, industrial ceramics, fracture proppants and fine
precision abrasives. A market leader offering customized solutions, GengSheng
sells its products primarily to the iron and steel industry as heat-resistant
components for steel-making furnaces, industrial kilns and other
high-temperature vessels to guarantee and improve the productivity of those
expensive pieces of equipment, while reducing their consumption of energy.
Founded in 1986 and based in China's Henan province, GengSheng currently has
over 170 customers in the iron, steel, oil, glass, cement, aluminum and
chemical businesses located in China and other countries. GengSheng conducts
business through GengSheng International Corporation, a British Virgin Islands
company, and its Chinese subsidiaries, which are Henan GengSheng Refractories
Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd., Henan GengSheng
Micronized Powder Materials Co., Ltd, Guizhou SouthEast Prefecture Co., Ltd.,
GengSheng New Materials Co., Ltd, Henan GengSheng High Temperature Materials
Co., Ltd. and Henan Yuxing Proppant Co., Ltd.
For more information about the Company, please visit http://www.gengsheng.com.
SOURCE China GengSheng Minerals, Inc.
Contact: Shuai Zhang, email@example.com, +86-371-6405-9846
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