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News; $CIIC SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of CIIG Merger Corp. (Nasdaq - CIIC)
BALA CYNWYD, PA / ACCESSWIRE / November 18, 2020 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of CIIG Merger Corp. ("CIIG" or the "Company") (Nasdaq:CIIC) for possible breaches of fiduciary duty and other violatio...
Find out more CIIC - SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of CIIG Merger Corp. (Nasdaq - CIIC)
Just In: $CIIC Arrival, the company creating electric vehicles with its game-changing technologies, to list on NASDAQ through merger with CIIG Merger Corp.
Arrival, the company creating electric vehicles (“EVs”) with its game-changing technologies, has entered into a definitive business combination agreement with CIIG Merger Corp. (NASDAQ: CIIC); and the newly combined company will be listed on the NASDAQ under the new ticker s...
Read the whole news CIIC - Arrival, the company creating electric vehicles with its game-changing technologies, to list on NASDAQ through merger with CIIG Merger Corp.
Some pump spammer brought me to this place
Is this the winner they say it is
I must of missed the boat again ;(
CIIC: SEC Charges Chinese Issuer and Two Officers with Fraud:
http://www.sec.gov/litigation/litreleases/2015/lr23214.htm
CIIC SEC Suspension for Financials / Filings delinquencies:
http://www.sec.gov/litigation/suspensions/2015/34-74426.pdf
Order:
http://www.sec.gov/litigation/suspensions/2015/34-74426-o.pdf
Admin Proceeding:
http://www.sec.gov/litigation/admin/2015/34-74427.pdf
CIIC is gaining massive attention and momentum
moved 12-Apr-12 Earnings announcement
otc information
OTC Pink Limited Information!
I wonder if they are interested in there shareholders at all.
Or file another uplist to the Nasdaq.. :P
Why is ihub not updating the pps box.
or does a moderator have to do this??
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 21, 2011, the Company received a letter of resignation from Mr. Lei Li, who was the Chief Financial Officer of the Company at the time. Although the Company did not accept Mr. Li's resignation, Mr. Li did not continue to perform his duties as Chief Financial Officer for the Company.
On December 15, 2011, the Board of Directors was informed that Mr. Li submitted a resignation letter on September 21, 2011 and had ceased working for the Company immediately after such submission. It was also brought to the attention of the Board of Directors on December 15, 2011, that the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2011 filed on October 13, 2011, its Quarterly Report on 10-Q for the quarter ended September 30, 2011, filed on November 14, 2011 and its Annual Report on Form 10-K/A for the fiscal year ended June 30, 2011, filed on November 14, 2011, all of which included Mr. Li's signatures had in fact not been prepared or reviewed by Mr. Li, and Mr. Li had not personally signed such reports or consented to the use of his signature on such reports.
The Board of Directors has authorized the Audit Committee of the Company to conduct an internal investigation into the foregoing matter.
The Company will commence a search to identify a qualified candidate to serve as the new Chief Financial Officer, who will be approved by the Board of Directors. In the interim the Board has approved Ms. Jie Lin, who is currently the VP of Operations, to act as interim Chief Financial Officer. Ms. Lin has served as a Vice President of Operations of the Company since March 9, 2008 and has served as Manager of the Finance Department and as Assistant to the General Manager of Pingdingshan Pinglin Expressway Co., Ltd., since May 2003. Prior to that, Ms. Lin served as Manager of the Finance Department of Henan Shengrun Real Estate Co., Ltd. in the PRC since March 2000.
Watching for a better bouncy-bounce play manana here>>> CIIC .44s should make me a few dollars for the weekend here. trade on kids!
Great **ALERT**
spot on!!!!!!!!!!
CIIC is delisting to the PINKS tomorrow. SHORT IT IF YOU CAN! If you are long, you better get out quick!
http://www.otcbb.com/asp/dailylist_detail.asp?mkt_ctg=ALL
i hope so too, tried to sell at 1.12 but no takers...
The CEO has screwed the shreholders already. I am pretty sure the SEC gonna delist the company!
Hopefully you gonna be able to sell your shares above a Dollar...
Notice of Delisting or Failure to Satisfy a Continued Listing
http://biz.yahoo.com/e/111021/ciic8-k.html
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On October 17, 2011, China Infrastructure Investment Corporation (the "Company"), received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), which stated that the Nasdaq Staff has made an additional determination that the actions taken by the Company with respect to substantial loans and advances made to related parties, which actions were disclosed in a Current Report on Form 8-K and in the Company's Annual Report on Form 10-K filed on October 13, 2011, raise public interest concerns under Listing Rule 5101. The Staff has indicated that this matter serves as an additional basis for delisting the Company's securities from Nasdaq.
The Company previously disclosed in a Current Report on Form 8-K filed on September 7, 2011, the receipt of a letter (the "Letter") from Nasdaq informing the Company that Nasdaq would delist the Company's securities as a result of the Company's failure to regain compliance with Listing Rule 5550(a)(2) prior to the expiration of the relevant compliance period. On September 13, 2011, the Company formally appealed the determination to delist for failure to regain compliance with the Nasdaq bid price requirements and a hearing is scheduled for October 27, 2011 (the "Hearing").
The Company does not agree that the actions taken with respect to writing off the related party loans and accepting a controlling interest in a new asset to offset the related party loans, harmed the minority shareholders of the Company. Further the Company does not believe that such actions should have lead to a public interest concern under Listing Rule 5101. At the Hearing, the Company intends to rebut the allegations made by the Staff that the actions cause a public interest concern.
CIIC 10k For the Fiscal Year Ended June 30, 2011
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8188624
The number of outstanding shares of the registrant’s Common Stock on October 13, 2011 was 80,000,000.
NET INCOME (LOSS) PER COMMON SHARE, BASIC AND DILUTED $ (1.71)
Our revenues are derived from the operation of Pinglin Expressway. Our revenues increased by approximately $13.2 million, or 30.9%, from approximately $42.6 million for the year ended June 30, 2010 to approximately $55.8 million for the year ended June 30, 2011.
Our operating costs mainly represent the road maintenance costs, road management costs and labor costs associated with the toll operations. Our operating costs increased by approximately $2.4 million, or 67.2%, from approximately $3.6 million for the year ended June 30, 2010 to approximately $6.0 million for the year ended June 30, 2011. The increase is mainly due to the increase in the specific project costs and the road management costs due to the upgrade of express network charging system for the year ended June 30, 2011.
Our total depreciation and amortization related to toll operations decreased by approximately $1.5 million, or 11.9%, from approximately $12.9 million for the year ended June 30, 2010 to approximately $11.4 million for the year ended June 30, 2011. The decrease was mainly caused by the 2010 reassessment of the future expected traffic volume.
Our gross profit increased by approximately $12.3 million, or 47.3%, from approximately $26.0 million for the year ended June 30, 2010 to approximately $38.3 million for the year ended June 30, 2011. Such gross profit increase is primarily due to the increase in our revenues and decrease in our depreciation and amortization expenses, partially offset by the increase in operating cost.
Gross profit as a percentage of revenues increased from 61.0% for the year ended June 30, 2010 to 68.6% for the year ended June 30, 2011 as a result of the explanation above.
Our general and administrative expenses mainly represent employee payroll and welfare, traveling expenses, vehicle gasoline and maintenance costs, entertainment expenses, consulting fees, provisions for doubtful accounts and miscellaneous taxes. General and administrative expenses increased by approximately $1.7 million, or 41.0%, from approximately $4.2 million for the year ended June 30, 2010 to approximately $5.9 million for the year ended June 30, 2011. Such increase is primarily due to the increase in consulting fee from ICBC and CCB.
Bad Debts for Notes Receivable and Advances to Related Parties
Our bad debt for notes receivables from related parties for the year ended June 30, 2011 mainly due to that the Company entered into a renewal agreement with Tai Ao and Xinyang to resolve the notes receivable from the related parties. The agreement was renewed based on management’s estimate of the realizable amount resulting from the lack of government approval of the acquisition of Tai Ao and deteriorating operations of Tai Ao, which resulted in the inability to the pay balances. Pursuant to the agreement, the principal and interest of notes receivables from Tai Ao and Xinyang was decreased to $57,169,593, since the Company’s management believes there is uncertainty as to collection of some of the notes receivables and advance to related parties, and a bad debt provision amounting to $145.9 million was provided by the Company for the notes receivable from and advance to Tai Ao and Xinyang.
Interest Income and Expense
Interest income from related parties decreased by approximately $8.4 million, or 100.0%, from approximately $8.4 million for the year ended June 30, 2010 to approximately $0 million for the year ended June 30, 2011. The decrease is primarily due to the Company’s management’s decision to cease to accrue the interest income from notes receivable from related parties for the year ended June 30, 2011.
Interest expense increased by approximately $3.0 million, or 10.6%, from approximately $28.4 million for the year ended June 30, 2010 to approximately $31.4 million for the year ended June 30, 2011. This increase is primarily due to the increase of the principle and the floating interest rate for the year ended June 30, 2011.
Income Tax Benefit (Expense)
Income tax expense decreased by approximately $8.5 million, or 870.9%, from income tax expense of approximately $0.9 million for the year ended June 30, 2010 to income tax benefit of approximately $7.6 million for the year ended June 30, 2011, as a result of the significant decrease in our income from operations due to the significant bad debt provisions. The Company accrued interest income for the related party loans in prior years, which resulted in the deferred tax liabilities. Due to the significant bad debt provisions for the principal and interest of notes receivable, the Company believes the related deferred tax effect caused by the interest income of prior years should also be reversed since they will not be recognized as an income in the future. Therefore, a tax benefit occurred in this period. Our effective tax rate was 5% and 28% for the year ended June 30, 2011 and 2010, respectively.
Net (Loss) Income
Our net (loss) income decreased by approximately $139.0 million, or 5612.3%, from net income of approximately $2.5 million for the year ended June 30, 2010 to net loss of approximately $136.5 million for the year ended June 30, 2011. This decrease is primarily due to the significant bad debt provisions amounting to $149.6 million provided by the Company due to the resolve the notes receivable from the related parties for the year ended June 30, 2011.
Liquidity and Capital Resources
The consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company had a net loss of $136,547,931 for the year ended June 30, 2011. This was primarily due to the Company plans to resolve the related party notes receivable and advances, resulting in a bad debt provision of $149,590,500 which was provided for the notes receivable from and advances to related parties. The Company derives revenues from the operations of the Pinglin Expressway and the revenues increased by approximately 31% for the year ended June 30, 2010 compared to the year ended June 30, 2011.
The Company had a working capital deficit of $26,990,951 and cash and cash equivalents of $557,244 on June 30, 2011. This was primarily due to the Company providing advances to its related parties for their highway construction and working capital. The Company currently generates its cash flow through its operating profit and borrowings from banks. During the reporting period, to increase its cash resources, the Company obtained a long-term loan of $19,161,715. The Company also had cash flow from operations of $11,225,711 for the year ended June 30, 2011. As of the date of this report, the Company has not experienced any difficulty in raising funds through bank loans, and has not experienced any liquidity problems in settling payables in the normal course of business and repaying bank loans when they fall due. To improve liquidity, the Company may explore new expansion opportunities and external funding sources.
We generally finance our operations through, to a substantial extent, from operating profit and a combination of borrowings from banks. We use cash generated from operations to pay current liabilities. To increase our cash resources, we will renew short-term loans when due and obtain long-term loans, if necessary. There can be no assurance that we will be successful in renewing loans or obtaining new loans.
Form 8k-Loan Set-Off Agreement
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8187552
10-Oct-1 Earnings announcement.
Lets see what happens on Monday. i still did not sell.
They got the nasdaq compliance by friday! So from now on there is
not really a reason to keep the price above a dollar.
Check CLNT ! It gonna go like CIIC imo... just some volume needed!
Great trade Frankie! I'm not sure how much higher this will go. The company doesn't really need to buy back many more shares. They just want to keep this over a dollar.
bought some at 112 lol, it went right up.
Have a great weekend all. :)
CIIC had a great day today.. will it be the same next week, any predictions??
CIIC had a great day today.. will it be the same next week, any predictions??
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Chairman and CEO, Mr. Xipeng Li Mr. Li is also the Chairman and CEO of Henan Shengrun Investment Co., Ltd. Mr. Li has proven successful records in developing and managing infrastructure projects in China in the past 15 years. Mr. Li has a EMBA degree from Cheung Kong Graduate School of Business in China. | |
Director and CFO, Mr. Chunxian Zhang Mr. Zhang has served as Chief Financial Officer of Pinglin Expressway Co., Ltd. since May 2003. Prior to that, Mr. Zhang served as investment manager at Central China Trust and Investment Co., Ltd based in Henan province. Mr. Zhang is a Chinese Certified Public Accountant. | |
Director,Vice President,Ms Wenying Li | |
Director, Mr. Changlai Li Mr. Li has being the General Manager of Weilan Highway Investment Construction Co., Ltd. since 2004. Prior to that, Mr. Li served as Chief Engineer of Henan Highway Development Co., Ltd. from June 2002 through December 2004 and Manager of Zhumadian Expressway of Henan Highway Development Co., Ltd. October 2001 through June 2002. Mr. Li earned his Masters degree at Changan University in Xian, China. | |
General Manager of Pingdingshan Pinglin Expressway Co., Ltd., Mr. Jingshan Li Prior to join the Company in May 2003, Mr. Li was an senior official at Pingdingshan Municipal Bureau of Transportation and senior executive of Pingdingshan Transportation Corporation and deputy general manager of Pingdingshan Expressway Construction Co., Ltd. | |
Chief Engineer of Pingdingshan Pinglin Expressway Co., Ltd., Mr. Yansheng Mao Mr. Mao has extensive engineering experience in highway construction and maintenance. He served as the design engineer for Pingdingshan Municipal Road Bureau and chief engineer with Pingdingshan Kaida Construction Co., Ltd. He was been with the Company since June | |
Corporate Secretary, Mr. Wang Feng Mr. Wang has served as the corporate secretary of Pinglin since May 2007. Prior to that, Mr. Wang served as Investment Manager of Henan Hi-Tech Venture Capital Co., Ltd. Mr. Wang earned his Masters degree from Beijing Information Science and Technology University and his Bachelor of Science degree from Hunan University. Mr. Wang is a Chinese Certified Public Accountant. |
On September 21, 2011, the Company received a letter of resignation from Mr. Lei Li, who was the Chief Financial Officer of the Company at the time.
Although the Company did not accept Mr. Li's resignation, Mr. Li did not continue to perform his duties as Chief Financial Officer for the Company.
On December 15, 2011, the Board of Directors was informed that Mr. Li submitted a resignation letter on September 21, 2011 and had ceased working for the Company immediately after such submission.
It was also brought to the attention of the Board of Directors on December 15, 2011, that the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2011 filed on October 13, 2011, its Quarterly Report on 10-Q for the quarter ended September 30, 2011, filed on November 14, 2011 and its Annual Report on Form 10-K/A for the fiscal year ended June 30, 2011, filed on November 14, 2011, all of which included Mr. Li's signatures had in fact not been prepared or reviewed by Mr. Li, and Mr. Li had not personally signed such reports or consented to the use of his signature on such reports.
The Board of Directors has authorized the Audit Committee of the Company to conduct an internal investigation into the foregoing matter.
The Company will commence a search to identify a qualified candidate to serve as the new Chief Financial Officer, who will be approved by the Board of Directors.
In the interim the Board has approved Ms. Jie Lin, who is currently the VP of Operations, to act as interim Chief Financial Officer. Ms. Lin has served as a Vice President of Operations of the Company since March 9, 2008 and has served as Manager of the Finance Department and as Assistant to the General Manager of Pingdingshan Pinglin Expressway Co., Ltd., since May 2003. Prior to that, Ms. Lin served as Manager of the Finance Department of Henan Shengrun Real Estate Co., Ltd. in the PRC since March 2000.
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