China Energy Savings Technology, Inc. Received Notice of Delisting
Friday May 19, 1:45 am ET
HONG KONG, May 19 /Xinhua-PRNewswire/ -- China Energy Savings Technology, Inc. (Nasdaq: CESV - News) today announced that on May 10, 2006 it received a staff determination letter from the Nasdaq Stock Market. It stated the staff believes that due to public interest concerns under Marketplace Rule 4300 and that the Registrant may have violated Marketplace Rules 4330 and 4420, the staff determined to delist the Registrant's securities from the Nasdaq Stock Market at the opening of business on Friday, May 19, 2006 unless the Company requests a hearing in accordance with Nasdaq Marketplace Rules. While the Company does not agree with the staff's determination, it is the Company's intention not to request such a hearing.
About China Energy Savings Technology
China Energy Savings Technology, Inc., through its ownership interest in Starway Management Limited engages in the development, manufacture, sale, and distribution of energy-saving products for use in commercial and industrial settings in the People's Republic of China. According to test reports by various PRC authorities including the National Center of Supervision & Inspection on Electric Light Source Quality (Shanghai) issued in September 2002, Shenzhen Academy of Metrology & Quality Inspection issued in December 2002 and approved by the State Quality Supervision Inspection Department, the energy saving products of Starway's subsidiaries may provide energy saving rates ranging from approximately 25% to 45%. The energy saving projects conducted by Starway's subsidiaries mostly relate to public or street lighting systems, government administration units, shopping malls, supermarkets, restaurants, factories and oil fields, etc. There are small and large-scaled projects: the small-scaled projects relate to restaurants, shops, small arcades, offices and households through the sale of equipment, and the large- scaled projects relate to large shopping malls, supermarkets, factories and public bodies through the provision and installation of equipment over a term usually extended for years.
Safe Harbor Statement
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings.
For more information, please contact:
China Energy Savings Technology, Inc.
Email: contactus@cesv-inc.com
