BEIJING, Nov. 11, 2011 (GLOBE NEWSWIRE) -- SinoTech Energy Limited (Pink Sheets:CTESY) ("SinoTech" or the "Company"), a provider of enhanced oil recovery ("EOR") services in China, previously announced on September 23, 2011, that certain corporate funds had been transferred to a bank account controlled by Mr. Qingzeng Liu, Chair of the Company's Board of Directors (the "Board"). On September 23, 2011, the Company also announced that Mr. Liu had agreed to re-transfer to the Company all such amounts, and that the Company had received a significant portion of those funds. The Company announced today that re-transfer of the remaining funds to the Company was completed on October 24, 2011.
The Company also announced that it has withdrawn its appeal to the previously announced delisting determination by The Nasdaq Stock Market LLC ("NASDAQ") because, to date, it has been unable to cure the issues identified by NASDAQ and disclosed by the Company on September 21 and October 4, 2011. NASDAQ informed the Company in a letter dated October 28, 2011 that the Company's shares will continue to be suspended from trading, and that NASDAQ will file a Form 25 Notification of Delisting with the U.S. Securities Exchange Commission when all NASDAQ internal appeal periods end.
The Company further announced that the Special Committee of the Board has decided to discontinue the independent investigation into allegations made in a report posted on alfredlittle.com and other matters.
