In the news release, China Shenghuo Announces Receipt of
Deficiency Notice and Voluntary Delisting from NYSE Amex LLC and
Deregistration with the SEC, issued 07-May-2012 by China Shenghuo Pharmaceutical
Holdings, Inc. over PR Newswire, we are advised by the company that
the original headline, "China Shenghuo Announces Receipt of
Deficiency Notice and Voluntary Delisting from NYSE Amex LLC and
Deregistration with the SEC", should read "China Shenghuo Announces
Its Intent Not to File Form 15 At This Time and Continue to be a
Reporting Company Until Such Time As It Is Allowed to Suspend Its
Reporting Obligations". The complete, corrected release
follows:
China Shenghuo Announces Its Intent Not to File Form 15 At This
Time and Continue to be a Reporting Company Until Such Time As It
Is Allowed to Suspend Its Reporting Obligations
KUNMING, China, May 7, 2012 /PRNewswire-Asia-FirstCall/ -- China
Shenghuo Pharmaceutical Holdings, Inc. (NYSE Amex LLC: KUN) ("China
Shenghuo" or the "Company"), today announced its intent not to file
Form 15 at this time and continue to be a reporting company until
such time as it is allowed to suspend its reporting
obligations.
In a Press Release dated April 20,
2012, the Company announced its intention to file a Form 15,
which would, upon such filing, suspend the Company's obligations to
file certain reports with the U.S. Securities & Exchange
Commission (the "SEC"), including reports on Form 10-K, 10-Q,and
8-K. It was anticipated that such Form 15 would be filed on or
about May 10, 2012, upon the
effectiveness of the Form 25 - Notification of Removal from Listing
and/or Registration under Section 12(b) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), filed in connection
with the Company's voluntary delisting of its common stock from
trading on NYSE Amex.
In discussions between the Company's legal counsel and the SEC,
the SEC has taken the position that the exemption that the Company
had sought to rely upon under Section 15(d) of the Exchange Act to
suspend its reporting obligations is unavailable to it at this
time. As such, the Company at this time will not file
a Form 15, and it will continue to be a reporting company
under Section 15(d) of the Exchange Act until such time as it is
allowed to suspend its reporting obligations, which the Company
expects to be no later than the first quarter of 2013. The
Company therefore is preparing its quarterly report on Form
10-Q for the three months ended March 31,
2012, and expects to file it as soon as practicable.
About China Shenghuo
Founded in 1995, China Shenghuo is primarily engaged in the
research, development, manufacture, and marketing of Sanchi-based
medicinal and pharmaceutical, nutritional supplement and cosmetic
products. Through its subsidiary, Kunming Shenghuo Pharmaceutical
(Group) Co., Ltd., it owns thirty SFDA (State Food and Drug
Administration) approved medicines, including the flagship product
Xuesaitong Soft Capsules, which is currently being listed in the
2010 Provincial Insurance Catalogue of sixteen provinces around
China. At present, China Shenghuo
incorporates a sales network of agencies and representatives
throughout China, which markets
Sanchi-based traditional Chinese medicine to hospitals and drug
stores as prescription and OTC drugs primarily for the treatment of
cardiovascular, cerebrovascular and peptic ulcer disease. The
Company also exports medicinal products to Asian countries such as
Indonesia, Singapore, Japan, Malaysia, and Thailand and to European countries such as the
United Kingdom, Tajikistan, Russia and Kyrgyzstan.
With the substantial completion of Shenghuo Plaza at the end of
2010, China Shenghuo entered into a new business - the hotel and
hospitality business. Two floors of Shenghuo Plaza are designed to
be utilized as 12 Ways Chinese Herbal Beauty Demonstration Center.
The balance of Shenghuo Plaza is used as a business hotel -
Zhonghuang Hotel, restaurant and banquet facilities and an
entertainment venue.
China Shenghuo is also expanding into the businesses of wellness
tourism. For more information, please visit
http://www.shenghuo.com.cn.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements," as defined in the United
States Private Securities Litigation Reform Act of 1995,
that involve a number of risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and the
actual results and future events could differ materially from
management's current expectations. Such factors include, but are
not limited to, uncertainties regarding the eligibility for and
timing of the Company's planned deregistration under the Exchange
Act, including any relief that the SEC might grant to the Company
pursuant to a "no-action" letter with respect to the SEC
deregistration requirements should the Company seek such relief;
risks of litigation and governmental or other regulatory
proceedings arising out of or related to any of the matters
described in recent press releases, including arising out of the
restatement of the Company's financial statements; the Company's
ability to refinance or repay loans received; the Company's
uncertain business condition; risks related to the lower liquidity,
trading volume and price resulting from the voluntary delisting of
the Company's stock and the anticipated deregistration under the
Exchange Act; risks arising from potential weaknesses or
deficiencies in the Company's internal controls over financial
reporting; the Company's reliance on one supplier for Sanchi; the
possible effect of adverse publicity on the Company's business,
including possible contract cancellation; the Company's ability to
develop and market new products; the Company's ability to establish
and maintain a strong brand; the Company's continued ability to
obtain and maintain all certificates, permits and licenses required
to open and operate retail specialty counters to offer its cosmetic
products and conduct business in China; protection of the Company's
intellectual property rights; market acceptance of the Company's
products; changes in the laws of the
People's Republic of China that affect the Company's
operations; cost to the Company of complying with current and
future governmental regulations; the impact of any changes in
governmental regulations on the Company's operations; general
economic conditions; and other factors detailed from time to time
in the Company's filings with the United States Securities and
Exchange Commission and other regulatory authorities. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
China Shenghuo Pharmaceutical Holdings, Inc.
Ms. Shujuan Wang
Secretary of Board of Directors
+86-871-7282698
SOURCE China Shenghuo Pharmaceutical Holdings, Inc.