Lizhan Environmental Files Amendment to Its 2011 Form 20-F to Cure Deficiency Notice From NASDAQ
24 Abril 2012 - 6:30AM
Lizhan Environmental Corporation ("Lizhan" or the "Company")
(Nasdaq:LZEN), one of China's leading manufacturers of eco-friendly
fabrics made from patented technologies, announced today that on
April 18, 2012, the Company received a deficiency letter from
NASDAQ stating that Lizhan's 2011 Form 20-F did not contain
management's assessment of the Company's financial controls and
reporting for the twelve months ended September 30, 2011. Lizhan
cured this deficiency by filing an amendment to its 2011 Form 20-F
with the U.S. Securities and Exchange Commission on Monday, April
23, 2012.
In the original Form 20-F for the fiscal year ended September
30,2011 filed on April 12, 2012 Lizhan did not include management's
assessment regarding internal controls over financial reporting.
This deficiency was addressed in the Company's Form 20-F/A filed on
April 23rd, 2012 in which the Company included management's report
on internal control over financial reporting and its assessment
that the Company's internal control over financial reporting was
effective.
Please refer to Item 15(b) of the Company's Form 20-F/A filed on
April 23, 2012 for management's report on internal controls over
financial reporting. A copy of the filing can be found on the
Company's investor relations website or through the following
link:
http://www.sec.gov/Archives/edgar/data/1489784/000129281412001040/0001292814-12-001040-index.htm
On April 23, 2012, NASDAQ notified the Company that based on the
April 23, 2012 filing of the Company's Form 20-F for the period
ended September 30, 2011, Lizhan was in compliance with the
periodic filing requirement under Listing Rule 5250(c)(1).
About Lizhan Environmental Corporation
Lizhan Environmental Corporation is one of China's leading
manufacturers of eco-friendly fabrics whose products are developed
with patented technology that regenerates collagen fiber from
leftover cuttings, pieces and trimmings of genuine leather. The
Company's products are mainly used in furniture, garments and other
consumer applications. For more information about Lizhan
Environmental Corporation, please visit www.lzencorp.com.
Safe Harbor Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks outlined in the Company's public filings with the Securities
and Exchange Commission, including the Company's annual report on
20F, as amended. Some of risks inherent in an investment in our
company include, but are not limited to, our limited operation
history, our need to maintain sufficient levels of liquidity and
working capitals, the potential need to reduce our expansion plans,
price inflation in the PRC, difficulties in developing and selling
our new Colgre Products, seasonal patterns in our business,
protection of our intellectual property and the risk of infringing
the intellectual property of others, customer decisions to
discontinue purchasing our products, and restrictions imposed by
Chinese regulations, including every policies. All information
provided in this press release is as of March 30, 2012. Except as
required by law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, after the date on
which the statements are made or to reflect the occurrence of
unanticipated events.
CONTACT: Company:
Lizhan Environmental Corporation
Eileen Liu, Investor Relations Manager
Email: ir@lezncorp.com
Phone: +011-86-573-8862-268
Investor Relations:
MZ North America
Ted Haberfield, President
Email: thaberfield@mzgroup.us
Phone: +1-760-755-2716
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