SHIJIAZHUANG, Hebei Province, China--(BUSINESS WIRE)--AutoChina International Limited (“AutoChina” or the “Company”) (NASDAQ: AUTC), China’s largest commercial vehicle sales, servicing, leasing, and support network, today announced that, on August 15, 2011, the Company submitted to Nasdaq a plan of compliance setting forth the steps it intends to take to regain compliance for continued listing of the Company’s ordinary shares on the Nasdaq Stock Market, as well as certain other information relating to Nasdaq’s evaluation of the plan.
As previously announced, on July 15, 2011, the Company received a written notification from the Nasdaq Stock Market stating that it is not in compliance with the filing requirements for continued listing under Nasdaq Marketplace Rule 5250(c)(1). The Nasdaq notification, which the Company expected, was issued in accordance with standard Nasdaq procedures due to the Company not filing its Annual Report on Form 20-F for the year ended December 31, 2010 (“2010 Form 20-F”), with the U.S. Securities and Exchange Commission within the required time period.
Nasdaq will review the Company’s submission, and, if it determines that the plan is acceptable, the Company will have up to 180 days from the date it was due to file the 2010 Form 20-F to regain compliance. The Company can provide no assurances that the plan will be approved by Nasdaq.
About AutoChina International Limited:
AutoChina International Limited is China’s largest commercial vehicle sales, servicing, leasing, and support network. AutoChina’s operating subsidiary was founded in 2005 by nationally recognized Chairman and CEO, Yong Hui Li. The Company owns and operates 354 commercial vehicle financing centers across China, and primarily provides sales-type leasing and support services for local customers. The Company’s website is http://www.autochinaintl.com.
Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:
Continued compliance with government regulations;
Changing legislation or regulatory environments;
Requirements or changes affecting the businesses in which the Company is engaged;
Industry trends, including factors affecting supply and demand;
Labor and personnel relations;
Credit risks affecting the Company's revenue and profitability;
Changes in the commercial vehicle industry;
The Company’s ability to effectively manage its growth, including implementing effective controls and procedures and attracting and retaining key management and personnel;
Changing interpretations of generally accepted accounting principles;
General economic conditions; and
Other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission.