TAIYUAN, Shanxi Province, China, Aug. 18, 2011 /PRNewswire-Asia/ -- Puda Coal, Inc. (NYSE Amex: PUDA) (the Company), today announced that it has notified the NYSE Amex (the "Exchange") that it does not intend to appeal the determination from the Exchange to delist the Company's common stock. The Company expects the Exchange to delist the Company's common stock from the Exchange immediately. The Company also expects its common stock to commence trading on the OTC pink sheets market shortly after the delisting is complete. Trading in the Company's common stock on the Exchange has been halted since April 11, 2011.
The Independent Committee of the Board is continuing its discussion with representatives of Chairman of the Board, Mr. Ming Zhao, regarding the preliminary buy-out proposal made by Mr. Zhao on April 29, 2011. The Company's financial advisors in connection with the buy-out proposal, Cowen and Company, LLC and Morgan Joseph TriArtisan LLC, have begun to review documentation and financial information of the Company.
Given the complexity of the issues involved and the requirement for audited financial statements, the Independent Committee anticipates the proposed transaction, if it proceeds, will take several months to complete. Neither the Company nor the Independent Committee can provide any assurances that a definitive agreement will be executed or approved or that a transaction will be consummated or the timing of such. In addition, the Company's audit committee is in the process of engaging a successor independent accounting firm.
FORWARD-LOOKING STATEMENTS
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