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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sinotech (MM) | NASDAQ:CTE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.35 | 0 | 01:00:00 |
Special Committee of the Board of Directors Formed
As disclosed during the investor conference call held by the Company on August 17, 2011, SinoTech has formed a Special Committee of its board of directors ("Special Committee"), consisting of independent directors Ms. Jing Liu and Mr. Heqing Yao, to investigate the allegations in the alfredlittle.com report. Ms. Liu has over 17 years of experience in financial management and has served in a number of senior finance roles. Mr. Yao has over 30 years of experience in the oil and gas industry and has held various top executive positions in government and the private sector. The Special Committee's mandate is to examine the allegations made by alfredlittle.com, perform a comprehensive, independent investigation, and report its findings and recommendations to the board of directors. The Special Committee has retained Shearman & Sterling LLP as its independent legal counsel, and Shearman & Sterling LLP intends to engage an independent forensic auditor. The Special Committee has also been authorized to retain such other advisors as it deems necessary.
Physical and Digital Data Rooms Updated with New Materials Refuting Report Claims
Also as previously announced, the Company has established a physical data room at its headquarters in Beijing where interested investors can examine materials refuting the allegations made by alfredlittle.com. Digital copies of materials have also been made available in a digital data room. SinoTech may add materials to both the physical and digital data rooms.
To access the physical data room, investors are invited to visit the Company's headquarters located at 3/F, No. 19 Ronghua South Road, Beijing Economic-Technological Development Area, Beijing, China. To access the Company's digital data room, investors are invited to write to rebecca.guo@sinotechenergy.com.
About SinoTech Energy Limited
SinoTech Energy Limited (Nasdaq:CTE) ("SinoTech") is a fast-growing provider of enhanced oil recovery ("EOR") services in China. SinoTech provides innovative EOR services to major oil companies in China using leading edge technologies, including certain patented lateral hydraulic drilling ("LHD") technologies, which the Company has an exclusive right to use in China, and a molecular deposition film technology, for which the Company holds a PRC patent. SinoTech also provides technical services to coalbed methane customers using the LHD technology.
For more information, please visit http://ir.sinotechenergy.com.
CONTACT: Investor and media inquiries: Ms. Rebecca Guo SinoTech Energy Limited, Beijing + 86-10-8712-5567 rebecca.guo@sinotechenergy.com Brunswick Group LLP Ms. Yue Yu +86-10-6566-2256 sinotech@brunswickgroup.com
1 Year Sinotech (MM) Chart |
1 Month Sinotech (MM) Chart |
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