Click here to close now.




















Welcome!

News Feed Item

Hanfeng Evergreen Inc. to Be Delisted From the TSX; Provides Update to Shareholders

TORONTO, ONTARIO -- (Marketwired) -- 05/12/14 -- Further to its press release of April 16, 2014, Hanfeng Evergreen Inc. (TSX: HF) ("Hanfeng" or the "Company") announced today that the Company has received a letter from the Toronto Stock Exchange ("TSX") advising the Company that the Continued Listings Committee of the TSX has determined to delist the Company's securities effective at the close of market on June 9, 2014. The delisting was imposed for failure by the Company to meet the continued listing requirements of TSX. The common shares of the Company remain suspended from trading on the TSX and subject to cease trade orders issued by Canadian securities regulatory authorities.

The Company further provided an update on its previously announced efforts to normalize the business, operations and reporting obligations of the Company in Canada and China.

Operational Update

During the month of April, the Company's Chief Executive Officer, Mr. Xinduo Yu and the lead Director of the Company had a meeting in China with Heilongjiang Beidahuang Hanfeng Agriculture Development Co., Ltd. ("Beidahuang"), the Company's largest customer, to discuss their ongoing business relationship. Although the meeting was positive, Beidahuang had previously secured its fertilizer needs from other suppliers for the current fertilizer season. Mr. Yu, has spent the last several weeks since being reinstated as CEO meeting with management of the Company's Heilongjiang (HLJ) and Jiangsu (JS) subsidiaries. The HLJ plant is currently in a partial shutdown for repairs and replacement of aging and damaged equipment. Production at this facility has been limited since mid-2013. The management team at the HLJ plant is currently taking steps to sell damaged and excess inventory. Mr. Yu was able to confirm that the necessary filings were in place with each of the applicable Chinese regulatory authorities to ensure the proper registration of both of HLJ and JS as wholly-owned subsidiaries of the Company.

The Company remains focused on rebuilding its business in China and restoring its prior relationships with its employees and key customers and suppliers.

Sale of Indonesian Joint Venture

The Company has completed the previously announced sale of its ownership interest in Hanfeng Slow-Release Fertilizer Pte., Ltd. (Singapore) ("Hanfeng Singapore"), the company holding its Indonesian joint venture interest to an independent third party for nominal consideration. The sale of the Company's interest in Hanfeng Singapore has limited the Company's potential exposure to additional costs and liabilities associated with the Indonesian joint venture.

Continuous disclosure and securities filings

The Company is continuing its efforts to retain an auditor but, to date, has not been able to identify an auditor that has the necessary expertise and desire to take the assignment. The Company expects that it will only file its outstanding financial statements and accompanying management discussion and analysis following the engagement of, and review by, a new auditor.

As previously announced, the Board of Directors has engaged a recognized law firm in China to assist the Company in reviewing the previous allegations of wrongdoing by the Company and investigating the status of the Company's operations in China to ensure that the Company can continue to carry on its business. This review remains ongoing.

Annual general meeting of shareholders

In light of the numerous issues facing the Company and its businesses in Canada and China, at this time, the Company is focusing its efforts on the process of normalization of its business activities and is unable to provide an update as to the timing for an annual general meeting of shareholders.

Forward-Looking Statements

This news release contains forward-looking statements. These forward-looking statements relate to future events, performance and results, and reflect management's expectations or beliefs regarding future events, including business and economic conditions and the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking information is typically identified by words such as "anticipate", "believe", "foresee", "expect", "estimate", "forecast", "goal", "intend", "plan", "seek", "strive", "will", "may", "should", "could" and similar expressions. Specific forward-looking information in this news release includes, but is not limited to, statements with respect to the Company's search for a replacement auditor, its efforts to bring all of its filings up-to-date, its application to have the cease trade orders lifted and the scheduling of its annual general meeting of shareholders.

The forward-looking statements contained herein entail various risks and uncertainties. A number of factors could cause actual events, performance or results to vary from those reflected in these forward-looking statements. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available under the Company's profile on www.sedar.com. Additional important factors that could cause actual results to differ materially include, but are not limited to, the ability of the Company to preserve or monetize its working capital, the ability of the Company to attract and retain customers, the ability of the Company to appoint directors and representatives of its subsidiaries in China and elsewhere, delays in financial reporting, the ability of the Company to raise capital if and when required, foreign exchange fluctuations and controls, general economic conditions, market and business conditions, regulatory developments, changes in government policy, employee actions (including strikes or work stoppages), environmental factors including weather conditions and the impacts from regional flooding and/or drought conditions, and litigation. In evaluating forward-looking information, readers should specifically consider the factors that may cause actual results to vary. Forward-looking statements are not guarantees of future performance.

In light of the significant uncertainties inherent in the forward-looking statements included herein, any such forward-looking statements should not be regarded as representations by the Company that its respective objectives or plans will be achieved. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein. Forward-looking statements are based on, and included for the purpose of providing information about, the Company's current expectations, beliefs and plans relating to the future which are based on the Company's perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances including, but not limited to, assumptions that are stated or inherent in such forward-looking statements, the assumptions referred to above, and assumptions regarding the ability of the Company to restore relations with its former principal customer and appoint a successor auditor and address regulatory concerns, revenue growth and operating efficiencies. Readers are cautioned that such information may not be appropriate for other purposes. In addition, these forward-looking statements relate to the date on which they are made. While the Company anticipates that subsequent events and developments may cause the Company's views to change, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements or the foregoing list of factors, whether as a result of new information, future events or otherwise, except to the extent required by law.

About Hanfeng Evergreen Inc.

Hanfeng is a leading producer and supplier of value-added fertilizer solutions in emerging markets. It is the largest producer of slow and controlled release fertilizer in one of the world's most significant agricultural markets, the People's Republic of China. Hanfeng is headquartered in Toronto, Ontario.

Contacts:
Hanfeng Evergreen Inc.
Jonathan Pollack
Lead Director
(416) 368-8588

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with ...
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. The DevOps approach is a way to increase business agility through collaboration, communication, and integration across different teams in the IT organization. In his session at DevOps Summit, Chris Van Tuin, Chief Technologist for the Western US at Red Hat, will discuss: The acceleration of application delivery for the business with DevOps
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, S...