BEIJING, Aug. 17, 2011 (GLOBE NEWSWIRE) -- SinoTech Energy Limited (Nasdaq:CTE) ("SinoTech" or the "Company"), a fast-growing provider of enhanced oil recovery ("EOR") services in China, today announced that it will issue a press release and hold an investor conference call in response to allegations made in a report posted on alfredlittle.com before the NASDAQ market opens for trading on August 17, 2011.
Alfredlittle.com, an acknowledged short seller of the Company's stock, made various allegations concerning the Company's business and the accuracy of the Company's prior statements. The Company is currently preparing a response to these unfounded allegations and intends to issue a press release and hold a conference call before the NASDAQ market opens for trading on August 17.
The Company has also been informed that NASDAQ has temporarily halted trading in the Company's stock pending receipt from the company of certain additional information. The Company intends to work with NASDAQ to promptly provide NASDAQ with any information it requires, and hopes that the current trading halt will be lifted in the near future.
SinoTech urges its investors to review and consider the Company's response to the allegations on alfredlittle.com before taking any action with respect to their ownership of the Company's securities.
The Company has scheduled a conference call to address these allegations at 8:30 AM Eastern Time (ET) (8:30 PM Beijing/Hong Kong time) on August 17, 2010.
The dial-in details for the live conference call are as follows:
| International dial-in number: | +1-617-614-3672 |
| U.S. dial-in number: | +1-800-260-8140 |
| Participant Passcode: | 98928241 |
A replay of the conference call will also be available until August 24, 2011 by dialing:
| International dial-in number: | +1-617-801-6888 |
| Passcode: | 84893536 |
In addition, a live and archived webcast of the conference call will be available on SinoTech's website at http://ir.sinotechenergy.com/events.cfm">http://ir.sinotechenergy.com/events.cfm.
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.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, SinoTech's goals and strategies, its future business development, growth of its operations, financial condition and results of operations, its ability to introduce successful new services and attract new clients, growth of the EOR services market in China and worldwide, its beliefs regarding its strengths and strategies, changes in the oil services industry in China, including changes in the policies and regulations of the PRC government governing the oil services industry, its access to current or future financing arrangements, and fluctuations in general economic and business conditions in China, and other risks and uncertainties disclosed in SinoTech's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to SinoTech's management as of the date hereof and on its current expectations, assumptions, estimates and projections about SinoTech and the oil and gas industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. SinoTech undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.