L&L on Track for Taiwan TDR Issuance
SEATTLE, Aug. 5, 2013 /PRNewswire/ — L & L Energy, Inc. (NASDAQ: “LLEN”) (“L&L” or the “Company”), a U.S.-based company with profitable energy (coal) operations in China, announced today that its Taiwan Depository Receipt issuance (“TDR”) is moving forward on schedule. The TDR is to provide capital for L&L’s growth, and in management’s view, will be accretive to shareholders.
Last week, L&L held a joint kick-off meeting in Taiwan to discuss strategy and ensure a coordinated TDR effort among its underwriter, Taishin Securities (“Taishin”), its auditor, KPMG (Taiwan), and its legal advisor, Chieh Yeh Law Firm, a prestigious Taiwan firm. Following the kick off meeting, Taishin has begun analyzing the Company’s energy market and customer portfolios, while KPMG is conducting its final independent review of the Company’s audited financial statements ended April 30, 2013. KPMG has issued its unqualified opinions and endorsed L&L’s 2012 and 2011 financial statements. The current timetable calls for clearing a prospectus and completing the TDR placement by the end of calendar 2013.
L&L Chairman and CEO Dickson Lee commented, “I am pleased with the TDR progress. As part of our due diligence Taishin brought to our attention that companies listed on the Taiwan Stock Exchange generally issue cash dividends each year. If L&L adopts Taishin’s advice to issue an annual cash dividend, we are optimistic that the TDR could benefit all US shareholders. We will consider Taishin’s advice as we move this project forward.”
Forward Looking Statements
The statements containing words that are not historical fact, including statements related to the Company’s future performance, are within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of uncertainties. Actual results of the future events described in this document could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
L&L Energy Inc.
SOURCE L & L Energy, Inc.