NIVS IntelliMedia Technology Group, Inc. (NYSE Amex: NIV), a comprehensive consumer electronics company that designs, manufactures, and sells intelligent audio and visual products and mobile phones, today announced that the NYSE Amex LLC (the "Exchange") will suspend the Company's listing with the Exchange, effective as of the open of business on Thursday, June 23, 2011.
On June 20, 2011, the Company was notified by the Exchange that a Listing Qualifications Panel of the Exchange's Committee on Securities had denied the Company's request for continued listing with the Exchange, following a hearing on June 15, 2011.
Upon the suspension of trading on the Exchange, it is expected that the Company's common stock will be eligible to trade in the "grey market" where securities that are not listed, traded or quoted on any U.S. stock exchange, the OTC Bulletin Board or OTC Link are found. Grey market trades are reported by broker-dealers to their Self Regulatory Organization ("SRO") and the SRO distributes the trade data to market data vendors and financial websites, such as Yahoo!® Finance, so investors can track price and volume. The Company's stock is not immediately eligible for trading on the over-the-counter (OTC) market due to the fact that trading in the Company's stock was previously halted on the Exchange.
The Company looks forward to the conclusion of the investigation of the Special Committee and the planned subsequent audit of the Company's 2009 and 2010 fiscal years. The Company hopes to provide accurate and complete financial information to its shareholders and the investing public as soon as possible.