Thursday, January 5, 2012

Another US-listed China Company Goes Dark

This time China TMK Battery Systems (DFEL) listed on the OTC filed a Form 15.

China TMK Battery Systems Inc. to Explore Strategic Options
Company to Suspend SEC Reporting
SHENZHEN, China , Jan. 3, 2012 /PRNewswire-Asia-FirstCall/ -- China TMK Battery Systems Inc. (OTC Bulletin Board: DFEL) ("TMK" or "the Company") (formerly, Deerfield Resources, Ltd.), a Chinese manufacturer and distributor of customized rechargeable battery solutions to global consumer product companies, today announced that on December 30, 2011 , it filed a Certification and Notice of Suspension of Duty to File Reports with the Securities and Exchange Commission (the "SEC") in order to reduce substantial legal and accounting expenses. The Company was eligible to deregister its common shares because it had fewer than 300 holders of record of its common shares at the beginning of its fiscal year.

The Board of Directors is in the process of evaluating strategic alternatives for the Company including a sale, merger, privatization, or other business combination, however, the Company has not set a timetable for completion of this evaluation process and there can be no assurances that this review will result in any action. The Company does not expect to make any further comments unless the Board of Directors has approved a specific course of action or otherwise deems disclosure appropriate.

The Company's Form 15 filing on December 30, 2011 immediately suspended the Company's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, however, the Company's common stock will continue to be quoted on the OTCQB and eligible shareholders may continue to avail themselves of legend removal under Rule 144 until the deregistration becomes effective. The Company expects that the deregistration of its common stock will become effective on or before March 31, 2012 . Following deregistration, the Company's common shares will only be quoted on the OTC Pink Sheets and its shareholders may no longer avail themselves of Rule 144.

READ Going Private Or Going Dark Opportunities And Risks For US-listed China Stocks

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