China Tracker - Details for China Intelligent Lighting (CILE)

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 China Intelligent Lighting
 Business Outlook

Recent Chain of Events:
2011-12-28 -- Last SEC Filing
2011-12-21 -- CFO Resignation
2011-06-14 -- Delisting from NYSE Amex
2011-04-01 -- Auditor Engagement
2011-03-24 -- Trading halted by NYSE Amex
2011-03-23 -- Auditor Resignation
2010-11-08 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010

(Source: Trading China, 2012-09-30)

On June 13, 2011, the Exchange notified the Company that suspension of its securities from the Exchange will occur on June 14, 2011, prior to the opening of the market. In addition, the Exchange will file an application with the Securities and Exchange Commission to strike the Company's common stock from listing and registration on the Exchange when and if authorized.

The Company does not believe that its common stock is currently eligible to be quoted on the OTC Markets Group after delisting from the Exchange. When, and if, the Company is able to file its delinquent reports and become current in its periodic filing obligations, the Company's common stock may become eligible for quotation. However, there can be no assurance that the Company's common stock will ever be, or be eligible to be, quoted.

(Source: PR Newswire, 2011-06-14)

On April 5, 2011, the Company received a notification from NYSE Amex of its intention to delist the Company's common stock pursuant to Section 1009(d) of the Amex Company Guide based on a determination that it is necessary and appropriate for the protection of investors to initiate immediate delisting proceedings. Based on Amex's review of the resignation letter from MaloneBailey, it determined that the Company is not in compliance with Amex listing standards and is therefore subject to immediate delisting. Specifically, the Company is subject to delisting pursuant to Section 1003(f)(iii) in that the Company's actions and inactions led to MaloneBailey's resignation and withdrawal of its audit opinions casting material doubt on the integrity of the Company's financial statements, which were relied upon by Amex. The Company has until April 12, 2011 a limited right to request an appeal. If the Company does not request an appeal by then, then the decision will become final and Amex will submit an application to the SEC to strike the Company's common stock from listing. If the Company requests an appeal, then such request will stay a delisting action. The Company intends to appeal the delisting determination. There can be no assurance that the Company's request for continued listing will be granted, or even if it is granted, the Company will be able to execute upon such request in a timely manner or to the satisfaction of Amex.

(Source: PR Newswire, 2011-04-07)

China Intelligent Lighting and Electronics today announced that the Company's engagement with its registered independent accounting firm, MaloneBailey LLP has been formally terminated. On March 23, 2011, the Company provided notice of termination to MaloneBailey as the Company's auditor, effective immediately. On March 24, 2011, the Company received a notice of resignation from MaloneBailey indicating that MaloneBailey is terminating its engagement with the Company, effective immediately. The Company has begun to seek to retain a new auditor.

The Resignation Letter described MaloneBailey's resignation being due to accounting fraud involving forging of the Company's accounting records and forging bank statements, in addition to other discrepancies identified in the Company's accounts receivable. The Resignation Letter indicated that MaloneBailey believed that the accounting records of the Company have been falsified, which constitutes an illegal act. Furthermore, MaloneBailey's letter notes that the discrepancies could indicate a material error in previously issued financial statements. As a result, MaloneBailey stated that it is unable to rely on management's representations as they relate to previously issued financial statements and it can no longer support its opinion related to the Company's financial statements for the year ended and as of December 31, 2009.

On March 24, 2011, the Company received a preliminary information request from Amex requesting additional information. The Company intends to fully cooperate with NYSE Amex regarding this matter. The Company was also recently notified by the staff of the U.S. Securities and Exchange Commission (SEC) that it has initiated a formal, nonpublic investigation into whether the Company had made material misstatements or omissions concerning its financial statements, including cash accounts and accounts receivable. The SEC has informed the Company that the investigation should not be construed as an indication that any violations of law have occurred. On March 24, 2011, the SEC served the Company a subpoena for documents relating to the matters under review by the SEC. The Company is committed to cooperating with the SEC. It is not possible at this time to predict the outcome of the SEC investigation, including whether or when any proceedings might be initiated, when these matters may be resolved or what, if any, penalties or other remedies may be imposed.

In light of these events, the Board of Directors of the Company has formed a Special Investigation Committee consisting of independent members of the Board of Directors to launch an investigation with respect to the concerns of MaloneBailey. The Committee is authorized to retain experts and advisers, including a forensic accounting firm and independent legal advisors, in connection with its investigation. The Company does not intend to provide further comment regarding the allegations until after the conclusion of the Special Committee's investigation.

The Company expects that the filing of its Annual Report on Form 10-K for the year ended December 31, 2010 will be delayed until completion of the internal investigation, engagement of a new auditor and audit of the Company's financial statements. The Company is unable to provide an estimated date of filing of the Form 10-K at this time.

(Source: PR Newswire, 2011-03-29)

Management estimates that revenue for the fourth quarter of 2010 will be in the range of $22 million and $24 million and that net income for the fourth quarter will be in the range of $2.2 million and $2.4 million.

(Source: PR Newswire, 2010-11-08)

READ: Score Cards Explained
DETAILS: Safety/Risk Model for CILE
Current Price:  n/a
Market Capitalization: n/a
Total Shares: 13.68 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2010-09-30
Revenue (MRQ): 20.25 mill
Net Income (MRQ): 2.35 mill
Op. Cash Flow (MRQ): 0.15 mill
all financial data provided without warranty