China Tracker - Details for HQ Sustainable Maritime (HQSM)

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 HQ Sustainable Maritime
 Business Outlook

Recent Chain of Events:
2012-04-10 -- SEC Registration REVOKED
2011-08-10 -- Last SEC Filing
2011-07-12 -- Delisting from NYSE Amex
2011-05-26 -- Auditor Resignation
2011-04-01 -- Trading halted by NYSE Amex
2010-11-09 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010

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

During the course of the FY2010 audit, SLF encountered difficulties in confirming the cash balances in the Company's bank accounts and verifying the existence of customers in the People's Republic of China (PRC). To address this, SLF exercised its best judgment to extend its audit procedures in these two areas, but the Company's management resisted SLF's efforts. As a result, SLF was unable to satisfactorily complete the full confirmation process on the cash balances in the Company's bank accounts and the verification procedures on the existence of customers. Therefore, SLF was unable to complete its work in order for the Company to file its annual report on time, resulting in the decision of the Exchange to suspend the trading of HQ stock.

(Source: 8-K Filing, 2011-06-14)

HQ Sustainable Maritime Industries announced today that it had received a notice from the NYSE Amex dated April 1, 2011 stating that the Company was not in compliance with certain continued listing standards of the NYSE Amex Company Guide. Specifically, the Company was not in compliance with standards set forth under Sections 134 and 1101 of the Exchange Company Guide since the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The Exchange notified the Company that pursuant to Section 1003(d) of the Company Guide, the Exchange was authorized to suspend and, unless prompt corrective action is taken, remove the Company's securities from the Exchange. Currently, the trading in the Company's securities has been halted.

The Company must submit a plan of compliance by April 15, 2011 advising the Exchange staff of the actions it has taken, or will take, that would bring the Company into compliance with foregoing Sections by no later than June 30, 2011. The Company is taking steps to prepare and submit such a plan to the Exchange staff by the required submission date.

(Source: Marketwire, 2011-04-07)

The Company is postponing the filing of its Form 10-K because the audit of the Company's financial statements has not been completed due to difficuties and delays in obtaining and verifying certain information. The Company's independent auditors will continue to work toward the completion of the audit. The Company expects to complete the audit within approximately 30 days.

(Source: Marketwire, 2011-04-01)

We believe we have laid the groundwork for future financial and operational successes through our vertically integrated approach to all-natural Tilapia aquaculture bio-mass product development and distribution. We are very optimistic about our outlook for the remainder of 2010 and more importantly fiscal 2011 as we focus on long-term profitable growth and strong cash flow generation.

(Source: Marketwire, 2010-11-09)

"We are optimistic about our future growth in each of our three primary product segments. We are laying the foundation to deliver long-term value to our shareholders. We continue to focus on execution, including increased sales of our diversified products, increased margin expansion, and vertical integration in the production of our all-natural Tilapia aquaculture bio-mass which will further reduce the costs of production and increase long-term profitable growth and cash flow generation."

(Source: PR Newswire, 2010-08-09)

We continue to focus on being leaders in the value added use of Tilapia fillet and Tilapia by-products. We are building strong international partnerships across each of our product segments through the credibility and efficacy of our products and brands. These partnerships give us great confidence in our business model and our long-term growth opportunities.

(Source: Marketwire, 2010-05-10)

In 2010, we believe our efforts to reposition our Company behind higher margin product categories combined with increased operating efficiencies from our vertically integrated operations will enable us to realize an exceptional period of strong sales, margin expansion, and long-term profitable growth.

(Source: Marketwire, 2010-03-15)

READ: Score Cards Explained
DETAILS: Safety/Risk Model for HQSM
Current Price:  n/a
F10k Day (2004-04-22): -100.00%$23.00
2009 Close: -100.00%$7.04
2010 Close: -100.00%$4.77
2011 Close: -100.00%$0.02
High (2011-07-29): -100.00%$0.27
Low (2011-12-29): -100.00%$0.01
Market Capitalization: n/a
Total Shares: 16.55 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2010-06-30
Revenue (MRQ): 20.66 mill
Net Income (MRQ): 1.10 mill
Op. Cash Flow (MRQ): 5.86 mill
all financial data provided without warranty