eFuture Information Technology Inc. Announces Delay in Filing of Annual Report on Form 20-F
BEIJING, -- eFuture Information Technology Inc. (Nasdaq: EFUT, the "Company"), a leading provider of software and services in China's rapidly growing retail and consumer goods industries, announced that it would delay filing its annual report on Form 20-F for the fiscal year ended December 31, 2008 (the "2008 20-F").
The delay is principally due to the Company's determination to review its accounting for certain convertible notes issued in 2007 in connection with a private placement of securities with three institutional investors (the "2007 Notes"). The 2007 Notes consisted of $10 million in senior notes convertible into the Company's ordinary shares at an initial rate of $24.99 per share (subsequently reset to $19.00 per share on June 11, 2008). As of July 15, 2009, the institutional investors have converted, in the aggregate, $9 million of the 2007 Notes into the Company's ordinary shares.
In connection with its review, the Company has engaged Marsh, an independent valuation firm to provide additional guidance regarding the 2007 Notes. Pending the completion of Marsh's review, the Company cannot estimate at this time whether any adjustments to previously announced financial results will be required.
Because the Company has delayed its filing of the 2008 20-F, it anticipates that it will shortly receive a notice from the NASDAQ Stock Market that it is not in compliance with NASDAQ Marketplace Rule 5250(c)(1). Rule 5250(c)(1) requires listed companies to file periodic financial reports like the Form 20-F with the Securities and Exchange Commission on or before the date they are required to be filed. The Company expects that this notice will be issued in accordance with standard NASDAQ procedures and that the notification will not have an immediate effect on the listing of the Company's ordinary shares.
The Company is working diligently to complete the assessment process and intends to file the 2008 20-F as promptly as possible.
About eFuture Information Technology Inc.
eFuture Information Technology Inc. (NASDAQ: EFUT) is a leading provider of software and services in China's rapidly growing retail and consumer goods industries. eFuture provides integrated software and services to manufacturers, distributors, wholesalers, logistics companies and retailers in China's front-end supply chain (from factory to consumer) market, especially in the retail and fast moving consumer goods industries. eFuture currently serves over 15 Fortune 500 companies, over 1,000 retailers and over 5,000 suppliers operating in China. eFuture is one of IBM's premier business partners in Asia Pacific and is a strategic partner with Oracle, Microsoft, JDA, Motorola and Samsung Network China. eFuture has more than 600 employees and 20 branch offices across China. For more information about eFuture, please visit http://www.e-future.com.cn/ .
The delay is principally due to the Company's determination to review its accounting for certain convertible notes issued in 2007 in connection with a private placement of securities with three institutional investors (the "2007 Notes"). The 2007 Notes consisted of $10 million in senior notes convertible into the Company's ordinary shares at an initial rate of $24.99 per share (subsequently reset to $19.00 per share on June 11, 2008). As of July 15, 2009, the institutional investors have converted, in the aggregate, $9 million of the 2007 Notes into the Company's ordinary shares.
In connection with its review, the Company has engaged Marsh, an independent valuation firm to provide additional guidance regarding the 2007 Notes. Pending the completion of Marsh's review, the Company cannot estimate at this time whether any adjustments to previously announced financial results will be required.
Because the Company has delayed its filing of the 2008 20-F, it anticipates that it will shortly receive a notice from the NASDAQ Stock Market that it is not in compliance with NASDAQ Marketplace Rule 5250(c)(1). Rule 5250(c)(1) requires listed companies to file periodic financial reports like the Form 20-F with the Securities and Exchange Commission on or before the date they are required to be filed. The Company expects that this notice will be issued in accordance with standard NASDAQ procedures and that the notification will not have an immediate effect on the listing of the Company's ordinary shares.
The Company is working diligently to complete the assessment process and intends to file the 2008 20-F as promptly as possible.
About eFuture Information Technology Inc.
eFuture Information Technology Inc. (NASDAQ: EFUT) is a leading provider of software and services in China's rapidly growing retail and consumer goods industries. eFuture provides integrated software and services to manufacturers, distributors, wholesalers, logistics companies and retailers in China's front-end supply chain (from factory to consumer) market, especially in the retail and fast moving consumer goods industries. eFuture currently serves over 15 Fortune 500 companies, over 1,000 retailers and over 5,000 suppliers operating in China. eFuture is one of IBM's premier business partners in Asia Pacific and is a strategic partner with Oracle, Microsoft, JDA, Motorola and Samsung Network China. eFuture has more than 600 employees and 20 branch offices across China. For more information about eFuture, please visit http://www.e-future.com.cn/ .
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