SOUTH SAN FRANCISCO, CA -- (Marketwire) -- 05/21/12 -- Worldwide Energy & Manufacturing USA, Inc. ("Worldwide" or the "Company"), a supplier of photovoltaic (PV) solar modules under the 'Amerisolar' brand, and a supplier of contract manufacturing services for mechanical and electronic products manufacturing, today announced that on May 16, 2012, the Securities and Exchange Commission issued an order revoking the registration of the Company's common stock. As a result of this order, the Company's common stock, which was quoted on the OTC Links under the symbol "WEMU," is no longer publicly traded. As announced on April 13, 2012, the Company is currently subject to an investigation by the Securities and Exchange Commission related to the matters disclosed in the Company's August 4, 2011 Form 8-K and the Company's failure to timely file its periodic reports. The Company has not filed any periodic reports with the Securities and Exchange Commission since its September 30, 2010 Form 10-Q. Although the Company submitted an Offer of Settlement (the "Offer") consenting to the revocation of the registration of its common stock pursuant to Section 12(j) of the Securities Exchange Act of 1934 and the SEC accepted such Offer, the SEC investigation related to the matters disclosed in the Company's August 4, 2011 Form 8-K and the Company's failure to timely file its periodic reports continues.
As the Company's registration has been revoked, there is no longer a public market for its Common Stock. Therefore shareholders are prohibited from transferring or selling their shares except in exempt transactions that are in compliance with the United States and applicable state securities laws.
The Company intends to announce future material developments as they occur.
About Worldwide Energy & Manufacturing USA, Inc.
Worldwide Energy & Manufacturing USA, Inc., headquartered in South San Francisco, California with manufacturing facilities in China, is a supplier of photovoltaic (PV) solar modules under the 'Amerisolar' brand. Founded in 1993, the Company sells its products primarily to clients in Europe, North America and Asia. The Company also operates several subsidiaries in the People's Republic of China (PRC) that provide mechanical and electronic products manufacturing. For more information about Worldwide Energy & Manufacturing USA, please visit its website at http://www.wwmusa.com.
Safe Harbor Statement
The information contained herein includes forward-looking statements. These statements relate to future events or to our future anticipated financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development and market conditions. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, the application of Chinese law to the Company's operations, the ongoing investigation by the Securities and Exchange Commission, the impact from the transfer of the equity ownership in its Nantong JV, the inability of the Company to reach a satisfactory agreement with the Nantong JV management team, or the ability of the Company to execute any strategic alternative. If the Company is unable to restructure its financial obligations or successfully complete one or more strategic transactions, the Company will be unable to continue operations.
Investor Relations Contact:
Mr. Gary Koos
Chief Financial Officer
Worldwide Energy and Manufacturing USA, Inc.
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