Fincera Provides Update on Ticker Symbol/Company Name Change
(firmenpresse) - SHIJIAZHUANG, CHINA -- (Marketwired) -- 09/04/15 -- Fincera Inc. ("Fincera" or the "Company") (OTCQB: AUTCF), a leading provider of web-based financing and ecommerce services for China''s transportation and automobile industries, today announced that notwithstanding the announcement by the Financial Industry Regulatory Authority (FINRA) on its daily list, the Company has completed the process of legally changing its name from AutoChina International Ltd. to Fincera Inc. as of July 1, 2015.
Fincera subsequently submitted the necessary paperwork to FINRA in order to change the Company''s name and ticker symbol for trading purposes. However, FINRA recently notified the Company of its decision to deny the Company''s ticker symbol/corporate name change request. The Company believes that FINRA''s denial has and will cause widespread confusion among investors and harm the markets. Accordingly, Fincera is in the process of appealing FINRA''s decision. The appeal hearing has been scheduled for September 24, 2015.
In addition, FINRA recently informed the Company that it had previously erroneously processed and allowed the name change for trading purposes, which has further exacerbated the confusion in the marketplace.
Notwithstanding FINRA''s actions, the Company''s name has been legally changed to Fincera Inc. and will not be changed back to AutoChina, but, until further notice, the Company''s ordinary shares will trade under the name of AutoChina International Ltd. and its ticker symbol will remain "AUTCF".
Fincera intends to provide an update on these developments after it receives a decision from the appeal hearing.
Mr. Yong Hui Li, Fincera''s Chairman and CEO, stated, "We are extremely disappointed and baffled by FINRA''s decision to deny our request to change our ticker symbol and name for trading purposes. This decision has created a situation where our legal corporate name, the name by which everyone now knows us, does not match the name listed alongside our ticker symbol nor our ticker symbol itself. This has already led to confusion in the investment community and we believe will only serve to disrupt the market because investors will have difficulty, or worse, may be completely unable to locate and reconcile which equity security actually belongs to Fincera. This is clearly counter to FINRA''s stated goal of protecting investors and maintaining fair and orderly markets.
"We appreciate the support and inquiries that we have received from investors during this time and would encourage anyone who has additional questions on this matter to contact FINRA directly with their feedback. We hope that through its appeal process FINRA can reach the sensible conclusion that allowing our trading name and ticker symbol change will be less confusing to investors and the marketplace than the status quo."
Founded in 2005, Fincera Inc. (OTCQB: AUTCF) provides innovative web-based financing and ecommerce services for China''s transportation and automobile industries. The Company also operates over 550 finance and service centers in 26 provinces, municipalities, and autonomous regions across China. Fincera''s current service offerings include a B2B payment network and a web-based small business lending platform. In addition, Fincera also provides sales-type leasing programs and support services for heavy trucks. The Company''s website is . Fincera trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. OTCQB companies are current in their reporting and undergo an annual verification and management certification process.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company''s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:
changing principles of generally accepted accounting principles;
continued compliance with government regulations;
legislation or regulatory environments, requirements or changes adversely affecting the transportation or financial services industry in China;
fluctuations in consumer demand in the transportation industry;
management of rapid growth;
general economic conditions;
changes in government policy;
China''s overall economic conditions and local market economic conditions;
our ability to expand through strategic acquisitions;
our business strategy and plans, including whether our new financial services products are accepted by consumers;
the results of future financing efforts; and
geopolitical events.
The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.
Jason Wang
Chief Financial Officer
(858) 997-0680
The Equity Group Inc.
Carolyne Y. Sohn
Senior Associate
(415) 568-2255
Adam Prior
Senior Vice President
(212) 836-9606
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Datum: 04.09.2015 - 14:05 Uhr
Sprache: Deutsch
News-ID 1383525
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