Key Developments: ZST Digital Networks Inc (ZSTN.PK)
1.60USD
22 May 2013
$0.10 (+6.67%)
$1.50
$1.49
$1.60
$1.22
9,455
7,018
$6.75
$1.01
Latest Key Developments (Source: Significant Developments)
ZST Digital Networks Inc Announces CFO Change-Form 8-K
ZST Digital Networks Inc reported in its Form 8-K that on March 29th, 2013, Henry H. Ngan resigned as Chief Financial Officer (CFO). Mr. Ngan who served as Chief Financial officer since March 2011 has decided to pursue other opportunities. Xia Zhao, the current financial manager will be promoted to the Chief Financial Officer (CFO) position effective immediately. Full Article
ZST Digital Networks Inc Announces Delay In Submitting Annual Reports
ZST Digital Networks Inc announced an update to investors on recent developments at the Company. As previously announced, ZST Digital and BDO China Dahua, CPA Co. Ltd., the Company's former auditor, had a disagreement over an audit procedure during the fiscal year ended December 31, 2011. Despite efforts to cooperate in full with the auditor, the Company was not able to reach a consensus with BDO China. As a result, BDO China effectively resigned as the Company's auditor on March 26, 2012, and the Company was unable to submit annual report for the year ended December 31, 2011 on schedule. Full Article
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of ZST Digital Networks, Inc
Bronstein, Gewirtz & Grossman, LLC announced that it is investigating potential claims on behalf of purchasers of the securities of ZST Digital Networks, Inc. concerning whether the Company and certain of its officers and directors have violated federal securities laws. On March 27, 2012, the NASDAQ Stock Market announced that trading was halted in ZST Digital for 'additional information requested'. Trading will remain halted until ZST Digital Networks, Inc. has fully satisfied NASDAQ's request for additional information. Full Article
ZST Digital Networks Inc Announces Completion of Share Repurchase Program
ZST Digital Networks Inc announced the completion of its USD1 million share repurchase program, authorized in August 2010. Further details of the completion of the stock buyback including number of shares and average price will be provided in the Company's fourth quarter and fiscal year 2011 earnings release. Full Article
ZST Digital Networks Inc Reaffirms FY 2011 Guidance
ZST Digital Networks Inc reiterated fiscal 2011 guidance and expects revenues will range between USD160 million and USD175 million, and net income will range between USD28 million and USD30 million. Full Article
ZST Digital Networks Inc Signs Agreement To Develop City-wide GPS Tracking Platform For Zhumadian
ZST Digital Networks Inc announced it has entered into an agreement with the Road Transportation Department of Zhumadian, to develop a city-wide GPS tracking platform for commercial vehicles. ZST Digital will plan, design and implement a city-wide GPS tracking platform for the city's commercial vehicles. The platform will utilize ZST Digital's commercial GPS tracking technology and will link registered vehicles to the national and provincial transportation departments. ZST Digital will provide ongoing maintenance and support of the platform. ZST Digital will be responsible for initial platform design, employee training, hardware and installation costs, and will receive ongoing service and maintenance fees, in line with its existing contracts, from commercial enterprises that select ZST Digital as their GPS tracking and services provider. Management estimates total investment in the project will amount to RMB1.5–RMB1.6 million (approximately USD236,000-USD252,000). ZST Digital believes that the agreement could generate approximately RMB58 – 84 million (approximately USD9-USD13 million) in revenue in the first year upon completion of the platform, and it expects to begin generating revenue from this project in the first quarter of fiscal 2012. Additionally, once the commercial vehicles are fully installed with GPS, management anticipates ZST Digital's recurring annual revenue from Zhumadian service contracts to reach approximately RMB19 million (approximately USD3 million). Full Article
ZST Digital Networks Inc Reiterates FY 2011 Guidance
ZST Digital Networks Inc reiterated fiscal 2011 guidance and expects revenues will range between USD160 million and USD175 million, and net income will range between USD28 million and USD30 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $173 million and net profit of $29 million for fiscal 2011. Full Article
ZST Digital Networks Inc Signs Letter Of Intent With East Coast Diversified Corporation's EarthSearch Communications International, Inc.
ZST Digital Networks, Inc. announced that it has signed a Letter of Intent with EarthSearch Communications International, Inc. (EarthSearch), a subsidiary of East Coast Diversified Corporation as the basis for further discussion regarding the terms and conditions that may apply in a formal agreement to be executed between both parties in the future. Under any such formal agreement, ZST Digital would be granted Chinese distribution and marketing rights to EarthSearch's Logiboxx product, a proprietary technology for integrated wireless communication between GPS and RFID, and ZST would provide technical and administrative support for the product in China. Full Article
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