SOURCE: Fincera Inc.

Fincera Inc.

October 08, 2015 08:30 ET

Fincera Provides Update on Ticker Symbol/Company Name Change

SHIJIAZHUANG, CHINA--(Marketwired - Oct 8, 2015) - 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 the Company recently received the decision of the Financial Industry Regulatory Authority (FINRA) denying the appeal of Fincera's request to change its name and ticker symbol for trading purposes.

Background on the FINRA Decision
FINRA approves changes to a company's name for trading purposes. Fincera appropriately applied to effectuate the name change for trading purposes in connection with its name change from AutoChina International Ltd. to Fincera Inc. in July 2015. FINRA denied the request to change the Company's name for trading purposes based on FINRA Rule 6490(d), which allows for the denial of such requests if the issuer has been involved in a pending, adjudicated or settled regulatory action and if FINRA deems it necessary for the protection of investors, the public interest, and to maintain fair and orderly markets. FINRA cited as the basis of its denial the Securities and Exchange Commission (SEC) lawsuit that the Company settled in June 2014 without the Company admitting or denying wrongdoing. The Company subsequently appealed the denial of the name change for trading purposes and recently learned that the appeal was also denied.

The Company believes that it has remained transparent about its business model transition in its communications, consistent with FINRA's goal of protecting investors, the public interest, and ultimately to maintain fair and orderly markets. Currently, the Company's legal name, Fincera Inc., which is used in its materials, websites, press releases and SEC filings, does not match its equity security name, ticker symbol or CUSIP number for trading purposes. The Company believes that the approval of its request is necessary to correct this fundamental information asymmetry that is confusing investors.

Mr. Yong Hui Li, Fincera's Chairman and CEO, stated, "We are disappointed by FINRA's decision to uphold the denial of our request to change our ticker symbol and name for trading purposes. We believe this hurts the efficiency of the marketplace by creating confusion and hinders the basic ability for the public to easily determine which equity security belongs to the Company. Since July 2015, our legal corporate name has been Fincera Inc., and it is the name by which the public now recognizes our Company. We will continue to operate under the Fincera name as we develop our Internet-based businesses in China. We continue to believe it is important for investors to be able to easily locate and reconcile which equity security belongs to Fincera, and we intend to continue sharing our business developments with the investment community while remaining as transparent as possible in our financial and operating reporting."

The Company plans to appeal FINRA's decision to the SEC. Until further notice, the Company's ordinary shares will continue to trade under the name of AutoChina International Ltd., and its ticker symbol will remain "AUTCF".

About Fincera Inc.:
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. The Company's website is http://www.fincera.net. 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.

Safe Harbor Statement:
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;
  • The Company's ability to expand through strategic acquisitions;
  • The Company's business strategy and plans, including whether its 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.

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