NOVARISE RENEWABLE RESOURCES INTERNATIONAL LTD

Australian Securities Exchange Announcement The Manager Companies Announcements Officer Australian Securities Exchange Limited PO Box H224 Australia Square Sydney NSW 1215 Thursday 21 May 2015 ASX Announcement - Request for extension of voluntary suspension


On 28 April 2015, Novarise Renewable Resources International Ltd (the Company) applied for and was granted by ASX a suspension of the quotation of the ordinary securities of the Company. As noted in the request for suspension released on ASX on that date, the suspension was sought because Novarise's auditor had raised a number of material matters with respect to its audit of the Company's annual financial report for the year ended 31 December 2014 that the directors of the Company need to resolve with the auditor.
Mr Su Qingyue, the CEO of the Company and the Company are continuing to work through these matters with the auditor. These matters include assigning a value to the liability arising from entering into a series of cross-guarantees with a number of companies. They also include determining the required impairment provision, if any, on receivables owing to the Company. The payment of these amounts owing to the Company have been delayed due to the impacts on the PP sector in China, following the impacts of the sudden fall in the oil price and the shock to demand caused by the impact on the price of PP and raw material.
Based on the feedback from BDO and the estimate provided by Mr Su, the Company presently expect that the Company's annual financial report for the year ended 31 December 2014 will be finalised, and lodged with ASX, in about one month from now. The directors of the Company also expect that the lodgement of the 2014 annual financial report will enable the suspension of the quotation of the ordinary securities of the Company to be lifted and for trading in those securities to resume.
The Company is also advised that its majority shareholder and CEO, Mr Qingyue Su, has reassured and reiterated his assurances of ongoing support to the Company so as to ensure that the Company continues to trade in accordance with the normal course of its business.
The Company will continue to keep the market updated.

Dated: 21 May 2015

Signed:

Name: _ Qingyue Su_

For and on behalf of Novarise

NOVARISE RENEWABLE RESOURCES INTERNATIONAL LTD ACN 138 537 596

Australian Office: Suite 5, Level 1, 325 Pitt Street , Sydney, NSW 2000

Chinese Office: No 2-16A Qingmeng Park, Quanzhou Economy & Technology Development Zone, Quanzhou, Fujian Province, The People's Republic of China

www.novarise.com.au

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