Kingtone Wirelessinfo Solution Holding Ltd Regains Compliance with NASDAQ
Minimum Bid Price Requirement
XI'AN, China, Nov. 27, 2012
XI'AN, China, Nov. 27, 2012 /PRNewswire-FirstCall/ --Kingtone Wirelessinfo
Solution Holding Ltd (NASDAQ: KONE) ("Kingtone", or the "Company"), a
China-based developer and provider of mobile enterprise solutions, today
announced that the Company has received a letter dated November 26, 2012 from
The NASDAQ Stock Market LLC ("NASDAQ") notifying the Company that it has
regained compliance with the minimum bid price of $1.00 per share requirement
for continued listing set forth in NASDAQ Listing Rule 5550(a)(2), as its
American Depository Share ("ADS") with its underlying ordinaryshare has
achieved a closing bid price of $1.00 or greater for the 10 consecutive
business days from November 6, 2012 to November 23, 2012.
The Company had previously announced that on December 19, 2011, NASDAQ
notified the Company that the Company's security failed to maintain a minimum
closing bid price of $1.00 per share ("Minimum Bid Price Requirement") over
the previous 30 consecutive business daysas required by NASDAQ Listing Rule
5550(a)(2). The Company was provided 180 calendar days to regain
compliance.In a letter dated June 20, 2012, NASDAQ notifiedthe Company that
it was eligible for an additional 180-day period,or until December 17,
2012,to regain compliance with the Minimum Bid Price Requirement. To maintain
the continued listing of the ADSs on NASDAQ, the Company approved a
combination, or reverse split of the ordinary shares issued by the Company at
a ratio of 1 for 10, effective November 6, 2012.
About Kingtone Wirelessinfo Solution Holding Ltd
Kingtone Wirelessinfo Solution Holding Ltd (KONE) is a China-based developer
and provider of mobile enterprise solutions. The Company's products, known as
mobile enterprise solutions, extend a company's or enterprise's information
technology systems to include mobile participants. The Company develops and
implements mobile enterprise solutions for customers in a broad variety of
sectors and industries, to improve efficiencies by enabling information
management in wireless environments. At the core of its many diverse packaged
solutions is proprietary middleware that enables wireless interactivity across
many protocols, devices and platforms.
For more information, please visit Kingtone's website at http:
www.kingtoneinfo.com. The Company routinely posts important information on its
Safe Harbor Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including certain plans,
expectations, goals, and projections, which are subject to numerous
assumptions, risks, and uncertainties. These forward-looking statements may
include, but are not limited to, statements containing words such as "may,"
"could," "would," "plan," "anticipate," "believe," "estimate," "predict,"
"potential," "expects," "intends", "future" and "guidance" or similar
expressions. These forward-looking statements speak only as of the date of
this press release and are subject to change at any time. These
forward-looking statements are based upon management's current expectations
and are subject to a number of risks, uncertainties and contingencies, many of
which are beyond the Company's control that may cause actual results, levels
of activity, performance or achievements to differ materially from any future
results, levels of activity, performance or achievements expressed or implied
by such forward-looking statements. The Company's actual results could differ
materially from those contained in the forward-looking statements due to a
number of factors, including those described under the heading "Risk Factors"
in the Company's public filings with the Securities and Exchange Commission,
including the Company's annual report on 20-F, as amended. The Company
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required under applicable law.
For investor and media inquiries, please contact:
SOURCE Kingtone Wirelessinfo Solution Holding Ltd
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