China Botanic Pharmaceutical Inc. Announces Receipt of Notice of Failure to
Satisfy Continued Listing Letter
HARBIN, China, April 2, 2013
HARBIN, China, April 2, 2013 /PRNewswire/ -- China Botanic Pharmaceutical Inc.
(AMEX: CBP) (formerly Renhuang Pharmaceuticals, Inc.) ("China Botanic" or the
"Company"), a developer, manufacturer and distributor of botanical products,
bio-pharmaceuticals and traditional Chinese medicines ("TCM") in China,
announced today that on March 27, 2013, the Company received a notice of
failure to satisfy a continued listing standard (the "Letter") from the NYSE
MKT LLC (the "Exchange") for its failure to timely file a Form 10-Q for the
period ended January 31, 2013 by the deadline of March 25, 2013.
The Company has previously been advised by a letter from the Exchange dated
January 31, 2013, that the Company is currently subject to the procedures and
requirements of Section 1009 of the NYSE MKT Company Guide ("Company Guide")
because of its failure to meet certain continued listing standards under Part
10 of the Company Guide, resulting from its inability to timely its Form 10-K
for the period ended October 31, 2012. In response to the January 31, 2013
letter, the Company submitted a plan of compliance (the "Plan") on February
14, 2013,outlining actions that the Company has taken and intended to take to
bring it back into compliance as of May 1, 2013. The Plan was accepted on
March 1, 2013.
The timely filing of the Form 10-K and Form 10-Q are a condition for the
Company's continued listing on the Exchange under Sections 134 and 1101 of the
Company Guide. In addition, this failure will be a material violation of its
listing agreement with the Exchange, and under Section 1003(d) of the Company
Guide the Exchange is authorized to suspend and unless prompt corrective
action is taken, remove the Company's securities from the Exchange.
The Letter indicates that although the Company is subject to such procedures
and requirements of Section 1009 of the Company Guide as a result of its
inability to timely file the Form 10-Q, due to the similar nature of its
deficiencies, the Company is not required to submit an additional plan of
compliance. The Company was also advised that it remains subject to the
conditions set forth in the letter from the Exchange dated January 31, 2013.
If the Company is not in compliance with all of the Exchange's continued
listing standards within the timeframe provided or does not make progress
consistent with the Plan during such plan period, the Exchange staff will
initiate delisting proceedings as appropriate.
ABOUT CHINA BOTANIC PHARMACEUTICAL INC.
China Botanic Pharmaceutical Inc. is engaged in the research, development,
manufacturing, and distribution of botanical products, bio-pharmaceutical
products, and traditional Chinese medicines ("TCM"), in the People's Republic
of China. All of the Company's products are produced at its three
GMP-certified production facilities in Ah City, Dongfanghong and Qingyang. The
Company distributes its botanical anti-depression and nerve-regulation
products, biopharmaceutical products, and botanical antibiotic and OTC TCMs
through its network of over 3,000 distributors and over 70 sales centers
across 24 provinces in China. For more information, please visit
Safe Harbor Statement
This press release contains certain statements that may include
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are based upon management's
beliefs, assumptions and expectations of the Company's future operations and
financial performance, taking into account the information currently available
to management. These statements are not statements of historical fact.
Forward-looking statements involve risks and uncertainties, some of which are
not currently known that may cause actual results, performance or financial
condition to be materially different from the expectations of future results,
performance or financial condition expressed or implied in any forward-looking
statements. These forward-looking statements are based on current plans and
expectations and are subject to a number of uncertainties including, butnot
limited to, the Company's ability to manage expansion of its operations
effectively, and other factors detailed in the Company's annual report on Form
10-K and other filings with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. You are cautioned not to unduly rely on such
forward-looking statements when evaluating the information presented herein.
China Botanic Pharmaceutical Inc.
Ms. Portia Tan, IR Contact
SOURCE China Botanic Pharmaceutical Inc.
Press spacebar to pause and continue. Press esc to stop.