China Ceramics Receives Letter from Nasdaq Regarding Independent Director
JINJIANG, China, Dec. 5, 2013
JINJIANG, China, Dec. 5, 2013 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ
Global Market: CCCL) ("China Ceramics" or the "Company"), a leading Chinese
manufacturer of ceramic tiles used for exterior siding and for interior
flooring and design in residential and commercial buildings, announced that
the Company received a letter dated December 3, 2013 from the Nasdaq Listing
Qualifications staff that it is no longer in compliance with Nasdaq's majority
independent director requirement as set forth in Listing Rule 5605.However,
consistent with Nasdaq's rules, Nasdaq has provided the Company with a cure
period in order to regain compliance. Pursuant to the cure period, the Company
will be required to appoint a new independent director to the Board prior to
the earlier of its next annual shareholders' meeting or November 27, 2014.As
previously announced on December 2, 2013, Paul K. Kelly resigned from the
Board of Directors effective November 27, 2013.
The Company's Board of Directors currently has six directors, three of whom
are independent directors (including Cheng Davis, who the Company previously
disclosed has resigned effective December 31, 2013). The Company will seek to
regain compliance with the Nasdaq independent director requirement as soon as
possible, but by no later than the end of the cure period.
About China Ceramics Co., Ltd
China Ceramics Co., Ltd. is a leading manufacturer of ceramic tiles in China.
The Company's ceramic tiles are used for exterior siding, interior flooring,
and design in residential and commercial buildings. China Ceramics' products,
sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the "TOERTO" and
"WULIQIAO" brands, and the "Pottery Capital of Tang Dynasty" brands, are
available in over 2,000 style, color and size combinations and are distributed
through a network of exclusive distributors as well as directly to large
property developers. For more information, please visit
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking
statements" within the meaning and protections of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and involve known
and unknown risks, uncertainties and other factors, which may be beyond our
control, and which may cause the actual results, performance, capital,
ownership or achievements of the Company to be materially different from
future results, performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of historical
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these forward-looking statements through our use of words such as "may,"
"will," "anticipate," "assume," "should," "indicate," "would," "believe,"
"contemplate," "expect," "estimate," "continue," "plan," "point to,"
"project," "could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary notice, including,
without limitation, those risks and uncertainties described in our annual
report on Form 20-F for the year ended December 31, 2012 and otherwise in our
SEC reports and filings, including the final prospectus for our offering. Such
reports are available upon request from the Company, or from the Securities
and Exchange Commission, including through the SEC's Internet website at
We have no obligation and do not undertake to update, revise or correct any of
the forward-looking statements after the date hereof, or after the respective
dates on which any such statements otherwise are made.
China Ceramics Co., Ltd. Precept Investor Relations LLC
Edmund Hen, Chief Financial Officer David Rudnick
Email: email@example.com Email: firstname.lastname@example.org
Phone: +1 917-864-8849
SOURCE China Ceramics Co., Ltd.
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