China Ceramics Announces Receipt of Nasdaq Non-Compliance Letter & Opportunity
To Submit A Plan of Compliance
JINJIANG, China, May 2, 2014
JINJIANG, China, May 2, 2014 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ
Global Market: CCCL) ("China Ceramics" or the "Company"), today announced that
it received a letter from the Director, Listing Qualifications, Nasdaq on May
1, 2014 (the "Letter"), informing the Company that it no longer complies with
the Nasdaq requirements for continued listing set forth in Nasdaq Listing Rule
5250(c)(1), which requires the timely filing of periodic reports.The
non-compliance cited in the letter was the result of the Company's failure to
timely file its Annual Report on Form 20-F for the year ended December 31,
The Letter states in part that the Nasdaq Staff has afforded the Company the
opportunity to submit a plan prior to June 2, 2014 that addresses the details
of the Company's plan to regain compliance with the Nasdaq Marketplace Rules
pursuant to Rule 5101.The Nasdaq Marketplace Rules provide that the Staff can
grant the Company an extension of up to 180 calendar days from the filing's
due date to regain compliance if Nasdaq accepts the Company's plan of
compliance. After submission and review of the plan, the Nasdaq Staff will
determine whether or not to grant any additional time to the Company to file
its Form 20-F (and any other periodic reports that hereafter may become due)
and to regain compliance with the Listing Rules, as permitted under The Nasdaq
Marketplace Rules. If the Company's plan of compliance is not accepted, the
Company would have the opportunity to appeal that decision to a Hearings
The Letter advises that in determining whether to accept the Company's plan,
the Nasdaq Staff will consider such things as the likelihood that the Annual
Report on Form 20-F, along with any subsequent periodic filing that will be
due, can be made within the 180 day period, the Company's past compliance
history, the reasons for the late filing of the Form 20-F, other corporate
events that may occur within the review period, the Company's overall
financial condition, and the Company's public disclosures.
Nasdaq's Rules require that the Company, as promptly as possible, but no later
than four business days from the receipt of its Letter, make a public
announcement by issuing a press release disclosing receipt of this letter and
the Nasdaq Rule(s) upon which it is based. This press release is issued for
The Company plans to present its plan of compliance to Nasdaq and to request
continued listing pending the completion of the plan. There is no assurance
that the compliance plan that the Company intends to file with Nasdaq will be
accepted by the Nasdaq Staff.
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
fact are statements that could be forward-looking statements. You can identify
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
http://www.sec.gov. 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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