CEDC Receives NASDAQ Staff Determination Letter
WARSAW, Poland, March 22, 2013 /PRNewswire/ -- Central European Distribution Corporation (NASDAQ: CEDC) announced today that on March 20, 2013, CEDC received a Staff Determination letter from the Listing Qualifications Department of The NASDAQ Stock Market LLC ("Nasdaq") stating that CEDC was not in compliance with Listing Rules 5250(c) which requires CEDC to file its Annual Report on Form 10-K for the period ended December 31, 2012. As a result, Nasdaq staff have stated that this serves as an additional basis to delist CEDC securities from the NASDAQ Stock Market to that announced by CEDC on its Current Report on Form 8-K filed with the United States Securities and Exchange Commission on January 7, 2013 and that the Nasdaq Hearings Panel will consider this matter in rendering a determination regarding CEDC's continued listing on the Nasdaq Global Select Market. If CEDC wishes to request a stay to delisting beyond the hearing currently scheduled for March 28, 2013, it must make the request no later than March 27, 2013, together with an explanation of why an extended stay is appropriate. CEDC intends to request a stay to delisting. The letter also stated that the Nasdaq staff do not believe that any further stay is warranted because CEDC is in default of its 3% convertible notes due 2013 and is actively soliciting the note holders to vote in favor of a plan of reorganization through a filing for protection under Chapter 11 of the U.S. Bankruptcy Code. The NASDAQ Staff Determination letter has no immediate effect on the listing or trading of CEDC's common stock on the NASDAQ Global Select Market.
About Central European Distribution Corporation
CEDC is one of the largest producers of vodka in the world and Central and Eastern Europe's largest integrated spirit beverage business. CEDC produces the Green Mark, Absolwent, Zubrowka, Bols, Parliament, Zhuravli, Royal and Soplica brands, among others. CEDC currently exports its products to many markets around the world, including the United States, England, France and Japan.
CEDC also is a leading importer of alcoholic beverages in Poland, Russia and Hungary. In Poland, CEDC imports many of the world's leading brands, including Carlo Rossi Wines, Concha y Toro wines, Metaxa Liqueur, Remy Martin Cognac, Sutter Home wines, Grant's Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teacher's Whisky, Campari, Cinzano and Old Smuggler. CEDC is also a leading importer of premium spirits and wines in Russia with such brands as Concha y Toro, among others.
SOURCE Central European Distribution Corporation