China Botanic Pharmaceutical Inc. Announces Acceptance of its Plan of Compliance by NYSE MKT LLC
HARBIN, China, March 7, 2013 /PRNewswire/ -- China Botanic Pharmaceutical Inc. (NYSE MKT: 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 1, 2013, the Company received notice from the staff of NYSE MKT LLC (the "Exchange") advising the Company that the plan of compliance previously submitted to the Exchange had been accepted with a compliance date of May 1, 2013.
Previously the Company disclosed that it had received a notice of failure to satisfy continued listing standards from the Exchange stating that it was not in compliance with Sections 134 and 1101 of the NYSE MKT LLC Company Guide as a result of the Company's inability to timely file its Annual Report on Form 10-K for the period ended October 31, 2012. The Company was afforded an opportunity to submit a plan of compliance to the Exchange, and on February 14, 2013 the Company presented its plan to the Exchange. On March 1, 2013, the Exchange notified the Company that it accepted the Company's plan of compliance and granted the Company an extension until May 1, 2013 to regain compliance with the continued listing standards. The Company will remain listed and will be subject to the periodic review by the staff of the Exchange during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by May 1, 2013 could result in the Company being delisted from the Exchange. The Company continues its efforts to execute the plan within the time frame prescribed by the Exchange.
Trading in the Company's shares remains suspended.
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 www.renhuang.com.
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, but not 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.