Euro Tech Holdings Company Limited Receives Deficiency Letter from NASDAQ OMX Related to Bid Price
HONG KONG, Sept. 26, 2011 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited (NASDAQ: CLWT, the "Company") today announced that on September 20, 2011 it received a deficiency letter from the NASDAQ OMX notifying the Company that because it has not maintained a bid price of $1 per share for the last 30 consecutive business days, it was not in compliance with Sections 5810 of the NASDAQ Listing Rules (the "Listing Rules").
In order to maintain its listing, the Company must regain compliance in a period of 180 calendar days ("Compliance Period"). As previously announced, the Company has taken action to prepare and effect a reverse stock split, which it currently expects to complete in the Compliance Period in order to meet the minimum bid price requirement.
Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2010.
Euro Tech Holdings Company Limited, Hong Kong
T.C. Leung, Chairman and CEO, or
Jerry Wong, CFO
SOURCE Euro Tech Holdings Company Limited