XI'AN, China, May 27, 2016 /PRNewswire/ -- SkyPeople Fruit Juice, Inc. (NASDAQ: SPU - News) ("SkyPeople" or "the Company"), a producer of fruit juice concentrates, fruit juice beverages and other fruit-related products, today announced that on May 23, 2016, the Company received a letter from the Nasdaq Listing Qualifications Staff (the "Nasdaq Staff"). The letter states that the Company has been granted an exception to file its Annual Report on Form 10-K for the period ended December, 31, 2015 on or before July 15, 2016 so as to regain compliance with Nasdaq Rule 5250(c)(1).
As previously disclosed, the Company no longer complies with Nasdaq listing rules as stipulated by Nasdaq Rule 5250(c)(1) due to its inability file its Form 10-K for the fiscal year ended December 31, 2015 in a timely manner. On May 19, 2016, the Company submitted a plan of compliance to Nasdaq Staff which indicates that the Company plans to file its Form 10-K on or before July 15, 2016, and requested for an exception. The Company intends to fully comply with the exception granted by the Nasdaq Staff and to file its Form 10-K for the period ended December 31, 2015 on or before July 15, 2016.
In addition, the Company received a letter from the Nasdaq Staff on May 24, 2016, stating the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), due to its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, and requested that the Company submit an update to its original plan to regain compliance with Nasdaq listing rules as regards its Form 10-Q for the period ended March 31, 2016.
If the updated plan is accepted, Nasdaq can grant an exception until October 11, 2016, for the Company to regain compliance as regards the filing of its Form 10-Q. Nasdaq Staff also requested that the update, to be provided no later than June 23, 2016, include the plan to file the Form 10-Q and the progress the Company has made towards implementing its plan in connection with the filing of its Form 10-K for the period ended December 31, 2015. The Company intends to submit an update to its original plan to the Nasdaq Staff by the date requested.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a Vanuatu company, and SkyPeople Juice International Holding (HK) Ltd., a company organized under the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly owned subsidiary of Pacific, holds 73.42% ownership interest in SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)"). SkyPeople (China), together with its operating subsidiaries in China, is engaged in the production and sales of fruit juice concentrates, fruit beverages, and other fruit related products in the PRC and overseas markets. Its fruit juice concentrates are sold to domestic customers and exported directly or via distributors. Fruit juice concentrates are used as a basic ingredient component in the food industry. Its brands, "Hedetang" and "SkyPeople," which are registered trademarks in the PRC, are positioned as high quality, healthy and nutritious end-use juice beverages. For more information, please visit http://www.skypeoplefruitjuice.com.
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, or the Exchange Act. 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 10-K for the year ended December 31, 2014 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.
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SOURCE SkyPeople Fruit Juice, Inc.