China Botanic Pharmaceutical Inc. Announces Receipt of Notice of
Failure to Satisfy Continued Listing Requirements
HARBIN, China, Feb. 5, 2013 /PRNewswire/ -- China Botanic
Pharmaceutical Inc. (AMEX: 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 January 31, 2013, the Company received a notice
of failure to satisfy continued listing standards (the "Letter")
from the NYSE MKT LLC (the "Exchange").
The Letter indicates that although the Company has resolved the
Audit Committee continued listing deficiency referenced in the
letter from the Exchange dated January 12,
2013, the staff of the NYSE MKT Corporate Compliance
Department (the "Compliance Department") has determined that based
upon its review of the Form NT 10-K filed on January 30, 2013 and subsequent discussions, the
Company will be unable to timely file its Form 10-K for the period
ended October 31, 2013 ("Form 10-K")
by February 14, 2013. In the
Company's Form NT 10-K, the Company indicated that management has
encountered delays in completing the Company's consolidated
financial statements and corresponding delays in completing its
annual audit. As such, information necessary for the filing of a
complete and accurate report on Form 10-K cannot not be gathered
within the prescribed time period without unreasonable effort and
expense. The Company remains committed to completing its Form 10-K
at the earliest possible time, but does not currently anticipate
its completion within the fifteen calendar days following the
prescribed due date. The timely filing of the Form 10-K is a
condition for the Company's continued listing on the Exchange under
Sections 134 and 1101 of the NYSE MKT LLC Company Guide (the
"Company Guide").
In order to maintain its listing, the Company must submit a plan
of compliance (the "Compliance Plan") by February 14, 2013 advising of actions that
Company has taken or will take to comply with Sections 134 and 1101
of the Company Guide by May 1, 2013.
The Compliance Department will evaluate the Compliance Plan and
make a determination as to whether or not to accept the Compliance
Plan by May 1, 2013. In the event the
Compliance Plan is accepted, the Company will remain listed during
the plan period and will be subject to periodic review to determine
whether progress is being made pursuant to the Compliance Plan. In
the event that a Compliance Plan is not submitted, accepted or
progress is not made under the Compliance Plan during the plan
period, the Exchange staff may initiate delisting proceedings in
accordance with Section 1010 and Part 12 of the Company Guide.
The Company intends to submit a Compliance Plan by February 14, 2013 and continues its efforts to
file the Form 10-K at the earliest possible time.
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.
Company Contact:
China Botanic Pharmaceutical Inc.
Ms.
Portia Tan, IR
Contact
Tel:
86-451-8260-2162
Email: ir@renhuang.com
SOURCE China Botanic Pharmaceutical Inc.