China INSOnline Corp. Received a Letter From Nasdaq, Update on Previously Announced Dingneng Transaction
21 Outubro 2010 - 6:00PM
Marketwired
China INSOnline Corp. (NASDAQ: CHIO) announced today that it
received a letter from Nasdaq regarding its continued listing
status, also provided an update on the previously announced
transaction with Dingneng Bio-Technology Co. Ltd. ("Dingneng").
On October 15, 2010, China INSOnline Corp. (the "Company")
received a letter from Nasdaq Listing Qualifications (the "Nasdaq
Staff") indicating that based on the Company's disclosures included
in its Annual Report on Form 10-K, filed with the Securities and
Exchange Commission on October 13, 2010, which states that the
Company ceased operations during the quarter ended June 30, 2010,
the Nasdaq Staff has determined that the Company is a "public
shell" and it is unknown what the Company's business will be in the
future. Therefore, in accordance with Nasdaq Listing Rule 5101, the
Nasdaq Staff is applying more stringent criteria than required for
the continued listing on the Nasdaq Stock Market and is proposing
that trading in the Company's common stock be suspended as of
October 26, 2010 and delisted thereafter. On October 20, 2010, the
Company presented a request for a written hearing to appeal the
Nasdaq Staff's proposed actions. This request has stayed the
suspension and delisting of the Company's common stock pending a
decision.
Additionally, Dingneng Bio-Technology Co. Ltd. ("Dingneng") has
retained Maxim Group ("Maxim"), a New York based investment
banking, securities and investment management firm to represent
Dingneng in the previously announced transaction to acquire common
shares of CHIO through merger, direct exchange or any other form in
one or a series of mutually agreed upon transactions. CHIO is
currently working closely with Maxim and other professionals to
proceed forward on such proposed transaction.
About China INSOnline Corp. China
INSOnline Corp. is a Delaware corporation that currently does not
have any operations. During the quarter ended June 30, 2010, the
Company began winding down and did not have any operating income.
The weak economic market, which resulted in a significant decline
in revenues of all areas of the Company's business, led to the
Company's decision to wind down its operations. Prior to winding
down, the Company acted as an Internet services and media company
focused on the PRC insurance industry. The Company primarily
offered a network portal through its industry website,
www.soobao.cn, to insurance companies, agents and consumers for
advertising, online inquiry, news circulation, online transactions,
statistic analysis and software development.
About Dingneng Bio-Technology Co. Ltd.
Dingneng Bio-Technology Co., Ltd., organized under the laws of the
People's Republic of China ("Dingneng"), is a leading green energy
company that engages in bio-diesel production, refinement and
distribution in Southern China. Dingbeng has its own patents and
specializes in extracting raw oil from plant sapindus mukorossi and
refining into industrial standard bio-diesel. With well-established
raw material supply and comprehensive refined bio-diesel
distribution networks, Dingneng is one of the most competitive
green energy suppliers in China.
Forward-Looking Statements This news
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations or
beliefs, including, but not limited to, statements concerning the
Company's operations, financial performance and condition. For this
purpose, statements that are not statements of historical fact may
be deemed to be forward-looking statements. The Company cautions
that these statements by their nature involve risks and
uncertainties, and actual results may differ materially depending
on a variety of important factors, including, but not limited to,
the impact of competitive products, pricing and new technology;
changes in consumer preferences and tastes; and effectiveness of
marketing; changes in laws and regulations; fluctuations in costs,
and other factors as those discussed in the Company's reports filed
with the Securities and Exchange Commission from time to time. In
addition, the Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof.
Contact: IR Department Email: ir@soobao.cn
www.china-insonline.com
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