HARBIN, China, April 2, 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 March 27,
2013, the Company received a notice of failure to satisfy a
continued listing standard (the "Letter") from the NYSE MKT LLC
(the "Exchange") for its failure to timely file a Form 10-Q for the
period ended January 31, 2013 by the
deadline of March 25, 2013.
The Company has previously been advised by a letter from the
Exchange dated January 31, 2013, that
the Company is currently subject to the procedures and requirements
of Section 1009 of the NYSE MKT Company Guide ("Company Guide")
because of its failure to meet certain continued listing standards
under Part 10 of the Company Guide, resulting from its inability to
timely its Form 10-K for the period ended October 31, 2012. In response to the
January 31, 2013 letter, the Company
submitted a plan of compliance (the "Plan") on February 14, 2013, outlining actions that
the Company has taken and intended to take to bring it back into
compliance as of May 1, 2013.
The Plan was accepted on March 1,
2013.
The timely filing of the Form 10-K and Form 10-Q are a condition
for the Company's continued listing on the Exchange under Sections
134 and 1101 of the Company Guide. In addition, this failure
will be a material violation of its listing agreement with the
Exchange, and under Section 1003(d) of the Company Guide the
Exchange is authorized to suspend and unless prompt corrective
action is taken, remove the Company's securities from the
Exchange.
The Letter indicates that although the Company is subject to
such procedures and requirements of Section 1009 of the Company
Guide as a result of its inability to timely file the Form 10-Q,
due to the similar nature of its deficiencies, the Company is not
required to submit an additional plan of compliance. The
Company was also advised that it remains subject to the conditions
set forth in the letter from the Exchange dated January 31, 2013. If the Company is not in
compliance with all of the Exchange's continued listing standards
within the timeframe provided or does not make progress consistent
with the Plan during such plan period, the Exchange staff will
initiate delisting proceedings as appropriate.
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.