NYSE Amex Accepts China Shenghuo's Compliance Plan for Continued Listing
08 Giugno 2009 - 11:30PM
PR Newswire (US)
KUNMING, China, June 8 /PRNewswire-Asia-FirstCall/ -- China
Shenghuo Pharmaceutical Holdings, Inc. (NYSE Amex Equities: KUN)
("China Shenghuo" or the "Company"), which is engaged in the
research, development, manufacture, and marketing of
pharmaceutical, nutritional supplement and cosmetic products in the
People's Republic of China ("PRC"), today announced that the NYSE
Amex LLC (the "NYSE Amex" or "Exchange") has accepted the Company's
plan of compliance for continued listing. On February 10, 2009, the
Company received notice from the NYSE Amex Staff indicating that
the Company is below certain of the Exchange's continued listing
standards due to the Company's failure to hold an annual meeting of
stockholders in 2008, as set forth in Section 704 of the NYSE Amex
Company Guide. The Company submitted a plan of compliance to the
Exchange by February 17, 2009. The plan was accepted by the
Exchange and a listing extension was granted until August 11, 2009.
The Company will be subject to periodic review by Exchange Staff
during the extension period. Failure to make progress consistent
with the plan or to regain compliance with the continued listing
standards by the end of the extension period could result in the
Company being delisted from the Exchange. The Company will hold its
annual meeting of stockholders at 10:00 A.M. Beijing Time on
Monday, June 15, 2009. The Company believes that holding the annual
meeting will satisfy the deficiency, and the Company intends to
hold future annual meetings of stockholders on an annual basis, in
accordance with the Exchange's listing standards. "We are pleased
with the decision by the Exchange to continue our listing and look
forward to meeting the business goals established by the Company in
our plan," said Mr. Gui Hua Lan, Chief Executive Officer of China
Shenghuo. About China Shenghuo Founded in 1995, China Shenghuo is a
specialty pharmaceutical company that focuses on the research,
development, manufacture and marketing of Sanchi-based medicinal
and pharmaceutical, nutritional supplement and cosmetic products.
Through its subsidiary, Kunming Shenghuo Pharmaceutical (Group)
Co., Ltd., it owns thirty SFDA (State Food and Drug Administration)
approved medicines, including the flagship product Xuesaitong Soft
Capsules, which has already been listed in the Insurance Catalogue.
At present, China Shenghuo incorporates a sales network of agencies
and representatives throughout China, which markets Sanchi-based
traditional Chinese medicine to hospitals and drug stores as
prescription and OTC drugs primarily for the treatment of
cardiovascular, cerebrovascular and peptic ulcer disease. The
Company also exports medicinal products to Asian countries such as
Indonesia, Singapore, Japan, Malaysia, and Thailand and to European
countries such as the United Kingdom, Tajikstan, Russia and
Kyrgyzstan. For more information, please visit
http://www.shenghuo.com.cn/ . Safe Harbor Statement This press
release may contain certain "forward-looking statements," as
defined in the United States Private Securities Litigation Reform
Act of 1995, that involve a number of risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate, and the actual results and future events could differ
materially from management's current expectations. Such factors
include, but are not limited to, risks of litigation and
governmental or other regulatory proceedings arising out of or
related to any of the matters described in recent press releases,
including arising out of the restatement of the Company's financial
statements; the Company's ability to refinance or repay loans
received; the Company's uncertain business condition; the Company's
continuing ability to satisfy any requirements which may be
prescribed by the Exchange for continued listing on the Exchange;
risks arising from potential weaknesses or deficiencies in the
Company's internal controls over financial reporting; the Company's
reliance on one supplier for Sanchi; the possible effect of adverse
publicity on the Company's business, including possible contract
cancellation; the Company's ability to develop and market new
products; the Company's ability to establish and maintain a strong
brand; the Company's continued ability to obtain and maintain all
certificates, permits and licenses required to open and operate
retail specialty counters to offer its cosmetic products and
conduct business in China; protection of the Company's intellectual
property rights; market acceptance of the Company's products;
changes in the laws of the People's Republic of China that affect
the Company's operations; cost to the Company of complying with
current and future governmental regulations; the impact of any
changes in governmental regulations on the Company's operations;
general economic conditions; and other factors detailed from time
to time in the Company's filings with the United States Securities
and Exchange Commission and other regulatory authorities. 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. For more information, please contact:
China Shenghuo Pharmaceutical Holdings, Inc. Mr. Changhua Mu
Securities Affairs Representative Email: Grayling Eddie Cheung
Investor Relations Tel: +1-646-284-9414 Email: DATASOURCE: China
Shenghuo Pharmaceutical Holdings, Inc. CONTACT: China Shenghuo
Pharmaceutical Holdings, Inc., Mr. Changhua Mu, Securities Affairs
Representative, or Grayling, Eddie Cheung, Investor Relations,
+1-646-284-9414, for China Shenghuo Pharmaceutical Holdings, Inc.
Web site: http://www.shenghuo.com.cn/
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