HARBIN, China, March 7, 2013 /PRNewswire/ -- China Botanic
Pharmaceutical Inc. (NYSE MKT: 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 1, 2013, the Company received
notice from the staff of NYSE MKT LLC (the "Exchange") advising the
Company that the plan of compliance previously submitted to the
Exchange had been accepted with a compliance date of May 1, 2013.
Previously the Company disclosed that it had received a notice
of failure to satisfy continued listing standards from the Exchange
stating that it was not in compliance with Sections 134 and 1101 of
the NYSE MKT LLC Company Guide as a result of the Company's
inability to timely file its Annual Report on Form 10-K for the
period ended October 31, 2012. The
Company was afforded an opportunity to submit a plan of compliance
to the Exchange, and on February 14,
2013 the Company presented its plan to the Exchange. On
March 1, 2013, the Exchange notified
the Company that it accepted the Company's plan of compliance and
granted the Company an extension until May
1, 2013 to regain compliance with the continued listing
standards. The Company will remain listed and will be subject to
the periodic review by the staff of the Exchange during the
extension period. Failure to make progress consistent with the plan
or to regain compliance with the continued listing standards by
May 1, 2013 could result in the
Company being delisted from the Exchange. The Company continues its
efforts to execute the plan within the time frame prescribed by the
Exchange.
Trading in the Company's shares remains suspended.
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.