New Oriental Energy & Chemical Corp. Receives Notice From Nasdaq
25 Novembre 2009 - 1:00PM
Marketwired
New Oriental Energy & Chemical Corp. (NASDAQ: NOEC) (the
"Company"), a China-based specialty chemical and emerging
coal-based alternative fuel manufacturer, reported today that it
received notification from the NASDAQ Listings Qualification
Department that the Company's stockholders' equity of $7,214,000,
as reported in the Company's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2009 that it filed with the Securities
and Exchange Commission, does not comply with the minimum
stockholders' equity requirement of $10,000,000 for continued
listing on The NASDAQ Global Market pursuant to NASDAQ Listing Rule
5450(b)(1)(A). As a result, the Listing Qualifications Staff is
reviewing the Company's eligibility for continued listing on The
NASDAQ Global Market.
The Company has until December 4, 2009 to provide to the Listing
Qualifications Staff a definitive plan to achieve and sustain
compliance with NASDAQ Global Market listing requirements. If the
plan is accepted, NASDAQ may grant the Company an extension of up
to 105 calendar days to regain compliance. If the Listing
Qualifications Staff determines that the Company has not presented
an adequate plan, the Staff will provide written notice to the
Company that its common stock will be delisted from The NASDAQ
Global Market. In such event, the Company may appeal the Staff's
decisions to a NASDAQ Listing Qualifications Panel. Alternatively,
the Company could apply to transfer its listing from The NASDAQ
Global Market to The NASDAQ Capital Market, if it meets all
requirements for continued listing on that market.
About New Oriental Energy & Chemical Corp.
New Oriental Energy & Chemical Corp., listed on the NASDAQ
Global Market (NASDAQ: NOEC), is an emerging coal-based alternative
fuels and specialty chemical manufacturer based in Henan Province,
in the PRC. The Company's core products are Urea and other
coal-based chemicals primarily utilized as fertilizers. Future
growth is anticipated from its focus on expanding production of
coal-based alternative fuels, in particular, methanol, as an
additive to gasoline and dimethyl ether (DME), which has been a
cheaper, more environmentally friendly alternative to LPG for home
heating and cooking, and diesel fuel for cars and buses. All of the
Company's sales are made through a network of distribution partners
in the PRC. Additional information on the Company is available on
its website at www.neworientalenergy.com.
Safe Harbor Statement
This press release may contain forward-looking statements
concerning New Oriental Energy & Chemical Corp. The actual
results may differ materially depending on a number of risk factors
including, but not limited to, the following: general economic and
business conditions, development, shipment, market acceptance,
additional competition from existing and new competitors, changes
in technology or product techniques, and various other factors
beyond its control. All forward-looking statements are expressly
qualified in their entirety by this Cautionary Statement and the
risk factors detailed in the Company's reports filed with the
Securities and Exchange Commission. New Oriental Energy &
Chemical Corp. undertakes no duty to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this release.
Contacts: Li Donglai Chief Financial Officer New Oriental Energy
& Chemical Corp. Xicheng Industrial Zone of Luoshan, Xinyang
Henan Province, The People's Republic of China Tel: (011-86)
139-3764-6299 Ken Donenfeld DGI Investor Relations
donfgroup@aol.com kdonenfeld@dgiir.com Ph: (212) 425-5700 Fax:
(646) 381-9727
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