New Oriental Energy & Chemical Corp. Receives Notice From NASDAQ
09 Juillet 2010 - 2:00PM
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 on July 6, 2010 it received notification from the NASDAQ
Listings Qualification Department that the Company's stockholders'
equity of $1,225,480, as reported in the Company's Annual Report on
Form 10-K for the fiscal year ended March 31, 2010 that it filed
with the Securities and Exchange Commission, does not comply with
the minimum stockholders' equity requirement of $2,500,000 for
continued listing on The NASDAQ Capital Market pursuant to NASDAQ
Listing Rule 5550(b)(1). As a result, the Listing Qualifications
Staff is reviewing the Company's eligibility for continued listing
on The NASDAQ Capital Market.
The Company has until August 20, 2010 to provide to the Listing
Qualifications Staff a definitive plan to achieve and sustain
compliance with NASDAQ Capital Market listing requirements. If the
plan is accepted, NASDAQ may grant the Company an extension of up
to 180 calendar days from the date of the notice letter 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 Capital Market. In such event, the Company
may appeal the Staff's decisions to a NASDAQ Listing Qualifications
Panel.
The Company noted that in May of 2010 it completed private
placement transactions with an aggregate value of approximately
$1.8 million through the issuance of units consisting of common
stock and warrants to certain accredited investors. Since these
transactions were subsequent to its March 31, 2010 year end, the
proceeds of these private placements are not reflected in the
Company's March 31, 2010 balance sheet. The Company said it will
include information relating to the May 2010 private placements in
the plan it intends to submit to the NASDAQ Listing Qualifications
staff within the required time frame.
About New Oriental Energy & Chemical
Corp. New Oriental Energy & Chemical Corp. (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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