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8-K - China Shenghuo Pharmaceutical Holdings Inc | v204952_8k.htm |
Exhibit
99.1
NYSE
Amex Accepts China Shenghuo’s Compliance Plan for
Continued
Listing
|
KUNMING, China, December 8,
2010 -- 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
September 22, 2010 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 fact that its stockholder’s equity is less than $2,000,000,
it has sustained losses from continuing operations, and it has net losses in two
out of its three most recent fiscal years, as set forth in Section 1003(a)(i) of
the NYSE Amex Company Guide. The Company was afforded the opportunity to submit
a plan of compliance to the Exchange to demonstrate its ability to regain
compliance with the continued listing standards by March 22, 2012. On October
29, 2010 and November 29, 2010, the Company presented its plan and responses to
supplemental questions to the Exchange.
On
December 6, 2010 the Exchange notified the Company that it accepted the
Company’s plan of compliance and granted the Company an extension until March
22, 2012 to regain compliance with the continued listing standards. 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 NYSE
AMEX.
Mr. Gui
Hua Lan, Chief Executive Officer of China Shenghuo, stated, “We are executing on
our plan and believe the successful execution of this plan will enable us to
regain compliance with the Exchange’s listing standards.”
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 is currently being listed in
the 2010 Provincial Insurance Catalogue of eleven provinces and remains to be
listed in the 2009 Provincial Insurance Catalogue of fourteen provinces around
China. 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, Tajikistan, Russia and Kyrgyzstan. For more
information, please visit http://www.shenghuo.com.cn.
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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.
Contact:
China
Shenghuo Pharmaceutical Holdings, Inc.
Ms.
Shujuan Wang
Secretary
of the Board of Directors
Email:
wangshujuan@chinashenghuo.net
Tel:
+86-871-728-2698
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