Attached files
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| 8-K - NEW DRAGON ASIA CORP | v210782_8k.htm |
Exhibit
99.1
Press
Release
NEW
DRAGON ASIA CORPORATION ANNOUNCES RECEIPT OF NYSE AMEX NOTICE
Longkou, China – February 10, 2011 –
New Dragon Asia Corporation (NYSE Amex: NWD) (“NWD” or “Company”), one of
China’s leading producers of instant noodles, flour-related products and soybean
derived products, today announced that on February 4, 2011 it received a letter
from NYSE Amex LLC (the “Exchange”) indicating that the Company no longer
complies with Exchange’s continued listing standards due to the below
deficiencies, as set forth in Section 1003(f) of the Company Guide, and that its
securities are, therefore, subject to being delisted from the
Exchange.
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Sections
132(e) and 1003(d) of the Company Guide, in that the Company failed to
adequately respond to the Exchange's information
requests.
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Section
704 of the Company Guide, in that the Company failed to hold an annual
meeting during the 2010 fiscal
year.
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Section
301 of the Company Guide in that the Company failed to provide a
supplemental listing application in relation to all issued shares that
have not been previously authorized by the
Exchange.
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Section
1003(f)(v) of the Company Guide in that the Exchange informed the Company
on October 5, 2010 that the selling price of the Company's Class A common
stock was abnormally low. The selling price continues to be abnormally low
and it is unclear when the Company will be able to hold a shareholders'
meeting to obtain the authorization for a reverse stock split to cure this
deficiency; and
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Section
1003(f)(iii) of the Company Guide in that the Company or its management
has engaged in operations, which, in the opinion of the Exchange, are
contrary to the public interest by invalidly issuing the shares of Class A
Common Stock in excess of the amount permitted under its charter. The
Company has failed to provide a satisfactory response as to how and when
it will resolve the problem of such shares, as it is unclear when the
Company will be able to hold its annual meeting and whether the proposed
ratification of the issuance of the shares at that meeting would be
effective under Florida law.
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The
Company intends to appeal this determination and request a hearing before a
committee of the Exchange. There can be no assurance that the Company’s request
for continued listing will be granted.
About
NWD
New
Dragon Asia Corp., a Florida corporation (AMEX: NWD) is headquartered in
Shandong Province, China and is engaged in the milling, sale and distribution of
flour and related products, including instant noodles and soybean-derived
products, to retail and commercial customers. As the fourth largest
instant noodle manufacturer in China, New Dragon Asia markets its
well-established Long Feng brand through a network of more than 200 key
distributors and 16 regional offices in 27 Chinese provinces with an aggregate
production capacity of approximately 195,000 tons of flour and more than 1.1
billion packages of instant noodles per year. Instant noodles are
also exported to a growing number of countries.
Contact
Information
Ling
Wang
(86) 535
– 8951 567
Email:
lingwang@newdragonasia.com