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8-K - FORM 8-K - CENTRAL EUROPEAN DISTRIBUTION CORP | d397142d8k.htm |
Exhibit 99.1
Central European Distribution Corporation
Receives NASDAQ Notification Letter
Mt. Laurel, New Jersey August 13, 2012 Central European Distribution Corporation (NASDAQ: CEDC) announced that on August 10, 2012, CEDC received a notification letter from a representative of the Listing Qualifications Department of The NASDAQ OMX Group (NASDAQ) stating that due to CEDCs inability to timely file its Form 10-Q for the period ended June 30, 2012 (the 2nd Quarter Form 10-Q), CEDC was not in compliance with NASDAQ Listing Rule 5250(c)(1). This notification was issued in accordance with standard NASDAQ procedures, in connection with CEDCs announcement on August 10, 2012, on Form 12b-25 that CEDC would not be able to timely file its 2nd Quarter Form 10-Q.
The NASDAQ notification letter noted that CEDC has until October 9, 2012 to submit a plan to regain compliance with the applicable listing rule to NASDAQ. Upon acceptance of CEDCs compliance plan, NASDAQ may grant CEDC an exception of up to 180 calendar days from the 2nd Quarter Form 10-Qs initial due date, or until February 5, 2013, for CEDC to regain compliance with NASDAQs filing requirements for continued listing.
The NASDAQ notice has no immediate effect on the listing or trading of CEDCs common stock on the NASDAQ Global Select Market. CEDC intends to file its 2nd Quarter Form 10-Q as soon as practicable and to fully regain compliance with the NASDAQ continued listing requirements upon such filing of its 2nd Quarter Form 10-Q. If necessary, CEDC will submit a plan to regain compliance with NASDAQs filing requirements within the 60 day deadline.
About Central European Distribution Company
CEDC is one of the worlds largest producers of vodka and Central and Eastern Europes largest integrated spirit beverage company. CEDC produces the Green Mark, Absolwent, Zubrowka, Bols, Parliament, Zhuravli, Royal and Soplica brands, among others. CEDC exports its products to many markets around the world, including the United States, England, France and Japan. CEDC also is a leading importer of alcoholic beverages in Poland, Russia and Hungary.
In Poland, CEDC imports many of the worlds leading brands, including Carlo Rossi Wines, Concha y Toro wines, Metaxa Liqueur, Rémy Martin Cognac, Sutter Home wines, Grants Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teachers Whisky, Campari, Cinzano, and Old Smuggler. CEDC is also a leading importer of premium spirits and wines in Russia with brands such as Concha y Toro, among others.
Cautionary Statement about Forward-Looking Information
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements about CEDCs anticipated time frame for filing restated financial statements and its 2nd Quarter Form 10-Q and CEDCs future compliance with the NASDAQ continued listing requirements. Forward looking statements are based on CEDCs knowledge of facts as of the date hereof and involve known and unknown risks and uncertainties that may cause the actual results, performance or
achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by CEDCs forward looking statements. Such risks include, among others, uncertainties regarding the timing of the completion of CEDCs Audit Committees investigation and the restatement, unanticipated accounting issues or audit issues regarding the financial data for the periods to be restated or adjusted, the inability of CEDC or its independent registered public accounting firm to confirm relevant information or data, unanticipated issues which prevent or delay CEDCs independent public accounting firm from concluding the audit or that require additional efforts, procedures or review, CEDCs inability to design or improve internal controls to address the identified issues, the impact of the late filing on CEDCs compliance with certain covenants included in CEDCs debt obligations, and the impact of the restatement and the late filing of its 2nd Quarter Form 10-Q, on CEDCs ongoing compliance with its legal and regulatory requirements. Investors are cautioned that forward looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward looking statements or to make any other forward looking statements, whether as a result of new information, future events or otherwise, unless required to do so by securities laws. Investors are referred to the full discussion of risks and uncertainties included in CEDCs Form 10-K for the fiscal year ended December 31, 2011, including statements made under the captions Item 1A. Risks Relating to Our Business and in other documents filed by CEDC with the SEC.
Contact
Jim Archbold
Investor Relations Officer
Central European Distribution Corporation
856-273-6980
Anna Załuska
Corporate PR Manager
Central European Distribution Corporation
48-22-456-6061