HARBIN, China, April 12, 2011 /PRNewswire/ -- Tongli Pharmaceuticals (USA) Inc. (OTCBB/OTCQB: TGLP) announced today that, pursuant to FINRA Rule 6440 and SEC Rule 15c2-11, the company has been cleared today by the Financial Industry Regulatory Authority (FINRA) OTC Compliance Unit to have quotations for its common stock entered on the OTC Bulletin Board (OTCBB), effective with the opening of trading on April 12, 2011. In March 2011, the OTCBB ceased quoting the company's shares due to a lack of market markers, although the company's stock continued to be quoted on the OTCQB Market operated by OTC Markets Group, Inc.
Mr. Mingli Yao, Chairman and CEO of Tongli Pharmaceuticals, commented, "We are very pleased that the process of moving back on to the OTCBB has been completed. It is important to note that the reason our stock was removed from the OTCBB in the first place had nothing to do with our operations, sales, profits, SEC reporting status or similar matters. In fact, our shares were never moved to the so called 'pink sheets' and continued to be quoted on the OTCQB. We are hopeful that the move back to the OTCBB will help to attract a broader and more sophisticated shareholder base for our company as we continue with our primary focus of growing sales of our traditional Chinese medicines in China and delivering profitable results of operations to create value for our stockholders."
Additional Information Relating to Tongli Pharmaceuticals' Trading Data
Due to certain recent disruptions in the marketplace relating to quotations on the OTC Bulletin Board operated by FINRA (OTCBB), incomplete activity and trading data may exist for certain companies like Tongli Pharmaceuticals. Real-time trading data for Tongli on the OTCQB market operated by OTC Markets Group, Inc. is available through the below link. Readers are advised that OTCQB market is operated by the owner of otcmarkets.com, and Tongli Pharmaceuticals (USA) Inc. makes no representation or warranty regarding the OTCBB or OTCQB markets.
For real-time trading data for Tongli on the OTCQB market, including Level 2 quotes, please visit: www.otcmarkets.com/stock/tglp/quote.
About Tongli Pharmaceuticals (USA) Inc.
Located in Harbin, China, Tongli Pharmaceuticals (USA) Inc. is a pharmaceutical company focused in the area of Traditional Chinese Medicine (TCM). The company's manufacturing facilities are GMP certified in China, and the company produces a range of prescription and over-the-counter TCM products for sale in China.
Cautionary Note Regarding Forward Looking Statements
This press release, the research report referred to herein, and the statements of representatives of Tongli Pharmaceuticals (USA) Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with the Securities and Exchange Commission (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
SOURCE Tongli Pharmaceuticals (USA) Inc.