NASDAQ Panel Grants Skystar Bio-Pharmaceutical's Request for Continued Listing on NASDAQ Stock Market
Published: Mar 27, 2012
XI'AN, CHINA--(Marketwire - March 27, 2012) - Skystar Bio-Pharmaceutical Company (NASDAQ: SKBI) ("Skystar" or the "Company"), a China-based manufacturer and distributor of veterinary medicines, vaccines, micro-organisms and feed additives, today announced that on March 26, 2012 it received a letter from the NASDAQ Listing Qualifications Panel ("the Panel") informing the Company that the Panel has determined to grant the request of Skystar to remain listed on The NASDAQ Stock Market ("NASDAQ"), subject to the condition that by April 28, 2012, Skystar provides evidence that it has held its 2011 annual shareholder meeting. In the event the Company is unable to hold such meeting or hold the meeting within the said timeframe, its securities may be delisted from NASDAQ, in which event the Company would seek to cause them be quoted in over the counter markets, which may result in a substantially less liquid market for the securities.
As previously disclosed, the Panel's decision follows a hearing held on March 1, 2012 at which time the Panel was presented with the Company's plan to regain compliance with NASDAQ's Listing Rule 5620(a) and (b) relating to the time frame of and proxy solicitation in connection with annual shareholder meetings.
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About Skystar Bio-Pharmaceutical Company
Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. Skystar has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives) and over 284 products. Skystar has formed strategic sales distribution networks covering 29 provinces throughout China. For additional information, please visit http://www.skystarbio-pharmaceutical.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with, among many others, the Company's ability to execute upon a plan of compliance to regain its continued compliance, holding its 2011 Annual Shareholder meeting in the timeframe prescribed by the Nasdaq Panel, and maintain the listing of its securities on the Nasdaq Stock Market, the likelihood of the Company's success in its appeal before the Panel, the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
Skystar Bio-Pharmaceutical Company
Director - Corporate Development and U.S. Representative