XI’AN, CHINA--(Marketwired - June 15, 2015) - Skystar Bio-Pharmaceutical Company (NASDAQ: SKBI) (the “Company”), a China-based manufacturer and distributor of veterinary medicine, vaccines, micro-organisms and feed additives, announced today that the Company timely submitted a “Plan of Compliance” to Nasdaq in accordance with applicable Nasdaq rules. The Plan of Compliance sets out the Company’s plan to regain compliance with Nasdaq’s continued listing rules.
On April 15, 2015, and May 22, 2015, the Company received notifications from the Nasdaq Stock Market (“Nasdaq”) informing the Company that since it had not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and its Quarterly Report on Form 10-Qfor the quarter ended March 31, 2015, respectively, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1).
The Nasdaq notification letters do not result in the immediate delisting of the Company’s common stock, and the stock has continued to trade under its current trading symbol. If the Plan of Compliance is approved by the Nasdaq staff, the Company may be eligible for a listing exception of up to 180 calendar days from the original notice of non-compliance, or until October 12, 2015, to regain compliance. If the Nasdaq staff concludes that the Company will not be able to cure the deficiency, the Company’s common stock will be subject to delisting by Nasdaq.
Skystar intends to regain compliance and report full year fiscal 2014 results and first quarter fiscal 2015 results as soon as practicable.
About Skystar Bio-Pharmaceutical Company
Skystar is a China-based developer, manufacturer and distributor of veterinary medicine, vaccines, micro-organisms and feed additives formulated and packaged in house across several modern manufacturing and distributions facilities. Skystar’s distribution network includes almost 3,000 distribution agents of which 360 are franchised stores with exclusivity agreements covering 29 provinces throughout China. For additional information, please visit http://www.skystarbio-pharmaceutical.com.
Safe Harbor Statements
When used in this release, the words “intends,” “believes,” “anticipated” and “expects” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, without limitation, the Company’s ability to complete its IgG kit effort as well as other related efforts at the Huxian facilities, the Company’s ability to timely, effectively and accurately assess the efficacy and commercial potential of any technologies that may result from such R&D efforts, the Company’s ability to timely and effectively commercialize any such technologies. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Skystar Bio-Pharmaceutical Company
Scott Cramer
Director - Corporate Development & U.S. Representative
Email Contact
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