SHANGHAI, June 23, 2011 /PRNewswire-Asia-FirstCall/ --
China-Biotics, Inc. ("China-Biotics" or the "Company")
(NASDAQ: CHBT), a leading developer, manufacturer, and distributor
of probiotics products in China,
today announces that on June 20,
2011, the Company received a letter from the NASDAQ Listing
Qualification staff (the "NASDAQ Letter") asserting that, because
the Company has not yet filed its Annual Report on Form 10-K for
the fiscal year ended March 31, 2011,
and based upon disclosures made by the Company in its recently
filed Form 12b-25 and additional information provided to NASDAQ,
the Company no longer complies with the NASDAQ Listing Rules for
continued listing. In addition, the NASDAQ Letter requested that
the Company provide to NASDAQ a formal "plan of compliance" setting
forth the steps that the Company proposes to take to regain
compliance for continued listing of the Company's common stock on
the NASDAQ, as well as certain other information relevant to
NASDAQ's evaluation of the plan of compliance.
NASDAQ has established an expedited schedule for the Company to
submit its plan of compliance and related information. The
Company's response is due no later than July
5, 2011.
The Company will use its best efforts to submit a plan of
compliance to NASDAQ, together with the other information
requested, on or before July 5, 2011.
There can be no assurance that the Company will be able to meet
this deadline or that the Company's plan of compliance and other
related information will sufficiently satisfy NASDAQ to avoid
delisting.
About China-Biotics
China-Biotics, Inc. ("China-Biotics," or the "Company"), a
leading manufacturer of biotechnology products and supplements,
engages in the research, development, marketing, and distribution
of probiotics dietary supplements in China. Through its wholly owned subsidiary,
Shanghai Shining Biotechnology Co., Ltd., the Company develops and
produces its proprietary product portfolio, including live
microbial nutritional supplements under the "Shining" brand.
Currently, the products are sold OTC through large
distributors to pharmacies and supermarkets in Shanghai, Jiangsu, and Zhejiang provinces. In February 2010, China-Biotics began its commercial
production in China's largest
probiotics production facility to meet growing demand in
China. For more information,
please visit http://www.chn-biotics.com.
Safe Harbor Statement
The information in this release contains forward-looking
statements that involve risks and uncertainties, including
statements regarding the Company's capital needs, business
strategy, and expectations. Any statements contained herein that
are not statements of historical fact may be deemed to be
forward-looking statements, which may be identified by terminology
such as "may," "should," "will," "expect," "plan," "intend,"
"anticipate," "believe," "estimate," "predict," "potential,"
"forecast," "project," or "continue," the negative of such terms or
other comparable terminology. Readers should not rely on
forward-looking statements as predictions of future events or
results. Any or all of the Company's forward-looking statements may
turn out to be wrong. They can be affected by inaccurate
assumptions, risks and uncertainties and other factors, which could
cause actual events or results to be materially different from
those expressed or implied in the forward-looking statements. In
evaluating these statements, readers should consider various
factors, including the risks described in "Item 1A. Risk Factors"
beginning on page 17 and elsewhere in the Company's 2010 Annual
Report on Form 10-K. These factors may cause the Company's actual
results to differ materially from any forward-looking statement. In
addition, new factors emerge from time to time, and it is not
possible for the Company to predict all factors that may cause
actual results to differ materially from those contained in any
forward-looking statements. The Company disclaims any obligation to
publicly update any forward-looking statements to reflect events or
circumstances after the date of this document, except as required
by applicable law.
SOURCE China-Biotics, Inc.