New Oriental Energy & Chemical Issues Update
March 24 2011 - 3:02PM
Marketwired
- Company Receives Delisting Notice From NASDAQ;
Outstanding Fees Are Paid
- Plans To Restart Manufacturing
Shortly
- Annual Meeting Rescheduled For March 31,
2011
New Oriental Energy & Chemical Corp.
(NASDAQ: NOEC) (PINKSHEETS: NOEC) (the "Company"), a China-based
specialty chemical and emerging coal-based alternative fuel
manufacturer, announced the following news today:
Delisting Notice from NASDAQ; Request Made For
Reconsideration As Fees Are Paid On March 11, 2011 the Company
received a notification letter from the NASDAQ Stock Market stating
that the Company had failed to pay certain fees in violation of
NASDAQ Listing Rule 5210(d) and that the Company would be subject
to delisting procedures if the outstanding fees were not paid in
full. The notification letter indicated that the Company could
appeal the delisting determination no later than March 18, 2011.
The notification letter also indicated that the Company needed to
publicly disclose receipt of the notification letter within four
(4) days. The Company failed to timely disclose receipt and trading
of the Company's common stock on the NASDAQ Capital Market was
halted on March 18, 2011.
On March 22, 2011 the Company received another notification
letter from NASDAQ indicating that the Company had failed to appeal
the previous delisting determination and that the Company's common
stock would be suspended effective as of March 23, 2011.
Earlier today the Company paid the outstanding fees to NASDAQ
and requested that the delisting determination be reconsidered. The
Company is awaiting a response from NASDAQ on its request for
reconsideration.
Production Restart Anticipated Within Next Few
Weeks The Company has been engaged in an ongoing effort to
obtain the funds necessary to resume production. The Company now
believes it will obtain the necessary funds to restart production
within the next few weeks.
Mr. Chen S. Qiang, President and CEO of the Company, explained
further. "To date we have received approximately $1.5 million of an
anticipated $4.5 million government loan which, together with other
resources, will permit the restart our production of urea and our
other coal-based specialty chemicals. As we previously commented,
from that point forward we believe it will take up to approximately
one year to return to normal conditions. We remain optimistic that
our alternative energy products and solutions will ultimately
achieve their potential."
Annual Meeting Adjourned The Company
announced that the Annual Meeting of Stockholders (the "Annual
Meeting") which was scheduled to be held yesterday, March 23, 2011,
was adjourned to permit additional time to achieve a quorum in
order to conduct the business scheduled at the meeting. The Annual
Meeting will be reconvened at 9:00am EDT on Thursday, March 31,
2011 at the offices of K&L Gates LLP, 599 Lexington Ave, New
York, N.Y. 10022.
About New Oriental Energy & Chemical
Corp. New Oriental Energy & Chemical Corp. (NASDAQ: NOEC)
is an emerging coal-based alternative fuels and specialty chemical
manufacturer based in Henan Province, People's Republic of China
(the "PRC"). The Company's core products are urea and other
coal-based chemicals primarily utilized as fertilizers. Future
growth is anticipated from its focus on expanding production of
coal-based alternative fuels, in particular, methanol, as an
additive to gasoline and dimethyl ether, which has been a cheaper,
more environmentally friendly alternative to liquefied petroleum
gas for home heating and cooking, and diesel fuel for cars and
buses. All of the Company's sales are made through a network of
distribution partners in the PRC. Additional information on the
Company is available on its website at
www.neworientalenergy.com.
Safe Harbor Statement This press release
may contain forward-looking statements concerning New Oriental
Energy & Chemical Corp. The actual results may differ
materially depending on a number of risk factors including, but not
limited to, the following: general economic and business
conditions, development, shipment, market acceptance, additional
competition from existing and new competitors, changes in
technology or product techniques, and various other factors beyond
its control. All forward-looking statements are expressly qualified
in their entirety by this cautionary statement and the risk factors
detailed in the Company's reports filed with the Securities and
Exchange Commission. New Oriental Energy & Chemical Corp.
undertakes no duty to revise or update any forward-looking
statements to reflect events or circumstances after the date of
this release.
Contact: Li Donglai Chief Financial Officer New Oriental Energy
& Chemical Corp. Xicheng Industrial Zone of Luoshan, Xinyang
Henan Province, The People's Republic of China Tel: (011-86)
139-3764-6299
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