Lizhan Environmental Announces Plan to Voluntarily Delist from NASDAQ Stock Market
05 Octubre 2012 - 6:30AM
Lizhan Environmental Corporation ("Lizhan" or the "Company")
(Nasdaq:LZEN), one of China's leading manufacturers of eco-friendly
fabrics made from patented technologies, announced today that it
has notified the NASDAQ Stock Market ("NASDAQ") of its intention to
voluntarily delist from NASDAQ.
On April 12, 2012, the Company received a notification from the
NASDAQ stating Lizhan had been given a period of 180 calendar days,
or until October 15, 2012, to regain compliance with NASDAQ's
Listing Rule 5500(a)(2), which requires that the bid price of a
common share listed on The NASDAQ Capital Market close at a minimum
of $1.00 per share.
The decision to voluntarily delist from NASDAQ was taken
following the Company's Board of Directors detailed review of
numerous factors, including among other things its inability to
meet the minimum $1.00 price per share requirement, the applicable
NASDAQ rules and regulations, Rule 12d2-2(c) of the Securities
Exchange Act of 1934, as amended, the significant compliance
obligations and restrictions that result from the maintenance of
the listing on NASDAQ and the Company's current financial
condition. Based on these factors, the Company no longer sees
sufficient value in maintaining its listing on NASDAQ.
The Company intends to file a Form 25 with the U.S. Securities
Exchange Commission on October 15, 2012 to commence the NASDAQ
delisting process. It is expected that the delisting will take
effect as of the close of trading in New York on October 25, 2012.
Following delisting, Lizhan's common stock will no longer trade on
the NASDAQ Capital Market under the symbol "LZEN." The Company's
common stock will continue to be traded on the OTC Pink Sheets.
Additionally, the Company will seek to commence trading on the
OTCQB or OTCQX as soon as practicable. However, there can be no
assurance that a market for the Company's shares will develop.
About Lizhan Environmental Corporation
Lizhan Environmental Corporation is one of China's leading
manufacturers of eco-friendly fabrics whose products are developed
with patented technology that regenerates collagen fiber from
leftover cuttings, pieces and trimmings of genuine leather. The
Company's products are mainly used in furniture, garments and other
consumer applications. For more information about Lizhan
Environmental Corporation, please visit www.lzencorp.com.
Safe Harbor Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks outlined in the Company's public filings with the Securities
and Exchange Commission, including the Company's annual report on
20F, as amended. Some of risks inherent in an investment in our
company include, but are not limited to, our limited operation
history, our need to maintain sufficient levels of liquidity and
working capitals, the potential need to reduce our expansion plans,
price inflation in the PRC, difficulties in developing and selling
our new Colgre Products, seasonal patterns in our business,
protection of our intellectual property and the risk of infringing
the intellectual property of others, customer decisions to
discontinue purchasing our products, and restrictions imposed by
Chinese regulations, including every policies. All information
provided in this press release is as of March 30, 2012. Except as
required by law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, after the date on
which the statements are made or to reflect the occurrence of
unanticipated events.
CONTACT: Company:
Lizhan Environmental Corporation
Eileen Liu, Investor Relations Manager
Email: ir@lezncorp.com
Phone: +011-86-573-8862-268
Investor Relations:
MZ North America
Ted Haberfield, President
Email: thaberfield@mzgroup.us
Phone: +1-760-755-2716
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