Guanwei Recycling Corp. Receives Nasdaq Letter Regarding Non-Compliance With Minimum Bid Price Rule
FUQING CITY, CHINA -- (Marketwire) -- 07/13/12 -- Guanwei Recycling Corp. (GPRC) (the "Company") (NASDAQ: GPRC), China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), reported today it received a letter from the Nasdaq Stock Market stating that for the 30 day period from May 23, 2012 to July 6, 2012, the bid price of the Company's common stock closed below the minimum $1.00 per share requirement for continued inclusion on Nasdaq pursuant to Nasdaq Marketplace Rule 5450(a)(1) (the "Minimum Bid Price Rule").
The Nasdaq letter has no immediate effect on the listing of the Company's common stock. In accordance with Nasdaq Rule 581010(c)(3)(A), the Company will be provided 180 calendar days, or until January 7, 2013, to regain compliance with the Minimum Bid Price Rule. The Company may regain compliance with the Minimum Bid Price Rule if the bid price of the Company's Common Stock closes at $1.00 per share or more for a minimum of 10 consecutive business days at any time prior to January 7, 2013.
The Company intends to actively monitor the closing bid price of its Common Stock and will consider available options to regain compliance with the Minimum Bid Price Rule.
Mr. Min Chen, Chairman and CEO of the Company, commented further, "While the recent economic environment has been difficult, we remain very optimistic about our long term growth prospects and believe that our shares ultimately will be valued accordingly."
Description of Guanwei Recycling Corp.
Guanwei Recycling Corp. is China's largest manufacturer of recycled low density polyethylene (LDPE). Adhering to the highest "green" standards, it has generated rapid growth producing LDPE from plastic waste procured mostly in Europe for sales to more than 300 customers in ten different industries in China. Guanwei Recycling Corp. is one of the few plastic recyclers in China that has been audited by German authorities, most recently Umweltagentur Erftstadt, for compliance with German pollution and environmental standards. This allows the company to procure high quality plastic waste directly from Germany and other European countries (Spain and Holland), with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at www.guanweirecycling.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
Contacts: Richard Sun email@example.com Ken Donenfeld DGI Investor Relations firstname.lastname@example.org Tel: 212-425-5700 Fax: 646-381-9727
Source: Guanwei Recycling Corp.