KUNMING, China, Dec. 8, 2010 /PRNewswire-Asia-FirstCall/ —
China Shenghuo Pharmaceutical Holdings, Inc. (NYSE Amex Equities:
KUN) (“China Shenghuo” or the “Company”), which is engaged in the
research, development, manufacture, and marketing of
pharmaceutical, nutritional supplement and cosmetic products in the
People’s Republic of China (“PRC”), today announced that the NYSE
Amex LLC (the “NYSE Amex” or “Exchange”) has accepted the Company’s
plan of compliance for continued listing.
On September 22, 2010 the Company received notice from the NYSE
Amex Staff indicating that the Company is below certain of the
Exchange’s continued listing standards due to the fact that its
stockholder’s equity is less than $2,000,000, it has sustained
losses from continuing operations, and it has net losses in two out
of its three most recent fiscal years, as set forth in Section
1003(a)(i) of the NYSE Amex Company Guide. The Company was afforded
the opportunity to submit a plan of compliance to the Exchange to
demonstrate its ability to regain compliance with the continued
listing standards by March 22, 2012. On October 29, 2010 and
November 29, 2010, the Company presented its plan and responses to
supplemental questions to the Exchange.
On December 6, 2010 the Exchange notified the Company that it
accepted the Company’s plan of compliance and granted the Company
an extension until March 22, 2012 to regain compliance with the
continued listing standards. The Company will be subject to
periodic review by Exchange Staff during the extension period.
Failure to make progress consistent with the plan or to regain
compliance with the continued listing standards by the end of the
extension period could result in the Company being delisted from
the NYSE AMEX.
Mr. Gui Hua Lan, Chief Executive Officer of China Shenghuo,
stated, “We are executing on our plan and believe the successful
execution of this plan will enable us to regain compliance with the