Lizhan Environmental Receives Extension to Regain NASDAQ Listing Requirement and Approval for Listing on Capital Market
17 April 2012 - 1:30PM
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 the
Company has received an additional 180 days to regain compliance
with NASDAQ's minimum $1 bid price per share requirement. In
addition, NASDAQ approved the Company's application to list its
shares on the NASDAQ Capital Market.
NASDAQ previously indicated to the Company that it had until
April 9, 2012 to regain compliance with the minimum price per share
requirement. However, based on the Company meeting the continued
listing requirement for market value and all other applicable
requirements for initial listing on the Capital Market with the
exception of the bid price requirement, NASDAQ granted the Company
180 calendar days, to October 8, 2012, to regain compliance. If at
any time during this additional compliance period the closing bid
price of Lizhan's stock is at least $1 per share for a minimum of
10 consecutive business days, the Company will regain full
compliance with its NASDAQ listing requirements.
Starting April 16, 2012, the Company's shares will be listed on
NASDAQ's Capital Market.
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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