SHANGHAI, June 23, 2011 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc. ("China-Biotics" or the "Company") (NASDAQ: CHBT), a leading developer, manufacturer, and distributor of probiotics products in China, today announces that on June 20, 2011, the Company received a letter from the NASDAQ Listing Qualification staff (the "NASDAQ Letter") asserting that, because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2011, and based upon disclosures made by the Company in its recently filed Form 12b-25 and additional information provided to NASDAQ, the Company no longer complies with the NASDAQ Listing Rules for continued listing. In addition, the NASDAQ Letter requested that the Company provide to NASDAQ a formal "plan of compliance" setting forth the steps that the Company proposes to take to regain compliance for continued listing of the Company's common stock on the NASDAQ, as well as certain other information relevant to NASDAQ's evaluation of the plan of compliance.
NASDAQ has established an expedited schedule for the Company to submit its plan of compliance and related information. The Company's response is due no later than July 5, 2011.
The Company will use its best efforts to submit a plan of compliance to NASDAQ, together with the other information requested, on or before July 5, 2011. There can be no assurance that the Company will be able to meet this deadline or that the Company's plan of compliance and other related information will sufficiently satisfy NASDAQ to avoid delisting.
China-Biotics, Inc. ("China-Biotics," or the "Company"), a leading manufacturer of biotechnology products and supplements, engages in the research, development, marketing, and distribution of probiotics dietary supplements in China.
|SOURCE China-Biotics, Inc.|
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