KUNMING, China, Feb. 17 /PRNewswire-Asia-FirstCall/ -- China Shenghuo Pharmaceutical Holdings, Inc. (NYSE Alternext US: KUN) ("China Shenghuo" or the "Company"), today announced that on February 10, 2009, it received a deficiency letter from the NYSE Alternext US LLC ("NYSE Alternext US" or the "Exchange") stating that the Company was not in compliance with Section 704 of the Exchange's continued listing standards due to the Company's failure to hold an annual meeting of stockholders in 2008. The Company was given an opportunity to submit a plan of compliance (a "Plan") to the Exchange by March 10, 2009 to demonstrate the Company's ability to regain compliance with Section 704 by August 11, 2009.
Because the Company restated certain of its financial statements during November 2008, the Company was unable to deliver its annual report and proxy statement to its stockholders during 2008. As such, the Company failed to hold an annual meeting of stockholders during 2008.
The Company anticipates holding its annual meeting of stockholders on or about May 20, 2009 and will submit its Plan to advise the Exchange of this prior to March 10, 2009. The Company believes that so holding the annual meeting will cure the deficiency, and the Company intends to hold future annual meetings of stockholders on an annual basis, in accordance with the Exchange's listing standards.
If the Company does not submit a Plan by March 10, 2009, the Exchange rejects the Plan, or the Company does not implement an accepted Plan by August 11, 2009, the Company will be subject to delisting proceedings.
About China Shenghuo
Founded in 1995, China Shenghuo is a specialty pharmaceutical company that
focuses on the research, development, manufacture and marketing of
Sanchi-based medicinal and pharmaceutical, nutritional supplement and cosmetic
products. Through its subsidiary, Kunming Shenghuo Pharmaceu
|SOURCE China Shenghuo Pharmaceutical Holdings, Inc.|
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