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China Botanic Pharmaceutical Inc. Announces Receipt of Notice of Failure to Satisfy Continued Listing Requirements
Date:2/5/2013

HARBIN, China, Feb. 5, 2013 /PRNewswire/ -- China Botanic Pharmaceutical Inc. (AMEX: CBP) (formerly Renhuang Pharmaceuticals, Inc.) ("China Botanic" or the "Company"), a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and traditional Chinese medicines ("TCM") in China, announced today that on January 31, 2013, the Company received a notice of failure to satisfy continued listing standards (the "Letter") from the NYSE MKT LLC (the "Exchange").

The Letter indicates that although the Company has resolved the Audit Committee continued listing deficiency referenced in the letter from the Exchange dated January 12, 2013, the staff of the NYSE MKT Corporate Compliance Department (the "Compliance Department") has determined that based upon its review of the Form NT 10-K filed on January 30, 2013 and subsequent discussions, the Company will be unable to timely file its Form 10-K for the period ended October 31, 2013 ("Form 10-K") by February 14, 2013. In the Company's Form NT 10-K, the Company indicated that management has encountered delays in completing the Company's consolidated financial statements and corresponding delays in completing its annual audit. As such, information necessary for the filing of a complete and accurate report on Form 10-K cannot not be gathered within the prescribed time period without unreasonable effort and expense. The Company remains committed to completing its Form 10-K at the earliest possible time, but does not currently anticipate its completion within the fifteen calendar days following the prescribed due date. The timely filing of the Form 10-K is a condition for the Company's continued listing on the Exchange under Sections 134 and 1101 of the NYSE MKT LLC Company Guide (the "Company Guide").

In order to maintain its listing, the Company must submit a pl
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SOURCE China Botanic Pharmaceutical Inc.
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