PINGDINGSHAN, China,
March 21, 2017 /PRNewswire/ -- Yulong
Eco-Materials Ltd. (NASDAQ: YECO) ("Yulong" or the "Company"), a
vertically integrated manufacturer of eco-friendly building
products located in Henan
Province, today announced that on March 15,
2015 the Company received a letter from the NASDAQ Stock
Market stating that due to the resignation of two directors,
the Company failed to meet the requirement of a minimum of three
independent directors in the audit committee pursuant to NASDAQ
Marketplace Rule 5605(c)(2) (the "Independent Audit Committee
Rule"). The NASDAQ letter has no immediate effect on the listing of
the Company's shares.
In accordance with NASDAQ Marketplace Rule 5605(c)(4) and
5810(c)(3)(E), the Company has been provided with a cure period to
regain compliance as follow:
- until the earlier of the Company's next annual shareholders'
meeting or February 11, 2018; or
- if the next annual shareholders' meeting is held before
August 10, 2017, then the Company
must evidence compliance no later than August 10, 2017.
If at any time during the cure period the Company submits to
Nasdaq documentation, including biographies of any new directors,
evidencing compliance with the rules, NASDAQ will provide written
confirmation of compliance and the matter will be closed.
The Company intends to evaluate available options to resolve the
deficiency and regain compliance with the Independent Audit
Committee Rule.
About Yulong Eco-Materials Ltd.
Yulong Eco-Materials Ltd. ("Yulong" or the "Company") is
incorporated in Cayman Island and is located in Pingdingshan City,
Henan Province, China. Yulong is the leading producer of
eco-friendly fly-ash bricks and concrete in Pingdingshan. The
Company has a market share of 51% in the brick market and 30% in
the concrete market in Pingdingshan in both fiscal year 2014 and
2013. The Company currently owns its assets and conducts its
operations through its subsidiary, Zhengzhou Xing De Enterprise
Management & Consulting Co., Ltd.
Forward-Looking Statements
This press release contains forward-looking statements,
particularly as related to, among other things, the business plans
of the Company, statements relating to goals, plans and projections
regarding the Company's financial position and business strategy.
The words or phrases "plans," "would be," "will allow," "intends
to," "may result," "are expected to," "will continue,"
"anticipates," "expects," "estimate," "project," "indicate,"
"could," "potentially," "should," "believe," "think," "considers"
or similar expressions are intended to identify "forward-looking
statements." These forward-looking statements fall within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934 and are subject to the safe
harbor created by these sections. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Such
forward-looking statements are based on current expectations,
involve known and unknown risks, a reliance on third parties for
information, transactions or orders that may be cancelled, and
other factors that may cause our actual results, performance or
achievements, or developments in our industry, to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially from anticipated results
include risks and uncertainties related to the fluctuation of
local, regional, and global economic conditions, the performance of
management and our employees, our ability to obtain financing,
competition, general economic conditions and other factors that are
detailed in our periodic reports and on documents we file from time
to time with the Securities and Exchange Commission. Statements
made herein are as of the date of this press release and should not
be relied upon as of any subsequent date, and the Company
specifically disclaims any obligation, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement.
Company Contact:
Yulong Zhu, CEO
Email: yulongeco@163.com
Website: http://www.yulongecomaterials.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yulong-eco-materials-limited-receives-nasdaq-notification-of-non-compliance-with-audit-committee-composition-300427465.html
SOURCE Yulong Eco-Materials Limited