WARSAW, Poland, March 22, 2013 /PRNewswire/ -- Central
European Distribution Corporation (NASDAQ: CEDC) announced today
that on March 20, 2013, CEDC received
a Staff Determination letter from the Listing Qualifications
Department of The NASDAQ Stock Market LLC ("Nasdaq") stating
that CEDC was not in compliance with Listing Rules 5250(c) which
requires CEDC to file its Annual Report on Form 10-K for the period
ended December 31, 2012. As a result, Nasdaq staff have stated that
this serves as an additional basis to delist CEDC securities from
the NASDAQ Stock Market to that announced by CEDC on its Current
Report on Form 8-K filed with the United States Securities and
Exchange Commission on January 7, 2013 and that the Nasdaq Hearings
Panel will consider this matter in rendering a determination
regarding CEDC's continued listing on the Nasdaq Global Select
Market. If CEDC wishes to request a stay to delisting beyond the
hearing currently scheduled for March 28, 2013, it must make the
request no later than March 27, 2013, together with an explanation
of why an extended stay is appropriate. CEDC intends to request a
stay to delisting. The letter also stated that the Nasdaq staff do
not believe that any further stay is warranted because CEDC is in
default of its 3% convertible notes due 2013 and is actively
soliciting the note holders to vote in favor of a plan of
reorganization through a filing for protection under Chapter 11 of
the U.S. Bankruptcy Code. The NASDAQ Staff Determination letter has
no immediate effect on the listing or trading of CEDC's common
stock on the NASDAQ Global Select Market.
About Central European Distribution Corporation
CEDC is one of the largest producers of vodka in the world and
Central and Eastern Europe's
largest integrated spirit beverage business. CEDC produces the
Green Mark, Absolwent, Zubrowka, Bols, Parliament, Zhuravli, Royal
and Soplica brands, among others. CEDC currently exports its
products to many markets around the world, including the United States, England, France and Japan.
CEDC also is a leading importer of alcoholic beverages in
Poland, Russia and Hungary. In Poland, CEDC imports many of the world's
leading brands, including Carlo Rossi
Wines, Concha y Toro wines, Metaxa Liqueur, Remy Martin
Cognac, Sutter Home wines, Grant's
Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra
Tequila, Teacher's Whisky, Campari, Cinzano and Old Smuggler. CEDC
is also a leading importer of premium spirits and wines in
Russia with such brands as Concha
y Toro, among others.
SOURCE Central European Distribution Corporation