|By Marketwired .||
|March 4, 2014 05:30 PM EST||
JERSEY CITY, NJ -- (Marketwired) -- 03/04/14 -- Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN) ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing, and distribution of narcotic, pain-management, and addiction treatment pharmaceuticals, announced on October 30, 2013 that it had received notice from NYSE MKT LLC that, based upon the financial statements contained in Aoxing Pharma's Annual Report on Form 10-K for the year ended June 30, 2013, Aoxing Pharma (a) is not in compliance with Section 1003(a)(iii) of the NYSE MKT Company Guide since it reported stockholders' equity of less than $6,000,000 at June 30, 2013 and has incurred losses from continuing operations and/or net losses in its five most recent fiscal years then ended, and (b) is not in compliance with Section 1003(a)(iv) of the Company Guide since it has sustained losses that are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the NYSE MKT, as to whether the Company will be able to continue operations and/or meet its obligations as they mature. Aoxing Pharma further announced on December 4, 2013 that it had received notice from NYSE MKT LLC that, based upon the financial statements contained in Aoxing Pharma's Quarterly Report on Form 10-Q for the period ended September 30, 2013, Aoxing Pharma (a) is not in compliance with Section 1003(a)(ii) of the NYSE MKT Company Guide since it reported stockholders' equity of less than $4,000,000 at September 30, 2013 and has incurred losses from continuing operations and/or net losses in three of its four most recent fiscal years ended June 30, 2013.
The Company was afforded the opportunity to submit plans of compliance to the Exchange, and on November 8, 2013 the Company presented its plan of compliance with Section 1003(a)(iv). On December 3, 2013 the Exchange notified the Company that it accepted the Company's plan of compliance with Section 1003(a)(iv) and granted the Company an extension until March 1, 2014 to regain compliance with Section 1003(a)(iv). On November 25, 2013 the Company presented its plan of compliance with Section 1003(a)(iii) and supplemented it on December 26, 2013. On January 10, 2014 the Exchange notified the Company that it accepted the Company's plan of compliance with Section 1003(a)(ii) and Section 1003(a)(iii) and granted the Company an extension until April 27, 2015 to regain compliance with Sections 1003(a)(ii) and 1003(a)(iii).
On February 28, 2014, the Exchange notified the Company that the period during which it will be permitted to regain compliance with Section 1003(a)(iv) has been extended to May 30, 2014. The Company will be subject to periodic review by the Exchange Staff during the extension periods. Failure to make progress consistent with the plans or to regain compliance with the listing standards by the ends of the extension periods could result in the Company being delisted from the NYSE MKT LLC.
On February 28, 2014 the Exchange also notified the Company that its review of the Company's Form 10-Q for the quarter ended December 31, 2013 indicated that Aoxing Pharma is also not in compliance with Section 1003(a)(i) of the Company Guide since it reported stockholders' equity of less than $2,000,000 at December 31, 2013 and has incurred losses from continuing operations and/or net losses in two of its three most recent fiscal years ended June 30, 2013. The notice advised that Aoxing Pharma is not required to submit an additional plan of compliance, but will be permitted to supplement the plan of compliance submitted on November 25, 2013 and December 26, 2013 to address how it intends to regain compliance with Section 1003(a)(i) by April 27, 2015. If the plan, as supplemented, is not accepted, Aoxing Pharma will be subject to delisting proceedings.
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing Pharma has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA). Aoxing Pharma has a joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. For more information, please visit: www.aoxingpharma.com.
Aoxing Pharmaceutical Company:
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