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8-K - NEW DRAGON ASIA CORP | v208660_8k.htm |
NEW
DRAGON ASIA CORPORATION ANNOUNCES RECEIPT OF NYSE AMEX NOTICE
Longkou, China – January 21, 2011 –
New Dragon Asia Corporation (NYSE Amex: NWD) (“NWD” or “Company”), one of
China’s leading producers of instant noodles, flour-related products and soybean
derived products, today announced that on January 18, 2011 it received a letter
from NYSE Amex LLC (the “Exchange”) indicating that it is below certain
of the Exchange’s continued listing standards because it failed to
hold an annual meeting of its stockholders during 2010 as set forth in Section
704 of the NYSE Amex Company Guide (the “Company Guide”). The Company was
afforded the opportunity to submit a plan of compliance to the Exchange by
February 17, 2011 to demonstrate the Company’s ability to regain compliance with
Section 704 of the Company Guide by July 18, 2011. If the Company does not
submit a plan or if the plan is not accepted by the Exchange, the Company will
be subject to delisting procedures as set forth in Section 1010 and part 12 of
the Company Guide.
The
Company intends to submit a plan to the Exchange and to hold its annual meeting
of stockholders to regain compliance with the Exchange’s listing
standards. The Company’s ability to hold its 2010 annual
meeting of stockholders is subject to clearance by the Securities and Exchange
Commission of the Company’s preliminary proxy statement on Schedule 14A relating
to the 2010 annual meeting of stockholders.
About
NWD
New
Dragon Asia Corp., a Florida corporation (AMEX: NWD) is headquartered in
Shandong Province, China and is engaged in the milling, sale and distribution of
flour and related products, including instant noodles and soybean-derived
products, to retail and commercial customers. As the fourth largest
instant noodle manufacturer in China, New Dragon Asia markets its
well-established Long Feng brand through a network of more than 200 key
distributors and 16 regional offices in 27 Chinese provinces with an aggregate
production capacity of approximately 195,000 tons of flour and more than 1.1
billion packages of instant noodles per year. Instant noodles are
also exported to a growing number of countries.
Forward-Looking
Statements
This
press release contains forward-looking statements (as defined in Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended) concerning future events. Words such as
“expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,”
and variations of such words and similar expressions are intended to identify
forward-looking statements. Although NWD believes that the expectations
reflected in such forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of assumptions and
estimates, which are inherently subject to significant uncertainties and
contingencies, many of which are beyond the control of NWD. Actual results may
differ materially from those expressed or implied by such forward-looking
statements. NWD expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in NWD’s expectations with respect
thereto or any change in events, conditions or circumstances on which any
statement is based.
Contact
Information
Ling
Wang
(86) 535
– 8951 567
Email:
lingwang@newdragonasia.com