PINGDINGSHAN, China,
Oct. 19, 2016 /PRNewswire/ --
Yulong Eco-Materials Limited (NasdaqCM: YECO), today
announced its receipt of a notification from NASDAQ on October 14, 2016, indicating that, as a result of
the Company not timely filing with the Securities and Exchange
Commission ("SEC") its Annual Report on Form 10-K for the
fiscal year ended June 30, 2016 (the
"Annual Report"), the Company failed to comply with the periodic
filing requirements in NASDAQ Listing Rule 5250(c)(1). The
Company has until December 13, 2016, to submit to the NASDAQ
listing qualifications staff, pursuant to the request set forth in
the notification, a plan to regain compliance with NASDAQ's
continued listing requirements. If the NASDAQ staff accepts the
plan, it has discretion to grant up to 180 calendar days (i.e.,
until April 11, 2017) from the original non-compliance date of the
Annual Report for the Company to regain compliance.
The Company expects to timely submit its plan to NASDAQ, and is
working diligently to complete the Annual Report and regain NASDAQ
listing compliance. However, there can be no assurance
regarding the timing or ultimate outcome of this process or the
ability of the Company to successfully maintain its NASDAQ
listing.
The Company is making this announcement in compliance with
NASDAQ Listing Rule 5810(b), which requires prompt disclosure of
receipt of a noncompliance letter.
About Yulong Eco-Materials
Yulong is a vertically integrated manufacturer of eco-friendly
building products and a construction waste management company
located in the city of Pingdingshan in Henan Province, China. The company is currently Pingdingshan's
leading producer of fly-ash bricks and concrete as well as the
exclusive provider of construction waste management services in
parts of Pingdingshan and Shangqiu.
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.
Contact:
Zan "Sam" Wu
Chief Financial
Officer
samwu@yulongecomaterials.com
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SOURCE Yulong Eco-Materials Limited