PINGDINGSHAN, China,
Nov. 23, 2016 /PRNewswire/ --
Yulong Eco-Materials Limited (NasdaqCM: YECO), today announced
that because the Company is delinquent with the filing of its Form
10-Q for the fiscal quarter ended September
30, 2016, and because it remains delinquent in filing its
Form 10-K for the fiscal year ended June 30,
2016, the Company received a letter from NASDAQ that the
Company is not in compliance with Listing Rule 5250(c)(1). This
rule requires NASDAQ listed companies to timely file all required
periodic financial reports with the Securities and Exchange
Commission. The letter specifies that, under NASDAQ rules, the
Company has until December 13, 2016 to submit a plan to regain
compliance with respect to these delinquent reports. If the
NASDAQ staff accepts such plan, it has discretion to grant up to
180 days (until April 11, 2017) for the Company to regain
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