JINJIANG, China, July 14, 2016 /PRNewswire/ -- China Ceramics Co.,
Ltd. (NASDAQ Capital Market: CCCL) ("China Ceramics" or the
"Company"), a leading Chinese manufacturer of ceramic tiles used
for exterior siding and for interior flooring and design in
residential and commercial buildings, today announced receipt of a
letter from the NASDAQ Stock Market ("Nasdaq") stating that the
Company has regained compliance with Nasdaq's Listing Rule
5550(a)(2) minimum closing bid price requirement and that the
matter is now closed.
China Ceramics had previously been notified by Nasdaq that it
was not in compliance with the minimum bid price rule because its
common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days.
In order to regain compliance with the rule, the Company was
required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading
days. This requirement was met on June 12,
2016, the tenth consecutive trading day when the closing bid
price of the Company's common stock was over $1.00. The Company undertook a reverse
stock split on June 28, 2016, to cure
the Nasdaq listing deficiency.
"Regaining compliance with Nasdaq's continued listing
requirements in our securities on the Nasdaq Capital Market is
important for the Company and our shareholders," commented
Jiadong Huang, Chief Executive
Officer of China Ceramics. "With this issue behind us,
management will continue to pursue its objectives of strengthening
the Company's core business and maximizing shareholder value."
About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic
tiles in China. The Company's
ceramic tiles are used for exterior siding, interior flooring, and
design in residential and commercial buildings. China Ceramics'
products, sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the
"TOERTO" and "WULIQIAO" brands, and the "Pottery Capital of Tang
Dynasty" brands, are available in over 2,000 style, color and size
combinations and are distributed through a network of exclusive
distributors as well as directly to large property developers. For
more information, please visit http://www.cceramics.com .
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. Forward-looking statements in this press release
include, without limitation, the continued stable macroeconomic
environment in the PRC, the PRC real estate and construction
sectors continuing to exhibit sound long-term fundamentals, our
ability to bring additional capacity online going forward as our
business improves, our customers continuing to adjust to our
product price increases, our ability to sustain our average selling
price increases and to continue to build volume in the quarters
ahead, and whether our enhanced marketing efforts will help to
produce wider customer acceptance of the new price points. All
statements other than statements of historical fact are statements
that could be forward-looking statements. You can identify these
forward-looking statements through our use of words such as "may,"
"will," "anticipate," "assume," "should," "indicate," "would,"
"believe," "contemplate," "expect," "estimate," "continue," "plan,"
"point to," "project," "could," "intend," "target" and other
similar words and expressions of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 20-F for the
year ended December 31, 2015 and
otherwise in our SEC reports and filings. Such reports are
available upon request from the Company, or from the Securities and
Exchange Commission, including through the SEC's Internet website
at http://www.sec.gov . We have no obligation and do not undertake
to update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
Contact
Information:
|
|
China Ceramics Co.,
Ltd.
|
Precept Investor Relations
LLC
|
Edmund Hen, Chief Financial
Officer
|
David Rudnick, Account
Manager
|
Email:
info@cceramics.com
|
Email:
david.rudnick@preceptir.com
|
|
Phone: +1
646-694-8538
|
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SOURCE China Ceramics Co., Ltd.