WUHAN CITY, China, Oct. 17,
2013 /PRNewswire/ -- Tianli Agritech, Inc. (NASDAQ:OINK)
("Tianli" or the "Company"), a leading producer of breeder hogs,
market hogs and black hogs, headquartered in Wuhan City, China, today announced that it received
written notification from the NASDAQ Stock Market ("NASDAQ") on
October 15, 2013 confirming that the
Company has regained compliance with the minimum bid price
requirement of $1.00 per share for
continued listing of its common stock on the Nasdaq Capital
Market.
As previously announced, on February 6,
2013, NASDAQ notified the Company that the bid price of its
common stock had closed at less than $1.00 per share over the previous 30 consecutive
business days and, as a result, the Company was not in compliance
with Listing Rule 5550(a)(2)("Rule"), the minimum bid price rule.
The Company was provided 180 calendar days, or until August 5, 2013, to regain compliance with the
Rule. Additionally, on August 2,
2013, NASDAQ notified the Company that it had been granted
an additional 180-day extension period, or until February 3, 2014, in which to regain compliance
with the Rule.
On October 15, 2013, NASDAQ
notified the Company that the closing bid price of its common stock
has been at $1.00 per share or
greater for 10 consecutive business days, from October 1, 2013 to October
14, 2013. Accordingly, the company has regained compliance
with Nasdaq Listing Rule 5550(a)(2)("Rule"), and the matter is now
closed.
If the Company remains in compliance with the minimum bid price
Rule, its Board of Directors is not likely to use the authority
given to it at the Company's shareholder meeting on October 11th to cause a reverse split
of the Company's common stock. Any decision regarding a reverse
stock split will be made by the Board of Directors in light of the
relevant factors at the time a reverse split is considered by the
Board.
About Tianli Agritech, Inc.
Tianli Agritech, Inc. is in the business of breeding, raising
and selling breeder and market hogs in China and is developing a retail channel for
its pork products including high-value, black hog meat. The Company
is focused on growing high quality hogs for sale for breeding and
meat purposes. The Company conducts genetic, breeding and nutrition
research to steadily improve its production capabilities.
Forward-Looking Statements
This news release contains forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject
to uncertainties and risks including, but not limited to, product
and service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
For more information, please contact:
Tina Xiao
Weitian Group LLC
Phone: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
Web: http://www.weitian-ir.com
SOURCE Tianli Agritech, Inc.