FUZHOU, China, July 6, 2012 /PRNewswire-Asia-FirstCall/
-- China Yida Holding Company (Nasdaq: CNYD) ("China Yida"or
the "Company"), a diversified tourism and entertainment enterprise
in China, today announced that the
Company has received a letter from The NASDAQ Stock Market LLC
("Nasdaq") informing the Company that its common stock has not met
the $1.00 minimum bid price
requirement for continued listing on The Nasdaq Capital Market
under Nasdaq Listing Rule 5550(a)(2). The Company did not meet
Nasdaq's minimum bid price requirement because the closing bid
price for its common stock for each trading day in the 30-business
day period from May 17, 2012 to
June 28, 2012 was less than
$1.00 per share.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), China Yida
has a grace period of 180 calendar days, or until December 31,
2012, to regain compliance with the minimum bid price requirement.
To regain compliance, the closing bid price of the Company's
common stock must meet or exceed $1.00 per share for at least ten
consecutive business days during this 180-day grace period. If the
Company chooses to implement a reverse stock split, it must
complete the split no later than ten business days prior to the
expiration date of the grace period in order to regain
compliance.
If the Company does not regain compliance within this period, it
may be eligible for additional time. To qualify, the Company
will be required to meet the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for The Nasdaq Capital Market, with the exception of the
bid price requirement, and will need to provide written notice of
its intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. If
the Company fails to regain compliance within the grace period
permitted by Nasdaq, the Company's common stock will be subject to
delisting by Nasdaq. The Company will consider available options to
resolve the noncompliance with the minimum bid price
requirement.
The notification letter has no immediate effect on the listing
of the Company's common stock on The Nasdaq Capital Market. China
Yida's common stock will continue to trade on The Nasdaq Capital
Market under the symbol "CNYD."
About China Yida
China Yida is a leading tourism and media enterprise focused on
China's fast-growing leisure industry and headquartered in
Fuzhou City, Fujian province of China. The Company
provides tourism management services and specializes in the
development, management and operation of natural, cultural and
historic scenic sites.
China Yida currently operates the Great Golden Lake tourist
destination (Global Geopark), Hua'An Tulou tourist destination
(World Culture Heritage) and China Yunding Park (National
Park). China Yida is also developing three additional tourism
projects, Ming Dynasty Entertainment World, China Yang-sheng (Nourishing Life) Tourism
Project and the City of Caves.
The Company's media business provides operations management
services including content and advertising management for the
Fujian Education Television Station ("FETV"), and "Journey through
China on the Train," an advertisement-embedded travel
program.
For further information, please contact the Company directly, or
visit its Web site at http://www.yidacn.net.
Forward-Looking Statements
Certain statements in this press release that are not historical
facts are "forward-looking statements"within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,
"believe," "expect," "future," "may,""will," "would," "should,"
"plan," "projected," "intend,"and similar expressions. Such
forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of China Yida Holding Co., Inc. (the
"Company") to be materially different from those expressed or
implied by such forward-looking statements. The Company's future
operating results are dependent upon many factors, including but
not limited to: (i) the Company's ability to obtain sufficient
capital or a strategic business arrangement; (ii) the Company's
ability to build and maintain the management and human resources
and infrastructure necessary to support the anticipated growth of
its business; (iii) competitive factors and developments beyond the
Company's control; and (iv) other risk factors discussed in the
Company's periodic filings with the Securities and Exchange
Commission, which are available for review at www.sec.gov.
Contact:
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China Yida
Holding
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CCG
Investor Relations
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Jocelyn
Chen
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Crocker
Coulson, President
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Phone: +86
591 28082230
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Phone: +
(1) 646-213-1915
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Email:
ir@yidacn.net
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Email:
Crocker.Coulson@ccgir.com
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SOURCE China Yida Holding Company