eLong, Inc. Reports Resignation of Audit Committee Member
August 06 2007 - 5:00PM
PR Newswire (US)
BEIJING, Aug. 6 /PRNewswire-FirstCall/ -- eLong, Inc. (NASDAQ:LONG)
("eLong" or the "Company"), a leading online travel service
provider in China, today reported that David Goldhill has resigned
as a member of the audit committee of the board of directors of the
Company effective July 30, 2007. Mr. Goldhill, who served as the
chair of the audit committee, indicated that his resignation was
prompted by the Company's advice that, as a result of his having
accepted a position as the chief executive officer of a company
under common control with eLong, he is no longer considered
"independent" under NASDAQ'S Marketplace Rules, and therefore can
no longer serve on the audit committee. On August 1, 2007, eLong
received a letter from NASDAQ's Listing Qualifications Department
stating that, due to Mr. Goldhill's resignation, the Company no
longer complies with the requirement set forth in NASDAQ
Marketplace Rule 4350 that the audit committee of a NASDAQ-listed
company be composed of at least three members. The letter also
indicated, however, that consistent with Marketplace Rule
4350(d)(4), NASDAQ would provide the Company with a cure period in
order to regain compliance, until the earlier of the Company's next
annual meeting of shareholders or July 30, 2008 or, if the
Company's next annual meeting of shareholders is held before
January 28, 2008, then no later than January 28, 2008. eLong has
initiated a search to find a suitable replacement for Mr. Goldhill,
and expects that the vacancy on the audit committee caused by Mr.
Goldhill's resignation will be filled prior to the end of the cure
period provided by NASDAQ. About eLong, Inc. eLong, Inc.
(NASDAQ:LONG) is a leading online travel company in China.
Headquartered in Beijing, eLong has a national presence across
China. eLong uses web-based distribution technologies and a 24-hour
call center to provide consumers with access to travel reservation
services. Aiming to enrich people's lives through the freedom of
independent travel, eLong empowers consumers to make informed
choices by providing a one-stop travel solution and consolidated
travel tools and information such as maps, virtual tours and user
ratings. eLong has the capacity to fulfill air ticket reservations
in over 55 major cities across China. In addition to choice of a
wide hotel selection in the Greater China region, eLong offers
Chinese consumers the ability to make bookings at international
hotels in over 140 destinations worldwide. eLong operates the
websites http://www.elong.com/ and http://www.elong.net/. Safe
Harbor Statement The statement in this press release concerning
eLong's expectation as to its ability to find a suitable
replacement for David Goldhill on its audit committee prior to the
end of the cure period provided by NASDAQ is a "forward-looking"
statement within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in the Private Securities
Litigation Reform Act of 1995. This forward looking statement is
based upon management's current views and expectations with respect
to future events and is not a guarantee of future performance, and
there can be no assurance that eLong will in fact be successful in
locating a suitable replacement before the end of the cure period.
Risk factors that could affect eLong's ability to find a suitable
replacement include a shortage of qualified persons who are willing
to serve on the audit committee of a publicly-traded company.
Readers are cautioned not to place undue reliance on this
forward-looking statement, which speaks only as of the current
date. DATASOURCE: eLong, Inc. CONTACT: Katie Deines of Expedia,
Inc., +1-425-679-4317, , for eLong, Inc. Web site:
http://www.elong.com/ http://www.elong.net/
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