FUQING CITY, CHINA--(Marketwired - Sep 11, 2014) - Guanwei Recycling Corp. (the "Company" or "Guanwei") (NASDAQ: GPRC ), China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), reported today it received notice from the NASDAQ Stock Market LLC ("NASDAQ") that because the Company has not maintained a minimum bid price of $1.00 per share for the last 30 consecutive business days, it is not in compliance with Section 5810 of the NASDAQ Listing Rules (The "Rule").
According to the notice, the Company must regain compliance in a period of 180 calendar days, or if it does not regain compliance, it may be eligible for additional time. In order to regain compliance the Company must cure the deficiency and also meet various other requirements, as more fully described in a Form 8-K filed by the Company today with the U.S. Securities and Exchange Commission. If not, NASDAQ may determine the Company's securities are subject to delisting.
The Company also states in the 8-K that it intends to consider all available options to regain compliance with Rule 5810, but cannot assure it will be able to regain compliance or subsequently maintain compliance with the Rule. Failure to maintain the listing on NASDAQ may have a material adverse effect on the price or liquidity of the Company's common stock.
Description of Guanwei Recycling Corp.
Adhering to the highest "green" standards, Guanwei Recycling Corp. (the "Company") has generated rapid growth producing recycled low density polyethylene (LDPE) from plastic waste procured mostly in Europe. The Company sells the recycled LDPE to more than 300 customers (including over 150 active recurring customers) in more than ten different industries in China. The Company is licensed by Chinese authorities and also has been issued a Compliance Certificate by TÜV Rheinland, which issues certificates of approval for certain plastics manufacturers that meet Germany's strict environmental standards. This enables the Company to procure high quality plastic waste directly from Germany and other European countries with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at www.guanweirecycling.com .
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
Contacts: Richard Sun guanweirecycling@gmail.com Ken Donenfeld DGI Investor Relations kdonenfeld@dgiir.com Tel: 212-425-5700 Fax: 646-381-9727
