Aoxing Pharmaceutical Company, Inc. Receives Notice of Noncompliance From NYSE MKT LLC
JERSEY CITY, NJ--(Marketwired - Oct 30, 2013) - Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN) ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing, and distribution of narcotic, pain-management, and addiction treatment pharmaceuticals, today announced that it has received notice from NYSE MKT LLC that, based upon the financial statements contained in Aoxing Pharma's Annual Report on Form 10-K for the year ended June 30, 2013, Aoxing Pharma (a) is not in compliance with Section 1003(a)(iii) of the NYSE MKT Company Guide since it reported stockholders' equity of less than $6,000,000 at June 30, 2013 and has incurred losses from continuing operations and/or net losses in its five most recent fiscal years then ended, and (b) is not in compliance with Section 1003(a)(iv) of the Company Guide since it has sustained losses that are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the NYSE MKT, as to whether the Company will be able to continue operations and/or meet its obligations as they mature. The notice advised that, in order to maintain its listing, Aoxing Pharma must submit a plan of compliance by November 8, 2013 addressing how it intends to regain compliance with Section 1003(a)(iv) by November 29, 2013, and must submit a plan of compliance by November 25, 2013 addressing how it intends to regain compliance with Section 1003(a)(iii) by April 27, 2015. If Aoxing Pharma fails to submit both plans or if the plans are not accepted, Aoxing Pharma will be subject to delisting proceedings.
Management of Aoxing Pharma intends to submit both plans of compliance required by NYSE MKT on the stated schedule.
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing Pharma has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA). Aoxing Pharma has a joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. For more information, please visit: www.aoxingpharma.com.