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Fri 18 Oct 2013, 13:01 GMT

Andatee regains NASDAQ compliance


Supplier regains compliance requiring a minimum bid price of $1.00 for continued listing on the NASDAQ stock market.

Andatee China Marine Fuel Services Corporation, a leading producer, distributor, and retailer of marine fuel for small cargo and fishing vessels in China, has announced that on October 15, 2013, NASDAQ notified the company that it had regained compliance Rule 5550(a)(2), which requires a minimum bid price of $1.00 for continued listing on the NASDAQ stock market and that the matter was now closed.

Commenting on the announcement, An Fengbin, Andatee's Chairman and CEO, stated that "Regaining compliance with NASDAQ's minimum bid price rule is a significant achievement for the company. With this issue behind us, the Company's management will continue to pursue its objective of maximizing shareholder value and strengthening the Company's core business.

"We remain committed to improving all aspects of our operations, including expanding our supplier network for procuring raw material, expanding our blending capacity by building and acquiring additional facilities, and improving distribution," he concluded.

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