China: Pingtan Demonstrates Compliance with Nasdaq’s Listing Requirements
Pingtan Marine Enterprise Ltd., an integrated marine services company providing territorial sea fishing and dredging services in the People’s Republic of China (PRC), today announced that the Company received a letter from the Nasdaq Listing Qualifications Panel (the “Panel”) stating that it has concluded that the Company has demonstrated compliance with all applicable listing requirements.
Accordingly, the listing review has been closed.
Pingtan’s Chairman and CEO, Mr. Xinrong Zhou, stated, “We are very pleased with the recent ruling by Nasdaq and are focused on increasing shareholder value by continuing to grow our business, delivering profitable results, and generating free cash flow. We look forward to keeping all investors apprised of our progress.”
Pingtan is a marine enterprises group, engaging in dredging services and ocean fishing through two wholly-owned subsidiaries, China Dredging Group, or CDGC, and Merchant Supreme, and their respective PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd., or Fujian Service, PingTan XingYi Port Service Co., Ltd., or PingTan XingYi and Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Press Release, July 11, 2013