|[December 14, 2012]
China Jo-Jo Drugstores, Inc. Regains Compliance with NASDAQ Minimum Bid Price Listing Requirement
HANGZHOU, China --(Business Wire)--
China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD) (the "Company"), a retail and
wholesale distributor of pharmaceutical and other healthcare products in
China, today announced that The NASDAQ Stock Market LLC ("NASDAQ")
notified the Company in a letter dated December 14, 2012, that it has
regained full compliance with the NASDAQ Capital Market's minimum bid
price requirement for continued listing.
The letter notes that as of December 13, 2012, the Company's common
stock evidenced a closing bid price at or in excess of the $1.00 minimum
requirement for at least ten consecutive trading days. Accordingly, the
Company has regained compliance with NASDAQ Listing Rule 5550(a)(2), and
the matter is closed.
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc., through itssubsidiaries and contractually
controlled affiliates, is a retailer and wholesale distributor of
pharmaceutical and other healthcare products in the People's Republic of
China. As of September 30, 2012, the Company has 65 retail pharmacies
throughout Zhejiang Province and Shanghai.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: Certain of the statements made in the press release constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements can be identified by the
use of forward-looking terminology such as "believe," "expect," "may,"
"will," "should," "project," "plan," "seek," "intend," or "anticipate"
or the negative thereof or comparable terminology. Such statements
typically involve risks and uncertainties and may include financial
projections or information regarding the progress of new product
development. Actual results could differ materially from the
expectations reflected in such forward-looking statements as a result of
a variety of factors, including the risks associated with the effect of
changing economic conditions in The People's Republic of China,
variations in cash flow, reliance on collaborative retail partners and
on new product development, variations in new product development, risks
associated with rapid technological change, and the potential of
introduced or undetected flaws and defects in products, and other risk
factors detailed in reports filed with the Securities and Exchange
Commission from time to time.
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