NOEC HUGE FIND:
NOEC is on the verge of getting back on the NASDAQ again! They will be bringing their revenues back up to par very shortly! This company is closer to being on the NASDAQ than ACT*!!! For those of you who read the latest filing, don't even think about bashing because NOEC has paid its fees and is waiting to be re-listed on the NASDAQ. I DO NOT know what price per share we should be trading at right now, but read this PR (from 8k filing) and stare at the bolded lines:
XINYANG, CHINA --(March 24, 2011) - New Oriental Energy & Chemical Corp. (NASDAQ: NOEC) (the “Company”), a China-based specialty chemical and emerging coal-based alternative fuel manufacturer, announced the following news today:
Delisting Notice from NASDAQ; Request Made For Reconsideration As Fees Are Paid
On March 11, 2011 the Company received a notification letter from the NASDAQ Stock Market stating that the Company had failed to pay certain fees in violation of NASDAQ Listing Rule 5210(d) and that the Company would be subject to delisting procedures if the outstanding fees were not paid in full. The notification letter indicated that the Company could appeal the delisting determination no later than March 18, 2011. The notification letter also indicated that the Company needed to publicly disclose receipt of the notification letter within four (4) days. The Company failed to timely disclose receipt and trading of the Company’s common stock on the NASDAQ Capital Market was halted on March 18, 2011.
On March 22, 2011 the Company received another notification letter from NASDAQ indicating that the Company had failed to appeal the previous delisting determination and that the Company’s common stock would be suspended effective as of March 23, 2011.
Earlier today the Company paid the outstanding fees to NASDAQ and requested that the delisting determination be reconsidered. The Company is awaiting a response from NASDAQ on its request for reconsideration.
Production Restart Anticipated Within Next Few Weeks
The Company has been engaged in an ongoing effort to obtain the funds necessary to resume production. The Company now believes it will obtain the necessary funds to restart production within the next few weeks.
Mr. Chen S. Qiang, President and CEO of the Company, explained further. “To date we have received approximately $1.5 million of an anticipated $4.5 million government loan which, together with other resources, will permit the restart our production of urea and our other coal-based specialty chemicals. As we previously commented, from that point forward we believe it will take up to approximately one year to return to normal conditions. We remain optimistic that our alternative energy products and solutions will ultimately achieve their potential."
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