Shiner International, Inc. Receives Notice From Nasdaq Due To Resignation Of Independent Director
HAIKOU, China, June 26, 2012 /PRNewswire-Asia/ -- Shiner International, Inc. (Nasdaq: BEST) ("Shiner" or the "Company"), an emerging global supplier of packaging solutions for food, tobacco, and consumer products, announced that on June 22, 2012 China time, it received a letter from Nasdaq Listing Qualifications Department ("Nasdaq") indicating that the Company no longer complies with Nasdaq's independent director and audit committee requirements as set forth in Listing Rule 5605 as a result of the vacancy caused by the resignation of Mr. Brian Cunat as a member of the Company's board of directors and the audit committee. Listing Rule 5605 requires that a majority of the Company's board of directors be comprised of independent members and its audit committee be comprised of three independent members. The letter also indicated that Nasdaq will provide the Company a cure period in accordance with Listing Rules 5605(b)(1)(A) and 5605(c)(4), respectively.
As Shiner previously disclosed with a Form 8-K on June 7, 2012, Mr. Brian Cunat resigned from the Company's board of directors on June 2, 2012. Mr. Brian also served as a member of the Company's audit committee.
The Company is conducting a search for a new director who meets the requirements of Nasdaq and is available for appointment to the Company's board of directors and audit committee within the cure period allowed under the Nasdaq Listing Rules.
About Shiner International, Inc.,Shiner International, Inc. is engaged in the research and development, manufacture and sale of flexible packaging material and advanced film. Its products include coated packaging film, shrink-wrap film, common packaging film, anti-counterfeit laser holographic film and color-printed packaging materials. The Company's products are used by manufacturers in the food and consumer products industry to preserve the texture, flavor, hygiene, and convenience and safety of their products. The Company was founded in 1990 and is headquartered in Haikou, China. Approximately 80% of Shiner's current customers are located in China, with the remainder spanning Southeast Asia, Europe, the Middle East and North America. Shiner holds 19 patents on products and production equipment, and has an additional 10 patent applications pending. The Company's flexible packaging meets U.S. FDA requirements, as well as the requirements for food packaging sold in the EU. Shiner's product manufacturing process is certified under ISO 9001:2000. Additional information on Shiner is available at http://www.shinerinc.com. Safe Harbor Statement All statements in this press release that are not historical are forward- looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Shiner International, Inc.'s current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Shiner's filings with the Securities and Exchange Commission. The information contained in this press release is made as of the date of the press release, even if subsequently made available by Shiner on its website or otherwise.
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