Bethesda, Jan. 14, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC)(NYSE Amex: IGC), a company competing in the rapidly growingmaterials and infrastructure industry in India and China, todayannounced that it had received notice from the New York StockExchange ("NYSE MKT") on January 11, 2013 stating that the Companyhas regained compliance with Section 1003(f)(iv) ofthe Exchange's Company Guide. As previously stated Section1003(f)(iv) pertains to the non payment of listing fees. Ram Mukunda CEO, IGC said, "We have adequate cash in India thatwe are in the process of repatriating. Our focus in the nextseveral months will be to establish banking facilities, increasingthe trading volume in iron ore, increasing our sourcing network,and driving the Company's profitability. We have about $400 millionof iron ore reserves in Inner Mongolia and iron ore prices aresteadily increasing as global markets rebound. We hope tooperationalize our mines once the unusually harsh winter in InnerMongolia abates. Our outlook for 2013 is optimistic." About IGC: Based in Bethesda, Maryland, India Globalization Capital, Inc.(IGC) is a materials and infrastructure company operating in Indiaand China. We currently supply Iron ore to SteelCompanies operating in China. For more information aboutIGC, please visit IGC's Web site at www.indiaglobalcap.com. For information about Ironman,please visit www.hfironman.com. Forward-looking Statements: Some of the statements contained in this press release that arenot historical facts constitute forward-looking statements underthe federal securities laws. Forward-looking statementscan be identified by the use of the words "may," "will," "should,""could," "expects," "post", "plans," "anticipates," "believes,""estimates," "predicts," "intends," "potential," "proposed,""confident" or "continue" or the negative of thoseterms. These statements are not a guarantee of futuredevelopments and are subject to risks, uncertainties and otherfactors, some of which are beyond IGC's control and are difficultto predict. Consequently, actual results may differmaterially from information contained in the forward-lookingstatements as a result of future changes or developments in ourbusiness, our competitive environment, infrastructure demands, Ironore availability and governmental, regulatory, political, economic,legal and social conditions in China and India.
The Company undertakes no obligation to publicly update anyforward-looking statements, whether as a result of new information,future events, or otherwise. Other factors and risksthat could cause or contribute to actual results differingmaterially from such forward-looking statements have been discussedin greater detail in IGC's Schedule 14A, Form 10-K for FYE 2012,Form 10-Q for the quarter ended September 30, 2012, Form S-3, andthe Post Effective Amendment No. 1 on Form S-3 to Form S-1 filedwith the Securities and Exchange Commission on December 9, 2011,July 16, 2012, November 14, 2012, December 14, 2012, and December26, 2012 respectively.
CONTACT: Investor Relations Contact: Mr. John Selvaraj 301-983-0998