SHANGHAI, June 16, 2011 /PRNewswire-Asia/ -- China-Biotics, Inc. (NASDAQ GS: CHBT - News) ("China-Biotics" or "the Company"), a leading developer, manufacturer, and distributor of probiotics products in China, today affirmed that NASDAQ halted trading in the Company's common stock at approximately 3:35 PM EDT on Wednesday, July 15, 2011, shortly after the Company filed for an extension of time to file with the Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended March 31, 2011. NASDAQ has requested that the Company provide certain information and explanations relating to the Company's delay in filing the Form 10-K. The Company is working to provide the information and explanations that have been requested by NASDAQ as promptly as practicable in an effort to satisfy NASDAQ's concerns so that it may permit the resumption of trading of the Company's common stock. Once such information and explanations are provided to NASDAQ, NASDAQ may request further information. The Company cannot predict when or if NASDAQ will be satisfied with the Company's responses to this inquiry, or when or if NASDAQ will permit resumption of trading of the Company's common stock.
China-Biotics, Inc. ("China-Biotics" or "the Company"), a leading manufacturer of biotechnology products and supplements, engages in the research, development, marketing and distribution of probiotics dietary supplements in China. Through its wholly owned subsidiaries, Shanghai Shining Biotechnology Co., Ltd. and Growing Bioengineering (Shanghai) Co. Ltd., the Company develops and produces a proprietary product portfolio. Currently, its retail products are sold over the counter, mainly through large distributors, to pharmacies and supermarkets in Beijing, Shanghai, and Jiangsu and Zhejiang provinces. The Company also sells bulk products to institutional customers such as dairy and animal feed producers as well as pharmaceutical c
|SOURCE China-Biotics, Inc.|
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