BEIJING, Aug. 9 /PRNewswire-Asia-FirstCall/ --
Xinhua Sports & Entertainment
Limited (Nasdaq: XSEL), ("XSEL" or the "Company") today announced
that, on August 5, 2010, the Company
was notified by the Staff of The NASDAQ Stock Market LLC that it
has not regained compliance with the minimum $1.00 bid price requirement set forth in Listing
Rule 5450(a)(1). As a result, the Company's ADSs would be subject
to delisting from The NASDAQ Global Market unless the Company
requests a hearing before a NASDAQ Listing Qualifications Panel
(the "Panel"). The Company intends to timely request a hearing
before the Panel. Accordingly, the Company's securities will remain
listed until the Panel issues its decision following the hearing.
At the hearing, the Company will present its plan to regain
compliance.
Under NASDAQ's Listing Rules, the Panel may, in its discretion,
grant the Company a further extension of time to regain compliance
up to a maximum of 180 calendar days from the date of the Staff's
delisting determination with respect to the minimum bid price
requirement. However, there can be no assurance that the Panel will
grant any such extension.
About XSEL
XSEL is a leading sports and entertainment media company in
China. Catering to a vast audience
of young and upwardly mobile consumers, XSEL is well-positioned in
China with its unique content and
access. Through its key international partnerships, XSEL is able to
offer its target audience the content they demand - premium sports
and quality entertainment. Through its Chinese partnerships, XSEL
is able to deliver this content across a broad range of platforms,
including television, the Internet, mobile phones, cinema,
university campuses and other multimedia assets in China. Along with its in-house advertising
resources, XSEL offers a total solution empowering clients at every
stage of the media process linking advertisers with China's young and upwardly mobile
demographic.
Headquartered in Beijing, the
Company has offices and affiliates in major cities throughout
China including Beijing, Shanghai, Guangzhou, Shenzhen and Hong
Kong. Xinhua Sports &
Entertainment Limited shares are listed on the NASDAQ Global Market
(NASDAQ: XSEL). For more information, please visit
http://www.xsel.com .
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," ''confident'' and similar statements.
Among other things, any quotations from management in this
announcement contain forward-looking statements. Statements that
are not historical facts, including statements about XSEL's beliefs
and expectations are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties that could
cause actual results to differ materially from those contained in
any forward-looking statements. Potential risks and uncertainties
include, but are not limited to, risks outlined in XSEL's filings
with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F. All information provided in this press
release is as of the date hereof, and XSEL undertakes no duty to
update such information, except as required under applicable
law.
For more information, please contact:
Media Contact:
Joy Tsang
XSEL
Phone: +852-2561-3054
Email: joy.tsang@xsel.com
IR Contact:
Graham Earnshaw
XSEL
Phone: +86-10-8567-6061
Email: graham.earnshaw@xsel.com
American Capital Ventures
Howard Gostfrand
Phone: +1-305-918-7000
+1-877-918-0774 toll free
Email: info@amcapventures.com
SOURCE Xinhua Sports &
Entertainment Limited
Copyright g. 9 PR Newswire