Gushan Receives Continued Listing Standards Notice From the NYSE

NEW YORK, June 22 /PRNewswire-FirstCall/ -- Gushan Environmental Energy Limited ("Gushan" or the "Company"; NYSE: GU), a leading producer of biodiesel in China, today announced that on May 27, 2010, it received notification from the New York Stock Exchange ("NYSE") that it was not in compliance with one of the NYSE's standards for continued listing of the Company's American depositary shares ("ADSs") on the exchange. Specifically, the Company is considered below criteria by the NYSE because the average closing price of the Company's securities, as reported on the consolidated tape, was less than $1.00 over a consecutive 30 trading day period.

Under NYSE rules, the Company must bring its security price and average security price above $1.00 within the longer of six months of receipt of the NYSE's notification or its next annual meeting of shareholders if shareholder action is proposed. The Company has notified the NYSE, pursuant to the NYSE rules, of its intent to cure the deficiency. During this cure period, the Company's ADSs will continue to be listed and traded on the NYSE, subject to the Company's compliance with other NYSE continued listing standards, but will be assigned a ".BC" suffix by the NYSE to signify that the Company is not currently in compliance with the NYSE continued listing standards. If the Company fails to become compliant with the continued listing standard within the applicable timeframe, its ADSs may be delisted by the NYSE.

The Company's business operations and Securities and Exchange Commission reporting requirements are unaffected by this notice.

About Gushan Environmental Energy Limited

Gushan is a leader in the PRC biodiesel industry, in terms of annual production capacity, and one of the leading biodiesel producers in Asia, in terms of nominal capacity. The Company produces biodiesel, a renewable, clean-burning and biodegradable fuel and a raw material used to produce chemical products, primarily from vegetable oil offal and used cooking oil, and by-products from biodiesel production, including glycerine, plant asphalt, erucic acid and erucic amide. Gushan sells biodiesel directly to users, such as marine vessel operators and chemical factories, as well as to petroleum wholesalers and individual retail gas stations. The Company has seven production facilities, located in the Sichuan, Hebei, Fujian and Hunan provinces and in Beijing, Shanghai and Chongqing, with a combined annual production capacity of 450,000 tons. The Company's Sichuan, Hebei and Beijing production facilities are currently in operation.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "may," "expect," "anticipate," "aim," "target," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, the Company's expectations regarding the expansion of its production capacities, its future business development, and its beliefs regarding its production output. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Important risks and uncertainties that could cause the Company's actual results to be materially different from expectations include but are not limited to the effect of any applicable government policy, law or regulation, of natural disasters, and of intensifying competition in the biodiesel and alternative energy industries, the availability of suitable raw materials to the Company, and the risks set forth in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including on Form 20-F, as amended. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

SOURCE Gushan Environmental Energy Limited

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED