TORONTO, Oct. 28, 2013 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio-Chem") has been recently put on notice by the Toronto Stock Exchange that it is being reviewed for eligibility for continued listing. The exchange has a number of eligibility tests, one of which is a minimum $2 million dollar requirement for public float. Given that the Company's shares have traded below $.04 for 30 days, this requirement has not been met.
The company has an obligation to maintain a market for its shares and intends to fulfill this obligation through an application to list on the TSX Venture or other recognized exchange.
About Asia Bio-Chem Group Corp.
Asia Bio-Chem Group, through its wholly-owned subsidiaries in the People's Republic of China, is in the business of processing corn into cornstarch, germ and gluten for sale into the domestic Chinese market. From its plants in Liaoning and Heilongjiang Province, the Company has a total processing capacity of 1.5 million tonnes of corn per year.
This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Asia Bio-Chem Group Corp.
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Executive Vice President
Asia Bio-Chem Group Corp.