SOURCE: Skystar Bio-Pharmaceuticals

Skystar Bio-Pharmaceuticals

October 02, 2015 09:30 ET

Skystar Bio-Pharmaceutical Company Provides Investor Update Regarding Delay in Filing Form 10-K

XI'AN, CHINA--(Marketwired - Oct 2, 2015) - Skystar Bio-Pharmaceutical Company (NASDAQ: SKBI) (the "Company"), a China-based manufacturer and distributor of veterinary medicine, vaccines, micro-organisms and feed additives, announced that it has conferred with Crowe Horwath, HK, the Company's appointed auditor in relation to the completion of Skystar's audit for the year ended December 31, 2014 and the review of the Company's financial statements for the quarters ended March 31, 2015 and June 30, 2015. Based on those communications, Skystar believes that Crowe Horwath is in the process of completing its audit of the Company's financial statements for the year ended December 31, 2014.

However, it is likely that the Company's Annual Report on Form 10-K for the year ended December 31, 2014 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 will not be completed by the October 12, 2015 deadline provided by NASDAQ to complete those filings (the "Plan of Compliance Deadline"). Assuming that the Company is unable to file its reports by the Plan of Compliance Deadline, NASDAQ would commence delisting proceedings against the Company. If this were to happen, the Company would appeal the delisting in order to request more time to complete and file its Annual Report and Quarterly Reports and would aim to file these reports prior to the completion of the appeals process.

Operationally, the Company is moving forward with initiatives to grow its animal pharmaceutical business through the acquisition of IP, deeper market penetration and increase sales. The Company believes that there is increasing demand for the Company's line of animal pharmaceuticals, including Western vaccines and drugs, traditional Chinese medicine, animal feed and probiotics.

The Company apologizes to its investor base for this unfortunate circumstance and is looking to resolve the matter as quickly as possible so that business and reporting may resume as usual.

About Skystar Bio-Pharmaceutical Company

Skystar is a China-based developer, manufacturer and distributor of veterinary healthcare and medical care products. Skystar has four product lines: veterinary medicines, probiotics, vaccines and feed additives formulated and packaged in house across several modern manufacturing and distributions facilities. Skystar's distribution network includes almost 3,000 distribution agents of which 360 are franchised stores with exclusivity agreements covering 29 provinces throughout China. For additional information, please visit http://www.skystarbio-pharmaceutical.com.

Safe Harbor Statements

When used in this release, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, without limitation, the Company's ability to complete its IgG kit effort as well as other related efforts at the Huxian facilities, the Company's ability to timely, effectively and accurately assess the efficacy and commercial potential of any technologies that may results from such R&D efforts, the Company's ability to timely and effectively commercialize any such technologies. The Company undertakes no obligation to publicly release the result of any revision to these forward-looking statements which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact Information

  • Contact:
    Skystar Bio-Pharmaceutical Company
    Scott Cramer
    Director - Corporate Development & U.S. Representative
    (407) 645-4433