NEW YORK, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Yulong Eco-Materials Limited (Nasdaq CM: YECO) today announced that it received a Determination Letter from Nasdaq.
On November 1, 2018, the Company received a “Staff Determination Letter” from Nasdaq pursuant to: (the “Business Combination”) constituted a business combination resulting in a “Change of Control” pursuant to Listing Rule 5110(a) (the “Rule”).1 Accordingly, the post-transaction entity was required to satisfy all of Nasdaq’s initial listing criteria and to complete Nasdaq’s initial listing process, including the payment of all applicable fees, prior to consummation of the transaction. The Company must file an Appeal and therefore pay a $10,000 Hearing Fee to Nasdaq before November 12, 2018 or it will be delisted from Nasdaq.
1 Listing Rule 5110(a) states “A Company must apply for initial listing in connection with a transaction whereby the Company combines with a non-Nasdaq entity, resulting in a change of control of the Company and potentially allowing the non-Nasdaq entity to obtain a Nasdaq Listing. In determining whether a change of control has occurred, Nasdaq shall consider all relevant factors including, but not limited to, changes in the management, board of directors, voting power, ownership, and financial structure of the Company. Nasdaq shall also consider the nature of the businesses and the relative size of the Nasdaq Company and non-Nasdaq entity. The Company must submit an application for the post-transaction entity with sufficient time to allow Nasdaq to complete its review before the transaction is completed. If the Company’s application for initial listing has not been approved prior to consummation of the transaction, Nasdaq will issue a Staff Determination Letter as set forth in Rule 5810(a) and begin delisting proceedings pursuant to the Rule 5800 Series.”
The Company confirms that it will file an Appeal and pay the $10,000 Hearing Fee before November 12, 2018 while its new listing application for change of control is being processed.
About the Millennium Sapphire
The Millennium Sapphire is widely considered an icon in the world of art and gems. It is one of the most documented gemstones of modern times. Since its discovery in Madagascar in 1995, this remarkable blue gem has appeared on CNN, BBC, NBC, FOX and numerous other television networks around the world. It has been written about in virtually every major newspaper and has been the subject of articles published in dozens of magazines, such as Forbes, Wall Street Journal and others.
Independent gemological laboratory reports on the Millennium Sapphire include The Gemological Institute of America (GIA), Gubelin Gemological Laboratory, Switzerland, and the Asian Institute of Gemological Sciences (AIGS), Thailand. Additionally, at 61,500 carats, the Millennium Sapphire was recognized in 2001 in the Guinness Book of records as the largest carved sapphire in the world.
Numerous world-renowned gemologists have commented extensively on the Millennium Sapphire. “This crystal is the largest single piece of gem quality sapphire that I know of. It is very rare to see such a large piece of such good color,” said Marcus McCallum, FGA, London. Garry Du Toit, now with the GIA, Bangkok said, “It is definitely gem grade sapphire, a fine gem blue color. Other famous blue sapphires cannot compare in terms of size, weight and quite possibly color”. And finally, Christian Dunaigre, formerly with the Gubelin Gemological Laboratory, Switzerland said, “This sapphire is everyone's dream”.
In their report of 13 November 2000, Gubelin staff members Christopher P. Smith and Nicole Surdez commented: The Millennium Sapphire was an “ornately carved gem” and a “striking art object”.
The Millennium Sapphire was a multi-year design and carving project directed by Italian artist and designer Alessio Boschi. Boschi’s designs have been widely published and his art displayed in internationally respected venues such as the Metropolitan Museum of Art, New York, and he has won several international jewelry design competitions in Hong Kong, New York, Beijing, Madrid and London, including awards sponsored by Chopard and Charles Perroud S.A.
Boschi’s inspiration for the Millennium Sapphire was to sculpt a tribute to the creative genius of humanity. Starting from a base of human figures supporting the four doors of air, water, earth and fire, the sapphire takes us on an upward winding spiral helix through history depicting over 134 figures representing the high points of man’s achievements over the last 5000 years including the Pyramids of Giza, Confucius, Archimedes, the Great Wall of China, Julius Caesar, Mayan hieroglyphic writing, Leonardo da Vinci, Christopher Columbus, Michelangelo, Galileo, Newton, Bach, Mozart, Beethoven, Benjamin Franklin, Pasteur, Monet, Edison, Einstein, Charlie Chaplin, Louis Armstrong, Gandhi, Neil Armstrong, Mother Teresa and a host of others.
The Sapphire Sea, by John Robinson, a fictional novel, published in November 2003 was inspired by the discovery of the then unnamed Millennium Sapphire.
About the Millennium Sapphire business
YECO plans to take the Millennium Sapphire on a tour of museums around the world as well as to develop documentaries and include it in the plots of feature films. The Company will develop e-games around its museum tours, much in the same manner as the Pokemon Go craze and other virtual games. CEO Hoi Ming Chan said, “We plan to develop the business and cash flows of the Millennium Sapphire through games, branding and licensing along with royalties and ticket sales through major museums worldwide. We will also retain some of the top art and promotions experts globally to develop and manage this once in a lifetime opportunity.”
Forward-Looking Statements
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
YECO has 27.41 million shares issued and outstanding with a float of 1,012,375 shares. No options or warrants.