PINGDINGSHAN, China, Aug. 30, 2018 (GLOBE NEWSWIRE) -- Yulong Eco-Materials Limited (Nasdaq CM: YECO ) today released it’s 6K filing. On July 20, 2018 the Company announced its receipt of a notification from NASDAQ that on July 16, 2018, indicating that, as a result of the Company not timely filing with the Securities and Exchange Commission (“SEC”) its Current Report on Form 6-K for the fiscal mid year report ending December 31, 2017, the Company failed to comply with the periodic filing requirements in NASDAQ Listing Rule 5250(c)(1). The Company had 45 days until August 30, 2018, to submit to the NASDAQ listing qualifications staff, pursuant to the request set forth in the notification, a plan to regain compliance with NASDAQ’s continued listing requirements. Further, the Company was required to provide Nasdaq with the number of shares outstanding at the end of each quarter. The Company confirms that it complied with the outstanding share confirmation requirement on July 20, 2018 via an electronic upload via the Nasdaq Listing Center website.
Further, in compliance with Rule IM-5620, the Company held its Annual General Meeting on August 20, 2018 at 10am at the Company’s head office: Eastern End of Xiwuzhuang Village Jiaodian Town, Xinhua Area, Pingdingshan, Henan Province, People’s Republic of China.
NASDAQ will review all filings and submissions and will revert back to the Company in regards to compliance.
Under the management of new CEO Hoi Ming Chan and Jason Chan CFO, the Company has completed all recently requested outstanding issues for NASDAQ listing compliance.
Further, the Company has signed a Purchase Agreement on August 22, 2018 to acquire the Millennium Sapphire for US$50 million via the issuance of 25 million restricted YECO shares. The closing is subject to shareholder and NASDAQ approval, and for an Appraisal of US$50 million or greater for the Millennium Sapphire, and must be closed with 60 days.
The Company has called a Special Shareholders meeting for September 3, 2018 at 10am at the Company headquarters in Henan, China to vote on the acquisition of the Millennium Sapphire and company name change, pursuant to the 6K released on August 27, 2018.
About the Millennium Sapphire
The Millennium Sapphire is widely considered and icon in 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, the Millennium Sapphire was recognized in 2001 in the Guinness Book of records as the largest carved sapphire in the world at 61,500 carats.
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 can not 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 international design competitions 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, was published in November 2003 which was inspired by the discovery of the then unnamed Millennium Sapphire. Another book, The Footstool Of God is currently being written.
About the Millennium Sapphire business
YECO plans to take the Millennium Sapphire on a world tour of museums around the world as well as to develop documentaries and include it in the plots of feature films. CEO Hoi Ming Chan said, “we will develop the business and cash flows of the Millennium sapphire thru branding and licensing along with royalties and ticket sales thru major museums world-wide. We will retain some of the top art and promotions experts globally to develop and manage this once in a lifetime opportunity.”
About Yulong Eco-Materials
Yulong is a vertically integrated manufacturer of eco-friendly building products and a construction waste management company located in the city of Pingdingshan in Henan Province, China. The company is currently Pingdingshan’s leading producer of fly-ash bricks and concrete as well as the exclusive provider of construction waste management services in parts of Pingdingshan and Shangqiu.
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 2.41 million shares issued and outstanding with a float of 1,012,375 shares. No options or warrants.