Skystar Bio-Pharmaceutical
Company 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.
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