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QKL Stores Inc. Receives NASDAQ Notification of Non-Compliance with Minimum Bid Price Rule

2012-01-04 21:34 1602

DAQING, China, January 4, 2012 /PRNewswire-Asia/ -- QKL Stores Inc. (the "Company") (Nasdaq: QKLS), a leading regional supermarket chain in Northeastern China, today announced that on December 28, 2011, it received a letter from Nasdaq Stock Market LLC ("Nasdaq"), indicating that based on the Company's closing bid price for the last 30 consecutive business days, the Company was not in compliance with the $1.00 minimum bid price requirement as set forth in Nasdaq Listing Rule 5550(a)(2). The Nasdaq notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.

According to the Listing Rule 5810(c)(3)(A), the Company now has a period of 180 calendar days from such letter, or until June 25, 2012, to regain compliance. Compliance can be achieved by meeting the standard of a minimum bid price of $1 per share for a minimum of 10 consecutive business days at any time during the 180 day period. The Company is currently looking at all of the options available with respect to regaining such compliance.

About QKL Stores Inc.:

Based in Daqing, China, QKL Stores, Inc. is a leading regional supermarket chain company operating in Northeast China. QKL Stores sells a broad selection of merchandise, including groceries, fresh food, and non-food items, through its retail supermarkets, hypermarkets and department stores; the company also has its own distribution centers that service its supermarkets. As of December 27, 2011, the Company had 54 retail locations for an aggregate total of 324,400 sq. meters of store space. For more information, please access the Company's website at: www.qklstoresinc.com.

Safe Harbor Statement

Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.

Contact Information


QKL Stores, Inc.

ICR, Inc.

In China:

In U.S.:

Mike Li, Investor Relations

Bill Zima

+86-459-460-7987

+1-203-682-8233



Source: QKL Stores Inc.
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