NEW YORK, July 6 /PRNewswire-Asia-FirstCall/ -- China
INSOnline Corp. (Nasdaq: CHIO) announced today that it had
successfully held its 2009 annual shareholders meeting, pursuant to
which seven members of the board of the directors were elected and
CHIO's 2010 stock option plan was approved. Meanwhile, China
INSOnline Corp. (the "Company") was granted an additional 180 days
to regain its compliance with the NASDAQ rules on bid price.
On June 29, 2010, the Company
successfully held its 2009 annual shareholders meeting ("Annual
Meeting"). A quorum were present and the majority of the
shareholders, present in person or through proxy, at the Annual
Meeting, elected and voted FOR during the Annual Meeting, the
Company's 2010 stock option plan and the following people as the
members of the board of directors of the Company (the "Board"):
Zhenyu Wang, Junjun Xu, Yuefeng
Wang, Yinan Zhang, Xiaoshuang
Chen, Renbin Yu and Yong Bian
The Board adopted a board resolution on June 30, 2010 appointing Mr. Yuefeng Wang, Mr. Yinan
Zhang and Mr. Yong Bian as
the members of the Audit Committee, with Mr. Yuefeng Wang acting as the Chairman of the Audit
Committee; Mr. Yuefeng Wang, Mr.
Yinan Zhang and Mr. Yong Bian as the members of the Nominating
Committee, with Mr. Yinan Zhang
acting as the Chairman of the Nominating Committee; and Mr.
Yuefeng Wang, Yinan Zhang and Mr. Yong
Bian as the members of the Compensation Committee, with Mr.
Yong Bian acting as the Chairman of
the Compensation Committee.
Also on June 29, 2010 (the "Notice
Date"), the Company received a letter from the NASDAQ Listing
Qualifications Department (the "Letter") indicating that on
June 28, 2010, the Company met all
initial inclusion criteria for the NASDAQ Capital Market under
NASDAQ Listing Rule 5505 (except for bid price), therefore, and in
accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company
received an additional one hundred eighty (180) calendar days from
the Notice Date (the "Additional Grace Period") to regain
compliance in connection with the bid price of the Company's common
stock, par value $0.001 per share
(the "Common Stock"). In order to regain compliance, the bid price
for the Common Stock must have a closing bid price of $1.00 per share or greater for a minimum of ten
(10) consecutive business days during the Additional Grace Period
ending December 27, 2010.
The Company intends to monitor the closing bid price of its
Common Stock and will consider implementing available options to
regain compliance with the NASDAQ continued listing
requirement.
"First of all, we are pleased the NASDAQ has granted the Company
an additional 180 days to comply with the bid price rule of our
common stock. Our management remains highly focused on implementing
new growth initiatives and available options to regain the
compliance." Commented Mrs. Junjun
Xu, the CEO of China INSOnline Corp., "Additionally, we
would like to thank all shareholders who voted and participated in
our 2009 annual shareholders meeting. It was a successful
acknowledgement and conclusion for what the Company has
accomplished in the fiscal year 2009. Our management team will
continue to work diligently to expand our business operations,
increase revenue and profitability, and create more value for our
shareholders in the coming years."
About China INSOnline Corp.
China INSOnline Corp., incorporated in Delaware and headquartered in Beijing, is a licensed insurance agency in
the People's Republic of China.
Representing major insurance underwriting firms in China, the Company offers online automobile,
property and life insurance services through its industry web
portal, http://www.soobao.cn . The Company's online platform also
provides consumers, agents and insurance companies with online
transaction capabilities, advertising, online inquiry, news
circulation, statistical analysis and software development
services. For additional information, please visit
http://www.china-insonline.com .
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on current expectations
or beliefs, including, but not limited to, statements concerning
the Company's operations, financial performance and condition. For
this purpose, statements that are not statements of historical fact
may be deemed to be forward-looking statements. The Company
cautions that these statements by their nature involve risks and
uncertainties, and actual results may differ materially depending
on a variety of important factors, including, but not limited to,
the impact of competitive products, pricing and new technology;
changes in consumer preferences and tastes; and effectiveness of
marketing; changes in laws and regulations; fluctuations in costs,
and other factors as those discussed in the Company's reports filed
with the Securities and Exchange Commission from time to time. In
addition, the Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof.
For more information, please contact:
IR Department
Tel: +1-212-945-7558
Email: ir@soobao.cn
Web: http://www.china-insonline.com
SOURCE China INSOnline Corp.