Puda Coal Submits Plan to Regain Compliance with NYSE Listing Standards

Puda Coal, Inc. PUDA today announced that on July 15, 2011, the Company submitted to the NYSE Amex (the Exchange) a plan to regain compliance with certain of the Exchanges continued listing standards. The Exchange originally required the Company to submit a plan of compliance by July 5, 2011 and subsequently extended the submission deadline to July 15. The Company can provide no assurances that the plan will be approved by the Exchange. On July 13, 2011, the Independent Committee of the Board received a draft merger agreement from Chairman of the Board, Mr. Ming Zhao, pertaining to the preliminary buy-out proposal made by Mr. Zhao on April 29, 2011. Although it is expected that evaluation and negotiation of the draft agreement will take at least several weeks, neither the Company nor the Independent Committee can provide any assurances that a definitive agreement will be executed or approved or that a transaction will be consummated or the timing of such. The Company will provide no other updates regarding the proposed buy-out until there is a material development.