17-Apr-2007
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Stand
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On April 4, 2007, SLS International, Inc. (the "Company") received an OTCBB Delinquency Notification from the National Association of Securities Dealers ("NASD") stating that, because the Company is delinquent with respect to the filing of its annual report on Form 10-K for the year ended December 31, 2006 ("10-K"), the Company's common stock will, pursuant to Rule 6530, be ineligible for quotation on the OTC Bulletin Board and will be removed therefrom effective May 7, 2007 unless such delinquency is cured by May 4, 2007. While the Company is permitted to appeal the determination of delinquency, it does not currently intend to do so.
In a Form 12b-25 filed on April 2, 2007, the Company disclosed that it would not meet the deadline for filing its 10-K due to its inability to pay its outside auditors the required fees to complete the audit of the Company's financial statements to be included in the 10-K. The Company further disclosed that it was working to obtain third-party financing to pay its outside auditors to complete their work and that it would continue to work to file its 10-K on or before April 17, 2007. As of the date of this Current Report on Form 8-K, the Company has not obtained the necessary financing. Accordingly, the Company will not file its 10-K by April 17, 2007 and is unable to predict whether it will file its 10-K by the NASD's May 4, 2007 deadline.
In the event the Company's common stock is removed from the OTC Bulletin Board, the Company believes that its shares are immediately eligible for quotation on the Pink Sheets, an electronic quotation service for securities traded over-the-counter.
AI
