A couple of cautionary notes going forward... Be prepared to play these.
The Company received a Deficiency Letter from the NYSE AMEX, dated July 10, 2009. In this letter, NYSE AMEX Staff determined that the Company's securities have been selling for a low price per share for a substantial period of time and, pursuant to Section 1003(f)(v) of the NYSE AMEX Company Guide (the "Company Guide"), the Company's continued listing is predicated on it effecting a reverse stock split of its common stock by January 11, 2010. The Company will review a reverse stock split in accordance with the Deficiency Letter.
The Company was previously notified by Staff that the Exchange deemed it appropriate for the Company to effect a reverse stock split to address its low selling price.
The Company also received a Deficiency Letter from the NYSE AMEX, dated July 14, 2009. In this letter, NYSE AMEX Staff determined that the Company has not filed its Form 10K for the twelve months ended March 31, 2009. The timely filing of this report is a condition of the Company's continuing listing on NYSE AMEX, as required by Sections 134 and 1101 of the Company Guide. In addition, the Company's failure to file this report is a material violation of its listing agreement with NYSE AMEX. Pursuant to 1003(d) of the Company Guide, the Exchange is authorized to suspend, and unless prompt corrective action is taken, remove the Company's security from NYSE AMEX.
The Company is required to submit a plan to NYSE AMEX by July 28, 2009 to bring the Company in compliance with Sections 134 and 1101 of the Company Guide by October 12, 2009. The Company submitted this plan on August 4, 2009 and expects to be in compliance with Sections 134 and 1101 of the Company Guide by October 12, 2009.
