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Wednesday, April 27, 2005 4:41:59 PM
SSP Meets Nasdaq Listing Requirements
IRVINE, CA., Sep 30, 2003 - SSP Solutions, Inc. (Nasdaq: SSPX), a leading provider of identity and information assurance products and services, today announced the Company has successfully met the listing requirements set forth in MarketPlace Rule 4450(a)(5), having maintained the minimum bid price requirement of $1.00 per share. As previously announced, the Company received a notice from Nasdaq that its stock was subject to delisting for failure to meet the $1.00 minimum bid for thirty consecutive days. The Company received written confirmation from the Nasdaq Listing Qualifications Panel that the Company has now satisfied the $1.00 minimum bid requirement.
The Company also announced the appointment of David A. Janes as an independent director and member of its audit committee and that is has notified the Nasdaq Listing Qualifications Panel of this appointment. The Company is awaiting confirmation by the Listing Panel that the appointment of Mr. Janes fulfills Nasdaq's independent director and audit committee composition requirements, as set forth in Nasdaq MarketPlace Rules 4350(c) and 4350(d)(2)(A).
By adding Mr. Janes to the board, the Company adds the talents of a former chief executive and chairman with experience in both finance and the military. Mr. Janes was commissioned an ensign in the U.S. Naval Reserve in 1959 and maintained an active participation until he retired, as a two star admiral, from the U.S. Naval Reserve in 1994. In 1997, Mr. Janes formed Janes Capital Partners, an investment banking firm specializing in mergers, acquisitions, and equity investments in manufacturing companies; he served as chairman and chief executive officer. In 1977, Mr. Janes founded California Manufacturing Enterprises; he served as chief executive officer until 1998. Mr. Janes continues to serve as a principal investor and director of Intri-Plex Technologies U.S. and Intri-Plex Technologies Thailand, a manufacturer of critical mechanical components for computer disc drives and heat dissipating substrate for computer chips. Mr. Janes also serves a number of organizations including the Orange County Council of Boy Scouts of America, where he serves as vice chairman, and the U.S. Naval Institute Foundation Board of Trustees and the Navy League of the U.S.
Mr. Janes holds a B.S. degree in Economics from the University of Wisconsin and an M.S. degree in Finance from University of Wisconsin, Madison, Wisconsin. Mr. Janes has no previous business relationship with the Company.
About SSP Solutions, Inc.
SSP Solutions, Inc. designs and develops innovative data and communication security solutions for both corporate and government institutions. Our solutions meet the performance and security requirements of today"s demanding PKI based Information Assurance environments. We provide network security, desktop protection, and high assurance messaging systems for many organizations of the U.S. Government. For more information, visit http://www.sspsolutions.com/ or call SSP Solutions, Inc. (949) 851-1085.
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