Corgi International Limited Announces Filing of Annual Report on Form 20-F & Receipt of Letter from Nasdaq Regarding Noncompl...
17 Ottobre 2008 - 9:18PM
Business Wire
Corgi International Limited (Nasdaq GM:CRGI) today announced that
the Company's Annual Report on Form 20-F was accepted by the
Securities and Exchange Commission on October 15, 2008 and filed on
October 16, 2008. Our Independent Registered Accounting Firm, Burr,
Pilger & Mayer, LLP, noted in their report with respect to our
consolidated financial statements for the year ended March 31, 2008
that the Company has suffered reoccurring losses from operations,
has a working capital deficiency, an accumulated deficit and
negative cash flows, which raise substantial doubt about the
Company�s ability to continue as a going concern. The consolidated
financial statements do not include any adjustments that might
result from the outcome of this uncertainty. The Company also
announced today that it received a letter on October 13, 2008 from
the Staff of The Nasdaq Stock Market, LLC indicating that the
Company was no longer in compliance with Nasdaq's Marketplace Rules
4350(c)(1) and 4350(d)(2)(A). These rules require, respectively,
that the Company have a majority of independent directors on the
board of directors and at least three independent directors on the
audit committee. Due to the resignation of John Clough from the
Company's board of directors and audit committee, effective October
6, 2008, the Company is not in compliance with these rules.
According to Nasdaq Rules 4350(c)(1) and 4350(d)(4), the Company
has until April 6, 2009 to comply with these rules. If the Company
does not regain compliance by this date, Nasdaq Staff will provide
written notification to the Company that its securities will be
delisted. At that time, the Company may appeal the delisting
determination to a Listing Qualifications Panel. As disclosed in
its press releases dated June 17, 2008 and October 6, 2008, Corgi
also does not meet the continued listing requirements under Nasdaq
Marketplace Rule 4450(a)(5) relating to the minimum bid price of
the Company's ADSs (the �Minimum Bid Price Rule�) and Nasdaq
Marketplace Rule 4450(a)(2) relating to the minimum market value of
publicly held shares of the Company's ADSs (�Minimum Market Value
Rule�). The Company may be delisted by December 15, 2008 for its
failure to maintain compliance with the Minimum Bid Price Rule and
by December 29, 2008 for its failure to maintain compliance with
the Minimum Market Value Rule. About Corgi International Corgi
International Limited is a global Pop Culture company, which
develops and markets innovative and high-quality licensed and
non-licensed toys, gifts and collectables distributed via direct,
specialty, hobby, collector and mass retail channels worldwide.
Marketed under the brand names Master Replicas, PopCo and H2go, the
Company�s line of products range from premium entertainment prop
replicas and limited edition memorabilia to traditional toys and
gift merchandise. The Company holds varying licenses for many of
entertainment�s highest grossing franchises including Disney
Classics, Harry Potter, James Bond, Star Trek, Nintendo, Halo and
The Beatles, amongst others. Corgi International Limited also has
partnerships with cutting edge technology innovators around the
world. The Company is headquartered in Hong Kong, with operations
in Walnut Creek, California, USA and in Watford and Leicester, UK.
�Safe Harbor� Statement under the U.S. Private Securities
Litigation Reform Act of 1995: Certain statements contained in this
press release may be forward-looking. These statements are subject
to risks and uncertainties that could cause actual results to
differ materially from those anticipated. Such risks and
uncertainties include, without limitation, the Company�s ability to
secure immediate equity or debt financing, the Company�s delisting
from the Nasdaq Global Market System, increased costs due to
product liability and recalls, and other risks described in the
Company's annual report on Form 20-F for the fiscal year ended
March 31, 2008. The Company undertakes no obligation to update
these forward-looking statements to reflect subsequent events or
circumstances.
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