Excelligence Learning Corporation Receives Filing Extension From NASDAQ
04 Novembre 2005 - 2:30PM
Business Wire
Excelligence Learning Corporation (Nasdaq:LRNSE) announced today
that the NASDAQ Listing Qualifications Panel has agreed to continue
the listing of the Company's securities on The NASDAQ SmallCap
Market provided that the Company files its quarterly report on Form
10-Q for the three months ended June 30, 2005 and all restated
financial statements for prior periods on or before November 14,
2005. On August 19, 2005, the Company announced that it had
received notice from the NASDAQ Listing Qualifications Staff that
the Company's securities were subject to potential delisting from
The NASDAQ SmallCap Market due to the Company's failure to file its
quarterly report on Form 10-Q for the three months ended June 30,
2005 on a timely basis. As permitted by NASDAQ rules, the Company
appealed the Staff's determination and was granted a hearing before
the NASDAQ Listing Qualifications Panel, in which the Company
requested an extension to file its quarterly report on Form 10-Q.
In connection with its decision to grant the Company's request for
a filing extension, the Panel has requested prompt notification of
any significant events that occur during the extension period. To
maintain its listing, the Company must also demonstrate compliance
with all other continued listing requirements of The NASDAQ
SmallCap Market. The Company is working diligently to complete its
restated financial statements and its delinquent quarterly report
so that its independent auditors may complete their associated
audit and review in order to allow the Company to make its filings
as quickly as possible, but the Company cannot guarantee that it
will be able to complete such filings by November 14, 2005. If the
Company is unable to file the required reports by such date, it
would likely request a further filing extension. There can be no
guarantee that any such extension would be granted by the Panel. If
such an extension were to become necessary and were not granted,
the Company's securities could be delisted from The NASDAQ SmallCap
Market. About Excelligence Learning Corporation Excelligence
Learning Corporation is a developer, manufacturer and retailer of
educational products which are sold to child care programs,
preschools, elementary schools and consumers. The Company serves
early childhood professionals, educators and parents by providing
quality educational products and programs for children from infancy
to 12 years of age. With its proprietary product offerings, a
multi-channel distribution strategy and extensive management
expertise, the Company aims to foster children's early childhood
and elementary education. The Company is composed of two business
segments, Early Childhood and Elementary School. Through its Early
Childhood segment, the Company develops, markets and sells
educational products through multiple distribution channels
primarily to early childhood professionals and, to a lesser extent,
consumers. Through its Elementary School segment, the Company sells
school supplies and other products specifically targeted for use by
children in kindergarten through sixth grade to elementary schools,
teachers and other education organizations. Those parties then
resell the products either as a fundraising device for the benefit
of a particular school, student program or other community
organization, or as a service project to the school. Excelligence
Learning Corporation's headquarters is in Monterey, California and
its website is www.excelligencelearning.com. Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995: This
press release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995 about matters such
as the completion, audit and review of the Company's restated
financial statements, the filing of the Company's quarterly report
on Form 10-Q for the three months ended June 30, 2005, compliance
with NASDAQ listing requirements and the potential delisting of the
Company's securities. These statements are based on management's
current expectations and actual results may differ materially as a
result of various risks and uncertainties, including those set
forth in the Company's prior press releases and periodic public
filings with the Securities and Exchange Commission, which are
available via Excelligence's website at
www.excelligencelearning.com. There can be no assurance that the
Company's subsequent processes, such as the filing of its quarterly
report for the three months ended June 30, 2005 or compliance with
additional NASDAQ Listing Qualifications Panel requirements, will
be timely completed by the Panel's deadlines or that the Company
will avoid delisting by The NASDAQ SmallCap Market. In addition,
the Company's financial results and stock price may suffer as a
result of the previously announced accounting review and any
subsequent determination from this review, including any action by
NASDAQ. The forward-looking statements in this release are made as
of November 4, 2005, and Excelligence Learning Corporation does not
undertake to revise or update these forward-looking statements,
except to the extent that it is required to do so under applicable
law.
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