Excelligence Learning Corporation Announces Receipt of Delisting Determination from NASDAQ
03 Febbraio 2006 - 5:06PM
Business Wire
Excelligence Learning Corporation (NasdaqCM:LRNSE) announced today
that it has been unable to regain compliance with NASDAQ
Marketplace Rule 4310(c)(14), which requires timely filing of SEC
reports, by the January 31, 2006 deadline imposed by the NASDAQ
Listing Qualifications Panel (the "Panel"). As a result, the Panel
has determined to delist the Company's securities from the NASDAQ
Capital Market effective with the open of business on February 3,
2006. Excelligence believes that quotations for its common stock
will appear in the Pink Sheets (formerly the National Daily
Quotations Bureau), where subscribing dealers can submit bid and
ask prices on a daily basis, beginning as soon as February 3, 2006.
The Company expects its trading symbol to revert to LRNS effective
with the move to the Pink Sheets. Previously, the Panel had agreed
to continue the listing of the Company's securities on The NASDAQ
Capital Market, provided that the Company filed its delinquent
quarterly reports on Form 10-Q for the three-month periods ended
June 30, 2005 and September 30, 2005, and all required
restatements, on or before January 31, 2006. As previously
announced, the completion and review of the Company's outstanding
quarterly reports have been delayed pending finalization of the
Company's restatement of its financial statements as of and for the
year ended December 31, 2004, and the quarter ended March 31, 2005.
The Company filed its restated financial statements for these
periods on February 1, 2006 and its report for the quarter ended
June 30, 2005 on February 3, 2006. The Company has not yet been
able to file report for the quarter ended September 30, 2005.
Excelligence will be eligible to apply to re-list its shares on the
NASDAQ Capital Market as soon as it regains compliance with NASDAQ
Marketplace Rule 4310(c)(14) by bringing current its SEC filings.
The Company and its independent auditors continue to work
diligently to file Excelligence's outstanding Forms 10-Q and
thereby regain compliance as soon as possible. Although the Company
currently believes that it meets the NASDAQ Capital Market's
initial listing requirements, there can be no guarantee that it
will continue to do so, or that it will ultimately be able to
re-list its shares. 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 filing of the Company's quarterly report on Form 10-Q for
the period ended September 30, 2005, compliance with NASDAQ listing
requirements and the potential re-listing 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 period ended September
30, 2005, or compliance with additional NASDAQ listing
requirements, will be completed or that the Company will regain
listing on The NASDAQ Capital Market. In addition, the Company's
financial results and stock price may suffer as a result of the
NASDAQ delisting determination. The forward-looking statements in
this release are made as of February 3, 2006, 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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