SPAR Group Receives Extension From NASDAQ to Regain Listing Compliance
SPAR Group Receives Extension From NASDAQ to Regain Listing Compliance
Feb 11, 2008
SPAR Group Receives Extension From NASDAQ to Regain Listing Compliance
Under the rule, the company must have a minimum of $2,500,000 in stockholders' equity or $35,000,000 market value of listed securities or $500,000 net income from continuing operations for the most recently completed fiscal year, or two of the three most recently completed fiscal years.
Under the terms of the extension, on or before March 5, 2008, the company must provide evidence to the Securities and Exchange Commission and NASDAQ through a publicly available filing of its compliance with such stockholders' equity requirement for continued listing, which the company may do either through earnings, equity contributions or a combination of the two. In the event the company does not satisfy the terms of the extension, its securities will be subject to delisting. The company currently expects to satisfy such stockholders' equity requirement.
As previously announced separately, SPAR has until May 27, 2008, to regain compliance with Marketplace Rule 4310©(4) relating to the minimum bid price of the company's common stock. The NASDAQ letters do not affect the listing of the company's securities at this time, and SPAR Group shares will continue to trade on The NASDAQ Capital Market under the symbol, SGRP.
About SPAR Group
SPAR Group, Inc. is a diversified international marketing services company, providing a broad array of services to help companies improve their sales, operating efficiency and profits at retail worldwide. The company provides in-store merchandising, in-store event staffing, RFID and other technology, as well as research, to manufacturers and retailers covering all product classifications and all classes of trade, including mass market, drug store, convenience store and grocery chains, throughout the United States and internationally.
Certain statements in this news release are forward-looking, including, but not limited to, the selection and or potential success or effect of corrective measures the company may take to gain compliance with NASDAQ's listing requirements. There can be no assurance that any such measures will be successful or effective. The company's actual results, performance and trends could differ materially from those indicated or implied by such requirements or statements as a result of various factors, including (without limitation) availability and terms of additional equity (if any) ,increased earnings, the continued strengthening of SPAR Group's selling and marketing functions, continued customer satisfaction and contract renewal, new product development, continued availability of capable dedicated personnel, continued cost management, the success of its international efforts, success and availability of acquisitions, availability of financing and other factors, as well as by factors applicable to most companies such as general economic, competitive and other business and civil conditions. Information regarding certain of these and other factors that could affect future results, performance or trends are discussed in SPAR Group's annual report on Form 10-K as amended, quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission from time to time.
SPAR Group Receives Extension From NASDAQ to Regain Listing Compliance
TARRYTOWN, N.Y., Feb. 11, 2008 -- Following the submission of its definitive plan to achieve compliance with Marketplace Rule 4310©(3), SPAR Group, Inc. (Nasdaq:SGRP), today announced that the company received a staff notification from Nasdaq Listing Qualifications on February 5, 2008 granting the company an extension to regain compliance with the rule.Under the rule, the company must have a minimum of $2,500,000 in stockholders' equity or $35,000,000 market value of listed securities or $500,000 net income from continuing operations for the most recently completed fiscal year, or two of the three most recently completed fiscal years.
Under the terms of the extension, on or before March 5, 2008, the company must provide evidence to the Securities and Exchange Commission and NASDAQ through a publicly available filing of its compliance with such stockholders' equity requirement for continued listing, which the company may do either through earnings, equity contributions or a combination of the two. In the event the company does not satisfy the terms of the extension, its securities will be subject to delisting. The company currently expects to satisfy such stockholders' equity requirement.
As previously announced separately, SPAR has until May 27, 2008, to regain compliance with Marketplace Rule 4310©(4) relating to the minimum bid price of the company's common stock. The NASDAQ letters do not affect the listing of the company's securities at this time, and SPAR Group shares will continue to trade on The NASDAQ Capital Market under the symbol, SGRP.
About SPAR Group
SPAR Group, Inc. is a diversified international marketing services company, providing a broad array of services to help companies improve their sales, operating efficiency and profits at retail worldwide. The company provides in-store merchandising, in-store event staffing, RFID and other technology, as well as research, to manufacturers and retailers covering all product classifications and all classes of trade, including mass market, drug store, convenience store and grocery chains, throughout the United States and internationally.
Certain statements in this news release are forward-looking, including, but not limited to, the selection and or potential success or effect of corrective measures the company may take to gain compliance with NASDAQ's listing requirements. There can be no assurance that any such measures will be successful or effective. The company's actual results, performance and trends could differ materially from those indicated or implied by such requirements or statements as a result of various factors, including (without limitation) availability and terms of additional equity (if any) ,increased earnings, the continued strengthening of SPAR Group's selling and marketing functions, continued customer satisfaction and contract renewal, new product development, continued availability of capable dedicated personnel, continued cost management, the success of its international efforts, success and availability of acquisitions, availability of financing and other factors, as well as by factors applicable to most companies such as general economic, competitive and other business and civil conditions. Information regarding certain of these and other factors that could affect future results, performance or trends are discussed in SPAR Group's annual report on Form 10-K as amended, quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission from time to time.
CONTACTS: SPAR Group, Inc.
James R. Segreto, Chief Financial Officer
(914) 332-4100
PondelWilkinson Inc.
Roger Pondel
Judy Lin Sfetcu
(310) 279-5980