Green Builders, Inc. Receives Notice of Non-Compliance from American Stock Exchange
15 Septiembre 2008 - 4:00PM
PR Newswire (US)
AUSTIN, Texas, Sept. 15 /PRNewswire-FirstCall/ -- Green Builders,
Inc. (AMEX:GBH) today announced it has received notice from the
staff of the American Stock Exchange (AMEX) that it is not in
compliance with the reporting requirements for continued listing on
AMEX set forth in Section 803(B)(2)(c) of the AMEX Company Guide
due to Green Builders' failure to have an audit committee comprised
of at least two independent directors. On September 3, 2008, Green
Builders notified AMEX that as a result of Barry Williamson and
Christopher Ney's resignation as directors of Green Builders, the
Audit Committee would not consist of two independent directors as
required by Section 803(B)(2)(c) of the AMEX Company Guide. As a
result, Green Builders has not been in compliance with Section
803(B)(2)(c) of the AMEX Company Guide since September 3, 2008. In
its notice, AMEX advised Green Builders that Green Builders has
until the earlier of next annual shareholders' meeting or September
3, 2009 to regain compliance with the AMEX requirements. AMEX
further advised Green Builders that in setting the deadline for
compliance with the AMEX requirements, AMEX determined not to
apply, at this time, the continued listing evaluation and follow-up
procedures specified in Section 1009 of the Company Guide. Because
Green Builders currently is not in compliance with the AMEX
continued listing standards, however, the notice constitutes a
warning letter pursuant to Section 1009(a)(i) of the Company Guide
and notice of failure to satisfy a continued listing standard. In
its notice, AMEX also advised Green Builders that if Green Builders
fails to regain compliance with Section 803(B)(2)(c) of the Company
Guide on or before the earlier of next annual shareholders' meeting
or September 3, 2009, or the occurrence of any subsequent failure
to comply with any other continued listing requirements will result
in the Staff assessing Green Builders' continued listing
eligibility including, as appropriate, the application of the
continued listing evaluation and follow-up procedures specified in
Section 1009 of the Company Guide and/or initiation of delisting
proceedings. Green Builders intends to promptly take all necessary
actions to regain compliance with the AMEX continued listing
standards within the time frame noted above. Green Builders' Board
of Directors is currently considering candidates who will qualify
to serve on the Audit Committee, including determining if a current
board member meets the eligibility requirements of AMEX to serve as
an independent member of the audit committee. About Green Builders,
Inc. Green Builders, Inc. (AMEX:GBH) combines the equal necessities
of progress and preservation by building homes that tread lightly
on the earth. Our success is measured by continued sales in a
growing number of sustainable communities, which we believe to be
vital to a sustainable planet. With respect for the world's
resources and for the needs of our clients, we create healthy,
beautiful, long-lasting homes that people, and the earth, can
afford. To learn more visit, http://www.greenbuildersinc.com/. Safe
Harbor Statement Some statements are "forward-looking statements,"
as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements relate to anticipated events, trends, or
results and generally include words such as could, can, anticipate,
believe, expect, seek, pursue, proposed, potential and similar
words and terms in connection with future results. These statements
are subject to risks. Many factors could cause actual results to
differ materially from those anticipated in forward-looking
statements, including factors described under "Risk Factors" in our
Annual Report on Form 10-KSB filed December 31, 2007. The Company
assumes no obligation to update or supplement such forward-looking
statements. DATASOURCE: Green Builders, Inc. CONTACT: Investors,
Cindy Hammes of Green Builders, Inc., +1-512-314-6759, Web site:
http://www.greenbuildersinc.com/
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