ATLANTA, Jan. 6, 2015 /PRNewswire/ -- Roberts Realty
Investors, Inc. (NYSE/MKT:RPI) announces that on December 31, 2014 the Company received a letter
from the NYSE MKT stock exchange (the Exchange) accepting the
Company's listing compliance plan, which it submitted to the
Exchange on December 5, 2014.
Under the plan, the Company has until February 18, 2015 to regain compliance with the
continued listing standards of the Exchange.
Mr. Anthony W. Shurtz, Roberts
Realty's Chief Financial Officer, stated: "We are pleased to
receive the Exchange's acceptance of our listing compliance plan,
as submitted. We are fully engaged, in conjunction with
Cherry Bekaert LLP, our current independent auditor, and
CohnReznick LLP, our predecessor independent auditor, in completing
the approved plan and the required filings with the SEC no later
than February 18, 2015."
The letter also notified the Company that it remained
noncompliant with the continued listing standards of the Exchange
due to its failure to timely file with the SEC a Quarterly Report
on Form 10-Q for the quarter ended September
30, 2014. The Company is also subject to periodic
review of its progress by Exchange staff during the plan period,
and its listing is being continued pursuant to this
extension. Failure to make progress consistent with the plan
or to regain compliance with the continued listing standards by
February 18, 2015 could result in the
Company being delisted from the Exchange. The Company and its
accountants expect to complete its listing compliance plan and
satisfy the continued listing standards of the Exchange before
February 18, 2015.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements relate to our
intent, belief, or expectations regarding the completion of our
listing compliance plan on or before February 18, 2015. These statements involve
risks and uncertainties that include whether the Company and its
current and former independent auditors will in fact be able to
complete all of the accounting work necessary to complete the plan
and make the necessary SEC filings by that date. For these
forward-looking statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. For more
information about other risks and uncertainties we face, please see
the sections entitled "Risk Factors" in our most recent annual
report on Form 10-K, our most recent quarterly report on Form 10-Q
and our definitive proxy statement filed with the SEC on
December 23, 2014, for the special
meeting of shareholders to be held on January 22, 2015.
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SOURCE Roberts Realty Investors, Inc.