Helios & Matheson Reports Receipt of Letters From NASDAQ on Continued Listing Standards
18 Septiembre 2009 - 2:00PM
Marketwired
Helios & Matheson North America Inc. (the "Company" or "Helios
& Matheson") (NASDAQ: HMNA), an IT and Business Process
Outsourcing ("BPO") services provider to Fortune 1000 Companies and
other large organizations, reported that it received two letters,
dated September 15, 2009, from The NASDAQ Stock Market ("NASDAQ")
regarding its non-compliance with The NASDAQ Capital Market's
continued listing standards. The Company received communication
from NASDAQ that for the last 30 consecutive business days, the
closing bid price of the Company's security remained below the
$1.00 minimum bid price requirement as set forth in NASDAQ Listing
Rule 5550(a)(2). Additionally, the Company received communication
from NASDAQ that for the last 30 consecutive trading days, the
Company's common stock has not maintained a minimum market value of
publicly held shares of $1,000,000 as required by NASDAQ Listing
Rule 5550(a)(5).
Pursuant to the Listing Rules, NASDAQ has communicated to the
Company that it has 180 calendar days from September 15, 2009 to
regain compliance with the $1.00 minimum bid price requirement and
90 calendar days from September 15, 2009 to regain compliance with
the $1,000,000 minimum market value of publicly held shares
requirement if the Company intends to continue its NASDAQ
listing.
The Company is currently evaluating various courses of action
available to regain compliance within the timeframes allowed. When
the Company determines a course of action, the details will be set
forth in a subsequent 8-K/A filing and press release.
About Helios & Matheson North America Inc.
Helios & Matheson has built a reputation for cutting-edge IT
and Business Process Outsourcing solutions that is exemplified by
its impressive roster of Fortune 1000 customers and other large
organizations. The Company focuses on a business-oriented,
value-added approach to its end-to-end, IT services and business
process outsourcing solutions, which include staffing, projects and
outsourcing. For over 20 years, the Company has provided complete
project life-cycle services in the areas of business intelligence,
custom application development, support and maintenance, data
supply chain, collaboration, quality assurance, project and
application portfolio management, and other specific vertical
solutions. The Company has offices in New York City, Clark, New
Jersey, and Bangalore, India. More information about the Company
can be found at its web site at www.hmna.com.
"Safe Harbor" Statements under the Private Securities Litigation
Reform Act of 1995: Statements made in this press release which are
not historical facts are "forward-looking statements" that involve
uncertainties. These risks and uncertainties could cause actual
results to differ materially from the forward-looking statements,
and include, but are not limited to, Helios & Matheson North
America's ability to scale its existing and any new businesses. The
Company cautions readers that results predicted by forward-looking
statements, including, without limitation, those relating to the
Company's future business prospects, revenues, working capital,
liquidity, capital needs, interest costs, and income are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward-looking
statements. The important factors on which such statements are
based, include but are not limited to, assumptions concerning the
magnitude of the ongoing economic crisis, including its impact on
the Company's customers, demand trends in the information
technology industry and the continuing needs of current and
prospective customers for the Company's services. For a more
complete description of the risks that apply to the Company's
business, please refer to the Company's filings with the Securities
and Exchange Commission. The Company's actual results may differ
materially from the results anticipated in these forward-looking
statements as a result of certain factors set forth under Risk
Factors and elsewhere in the Company's Annual Report on Form 10-K
filed with the Securities and Exchange Commission on March 31,
2009.
Company Contact: Sal Quadrino CFO 212-979-8228 Email Contact
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