Salton (NYSE:SFP)
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Salton, Inc. (NYSE:SFP) today announced that it has been
notified by the New York Stock Exchange (NYSE) that it is not in
compliance with the NYSE's continued listing standards. Salton is
considered "below criteria" by the NYSE because over a consecutive 30
day trading period, its total market capitalization and its
shareholders' equity were each less than $75 million.
In accordance with the continued listing criteria set forth by the
NYSE, the Company intends to present a plan to the NYSE within the 45
day required timeframe demonstrating how it intends to comply with the
continued listing standards.
About Salton, Inc.
Salton, Inc. is a leading designer, marketer and distributor of
branded, high quality small appliances, electronics, home decor and
personal care products. Its product mix includes a broad range of
small kitchen and home appliances, electronics for the home, time
products, lighting products, picture frames and personal care and
wellness products. The Company sells its products under a portfolio of
well recognized brand names such as Salton(R), George Foreman(R),
Westinghouse(TM), Toastmaster(R), Melitta(R), Russell Hobbs(R),
Farberware(R), Ingraham(R) and Stiffel(R). It believes its strong
market position results from its well-known brand names, high quality
and innovative products, strong relationships with its customer base
and its focused outsourcing strategy.
Certain matters discussed in this press release are
forward-looking statements that are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those set forth in the forward-looking statements. These factors
include: Salton's ability to realize the benefits it expects from its
U.S. restructuring plan; Salton's substantial indebtedness and
restrictive covenants in Salton's debt instruments; Salton's ability
to access the capital markets on attractive terms or at all; Salton's
relationship and contractual arrangements with key customers,
suppliers and licensors; pending legal proceedings; cancellation or
reduction of orders; the timely development, introduction and customer
acceptance of Salton's products; dependence on foreign suppliers and
supply and manufacturing constraints; competitive products and
pricing; economic conditions and the retail environment; international
business activities; the risks related to intellectual property
rights; the risks relating to regulatory matters and other risks and
uncertainties detailed from time to time in Salton's Securities and
Exchange Commission Filings.