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The Sports Club Company, Inc. (AMEX:SCY) today announced
that on June 20, 2005, the Company received notice from the American
Stock Exchange (the "Exchange") Listing Qualifications Staff that the
Company remains noncompliant with certain requirements for continued
listing, and that the Exchange had determined to proceed with the
filing of an application with the Securities and Exchange Commission
to strike the Company's common stock from listing and registration on
the Exchange as of June 28, 2005. Specifically, the Company's failure
to have timely filed its Form 10-K for the fiscal year ended December
31, 2004 and its Form 10-Q for the quarter ended March 31, 2005 is in
violation of the applicable listing standards set forth in Sections
134, 1101 and 1003(d) of the Exchange's Company Guide. The Company's
inability to timely file the required reports is due to certain issues
relative to the application of several Statements of Financial
Accounting Standards pronouncements to the preparation of the
Company's financial statements. The Company continues to work
diligently towards completion of its filings; however, because of the
complexities associated with these issues, the Company can give no
assurance as to when the required reports will be finalized and filed.
Based on these facts, the Exchange determined that it was appropriate
to initiate delisting procedures relative to the Company's common
stock.
In response to the notice, the Company has requested a hearing
before a committee of the Exchange to appeal the Exchange's
determination. The Company intends to present documentation and other
evidence at the hearing in support of its continued listing; however,
the Company can give no assurances that the Exchange will grant its
request for continued listing. Until the committee's final
determination and the expiration of any exception granted by the
committee, the Company's common stock will continue to be traded on
the Exchange.
Further, as previously reported, the Company has been notified by
the Exchange that it continues to be in violation of Sections
1003(a)(i), 1003(a)(ii) and 1003 (a)(iv) of the Company Guide. The
Exchange has given the Company until March 13, 2006 to regain
compliance with these particular sections. Therefore, even if the
Company satisfies the committee's requirements and continues to be
listed on the Exchange, it will not be relieved of its obligations to
regain compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003
(a)(iv). Failure to gain compliance may again subject the Company to
delisting procedures.
All statements in this press release other than statements of
historical fact are forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's current
expectations and beliefs and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in this press release, and the Company expressly
disclaims any obligations to release publicly any update or revision
to any forward-looking statement contained herein if there are changes
in the Company's expectations or if any events, conditions or
circumstances on which any such forward-looking statement is based.