American Locker (NASDAQ:ALGIE)
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American Locker Group Incorporated (NASDAQ:ALGIE)
announced that an oral hearing was held with a NASDAQ Listing
Qualifications Panel on May 26, 2005 to appeal NASDAQ's decision to
delist the Company's common stock. In addition to the issues raised in
the previously announced April 19, 2005 notice of noncompliance
relating to the Company's Annual Report on Form 10-K for its fiscal
year ended December 31, 2004, the hearing also encompassed matters
related to the notice from The NASDAQ Stock Market received by the
Company on May 24, 2005. The May 24, 2005 notice stated that the
Company is not in compliance with NASDAQ's requirements for continued
listing set forth in NASDAQ Marketplace Rule 4310(c)(14) as a result
of the Company's failure to file with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q for its fiscal quarter
ended March 31, 2005. The Company is working diligently to file its
Annual Report on Form 10-K and Quarterly Report on Form 10-Q as soon
as possible, but there can be no assurance that the Company will be
able to avoid delisting.
Safe Harbor Statement under the Private Securities Litigation
Reform Act Of 1995
Except for historical information contained in this press release,
the matters discussed herein which contain forward-looking statements,
including without limitation, statements relating to the Company's
plans, strategies, objectives, expectations, intentions and adequacy
of resources, are made pursuant to the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements involve risks and
uncertainties including without limitation the following: (i) the
Company's plans, strategies, objectives, expectations, and intentions
are subject to change at any time at the discretion of the Company,
(ii) the Company's plans and results of operations will be affected by
the Company's ability to manage its growth and inventory, and (iii)
other risks and uncertainties indicated from time to time in the
Company's filings with the Securities and Exchange Commission.