Syntax-Brillian Corp (MM) (NASDAQ:BRLC)
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Syntax-Brillian Corporation (Nasdaq:BRLC) today announced
that on May 15, 2008, the Company received a NASDAQ Staff Determination
Letter stating that the Company is not in compliance with NASDAQ
Marketplace Rule 4310(c)(14) as a result of its failure to timely file
its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008.
As announced earlier this month, the NASDAQ Listing Qualifications Panel
granted Syntax-Brillian’s prior request for
continued listing on The NASDAQ Stock Market, notwithstanding the delay
in the filing of the Company’s Quarterly
Report on Form 10-Q for the period ended December 31, 2007. In
accordance with the Panel’s decision, among
other things, Syntax-Brillian is required to file the December Form 10-Q
by July 31, 2008.
The recent Staff Determination Letter, which was expected, invited the
Company to present additional information regarding the March 10-Q
filing delay to the NASDAQ Listing Qualifications Panel for its review
by no later than May 22, 2008. Syntax-Brillian is preparing additional
information pursuant to this request and expects that its shares will
continue to be listed on The NASDAQ Global Market during this process.
However, there can be no assurance that the Listing Qualifications Panel
will grant the Company’s request for continued
listing.
About Syntax-Brillian
Syntax-Brillian Corporation (www.syntaxbrillian.com)
is one of the world’s leading manufacturers
and marketers of LCD HDTVs, digital cameras, and consumer electronics
products. The Company’s lead products include
its Olevia™ brand (www.Olevia.com)
high-definition widescreen LCD televisions —
one of the fastest growing LCD TV brands —
and Vivitar brand (www.vivitar.com)
digital still and video cameras. Syntax-Brillian has built an Asian
supply chain coupled with an international manufacturing and
distribution network to support worldwide retail sales channels and
position the Company as a market leader in consumer digital
entertainment products.
Forward-looking Statements:
Certain statements contained in this press release may be deemed to be
forward-looking statements under federal securities laws, and
Syntax-Brillian intends that such forward-looking statements be subject
to the safe harbor created thereby. Syntax-Brillian cautions that these
statements are qualified by important factors that could cause actual
results to differ materially from those reflected by the forward-looking
statements contained herein. Such factors include changes in markets for
the Company’s products; changes in the market
for customers’ products; the failure of the
Company’s products to deliver commercially
acceptable performance; the ability of the Company’s
management, individually or collectively, to guide the Company in a
successful manner; the appeal determination by the NASDAQ Listing
Qualifications Panel; and other risks detailed in Syntax-Brillian’s
Annual Report on Form 10-K for the fiscal year ended June 30, 2007 and
subsequent filings with the Securities and Exchange Commission.
Brillian and Vivitar are trademarks or registered trademarks of
Syntax-Brillian Corporation. All other trademarks are the property of
their respective owners.