Corgi Intl Ltd Ads (MM) (NASDAQ:CRGI)
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Corgi International Limited (Nasdaq GM:CRGI) today announced that
it received notice on October 20, 2008 from the staff of The Nasdaq
Stock Market, LLC (Staff) indicating that based on the Form 20-F for the
period ended March 31, 2008, Staff determined that the Company’s
stockholders’ equity was $(8,289,789).
Accordingly, the Company does not comply with the minimum $10,000,000
stockholders’ equity requirement for continued
listing on The Nasdaq Global Market set forth in Marketplace Rule
4450(a)(3). Given the Company’s failure to
satisfy the minimum stockholders’ equity
standard, Staff is reviewing the Company's eligibility for continued
listing on The Nasdaq Global Market.
To facilitate this review, the Company will provide Nasdaq on or before
November 4, 2008, a specific plan to achieve and sustain compliance with
all Nasdaq Global Market listing requirements, including the minimum
stockholders’ equity standard. The Company
will also indicate the Company’s time frame to
complete its plan.
About Corgi International
Corgi International Limited is a global Pop Culture company, which
develops and markets innovative and high-quality licensed and
non-licensed toys, gifts and collectables distributed via direct,
specialty, hobby, collector and mass retail channels worldwide. Marketed
under the brand names Master Replicas, PopCo and H2go, the Company’s
line of products range from premium entertainment prop replicas and
limited edition memorabilia to traditional toys and gift merchandise.
The Company holds varying licenses for many of entertainment’s
highest grossing franchises including Disney Classics, Harry Potter,
James Bond, Star Trek, Nintendo, Halo and The Beatles, amongst others.
Corgi International Limited also has partnerships with cutting edge
technology innovators around the world.
The Company is headquartered in Hong Kong, with operations in Walnut
Creek, California, USA and in Watford and Leicester, UK.
“Safe Harbor”
Statement under the U.S. Private Securities Litigation Reform Act of
1995: Certain statements contained in this press release may be
forward-looking. These statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
anticipated. Such risks and uncertainties include, without limitation,
changes in market demand for Corgi International products, changes in
economic conditions, dependence on certain customers and licensing
partners, and other risks described in the Company's annual report on
Form 20-F for the fiscal year ended March 31, 2008. The Company
undertakes no obligation to update these forward-looking statements to
reflect subsequent events or circumstances.