Focus Enhancements (NASDAQ:FCSE)
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Focus Enhancements, Inc. (NASDAQ:FCSE) a worldwide leader of wireless
audio and video (AV) distribution solutions, video conversion and
digital media products, announced today that on September 16, 2008, it
filed a voluntary petition for relief under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the
Northern District of California. The company will continue to operate
its business as a "debtor-in-possession" under the jurisdiction of the
Court.
On September 15, 2008, the company received notification from the NASDAQ
Listing Qualifications Panel (the Panel") that the Panel has determined
to delist the company's securities from The NASDAQ Capital Market,
effective at the open of business on September 17, 2008.
The company had presented a plan of compliance on September 4, 2008 to
the NASDAQ Listing Qualifications Panel and requested additional time to
regain compliance with the minimum stockholders' equity and bid price
requirements for continued listing on The NASDAQ Capital Market.
On September 15, 2008, six of the Company’s
seven Board members, having approved a resolution to file a voluntary
petition for relief under Chapter 11 of the United States Bankruptcy
Code, submitted their letters of resignation, effective immediately.
Brett A. Moyer, President and Chief Executive Officer of Focus
Enhancements Inc. remained as the company’s
sole Board member.
About Focus Enhancements, Inc.
Focus Enhancements, Inc. (FCSE
- News),
headquartered in Campbell, CA, is a leading designer of world-class
solutions in advanced video and wireless AV technologies. The company's
Semiconductor Group develops wireless IC chip sets based on WiMedia UWB
and 802.11a standards, and design as well as markets portable ICs to the
video convergence, portable media, navigation systems and smartphone
markets. The company's System Group develops video products for the
digital media markets, with customers in the broadcast, video
production, digital signage and digital asset management markets. More
information on Focus Enhancements may be obtained from the company's
Securities and Exchange Commission (SEC) filings, or by visiting the
Focus Enhancements website at http://www.focusinfo.com.
Safe Harbor Statement
Statements in this press release which are not historical, including
statements regarding management's intentions, hopes, expectations,
representations, plans or predictions about the future are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Factors that could cause actual results
to differ materially include the risk factors specified in the company's
Form 10-K for the year ended December 31, 2007, Form 10-Q for the period
ended June 30, 2008, as well as other filings with the SEC. These
statements are based on information as of September 17, 2008 and the
company assumes no obligation to update any forward-looking statements,
whether as a result of new information, future events, or otherwise.