Grill Concepts (NASDAQ:GRILE)
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Grill Concepts Receives Nasdaq Notification
LOS ANGELES, Aug. 27 /PRNewswire-FirstCall/ -- Grill Concepts, Inc.
(NASDAQ:GRILE) today announced that because it has not yet filed its Form 10Q
for the quarter ended June 27, 2004, Nasdaq has informed the company that it is
not in compliance with Marketplace Rule 4310(c)(14), which requires listed
companies to provide Nasdaq with copies of all reports required to be filed
with the Securities and Exchange Commission (SEC).
According to Nasdaq, Grill Concepts' common stock will be delisted from The
Nasdaq Stock Market at the opening of business August 31, 2004, unless the
company files the delinquent Form 10Q by August 27, 2004 or the company
requests a hearing in accordance with Marketplace Rule 4800 Series. Grill
Concepts has requested a hearing to stay the delisting.
As noted in Grill Concepts' news release and Form 12b-25 filing with the SEC on
August 12, 2004, the company required additional time to review the
consolidation principles applied to certain affiliates and expected that the
manner of accounting for its interest in the Chicago-The Grill on the Alley
will change to effectively treat the entity as a wholly-owned entity, resulting
in the elimination of the previously recorded minority interest in the
restaurant and a restatement of its 2003 and earlier results. Grill Concepts
said that the preparation of the restated financial statements and necessary
review by its auditors is ongoing and that it expects to complete this process
as quickly as possible and will file its quarterly report promptly upon its
completion.
As a result of the company's filing delinquency, pending the filing of the
delinquent report, an "E" has been appended at the end of the company's trading
symbol and the company's securities are trading under the symbol "GRILE."
About Grill Concepts, Inc.
Grill Concepts owns and manages upscale casual and fine dining, full service
restaurants under two core brand names: The Grill on the Alley and Daily Grill.
The company operates 23 restaurants including four The Grill on the
Alley-branded restaurants in Beverly Hills, Hollywood, San Jose, California,
and Chicago, as well as 19 Daily Grill restaurants in Southern and Northern
California, the Washington, D.C. metropolitan region, Houston, Texas, Portland,
Oregon and Skokie, Illinois.
This news release contains forward-looking statements, which are based on
current operations, plans and expectations. Such statements include, but are
not limited to, the timing of the company's filing of its Form 10Q for the
period ended June 27, 2004, the outcome of the company's Marketplace Rule 4800
Series hearing before Nasdaq and other factors. Actual results may differ
materially from these statements due to risks and uncertainties beyond the
company's control, which are detailed from time to time in the company's
filings with the United States Securities and Exchange Commission.
DATASOURCE: Grill Concepts, Inc.
CONTACT: Philip Gay, Chief Financial Officer of Grill Concepts, Inc.,
+1-310-820-5559; or Roger Pondel or Angie Yang of PondelWilkinson Inc.,
+1-310-279-5980, , for Grill Concepts, Inc.