Excelligence Learning (NASDAQ:LRNSE)
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From May 2019 to May 2024
Excelligence Learning Corporation (Nasdaq:LRNSE)
announced today that the NASDAQ Listing Qualifications Panel has
agreed to continue the listing of the Company's securities on The
NASDAQ Capital Market, provided that the Company files its restated
financial statements for the year ended December 31, 2004 and the
quarter ended March 31, 2005, as well as its delinquent reports on
Form 10-Q for the quarters ended June 30, 2005 and September 30, 2005,
on or before January 31, 2006. The Panel also informed the Company
that in the event it has not completed its filings and become fully
compliant by the close of business on January 31, 2006, the Company's
shares will be immediately delisted from The NASDAQ Stock Market. As
previously announced, the completion and review of the Company's
quarterly reports have been delayed pending finalization of the
Company's restatement of its financial statements as of and for the
year ended December 31, 2004 and the quarter ended March 31, 2005.
The Panel had initially agreed to continue the listing of the
Company's securities on The NASDAQ Capital Market provided that the
Company filed its delinquent quarterly report for the period ended
June 30, 2005, and all restated financial statements for prior
periods, on or before November 14, 2005. The Company subsequently
notified the Panel that it would be unable to meet that deadline, and
requested a further extension of time through December 30, 2005 to
file its quarterly report for the period ended June 30, 2005, all
required restatements, and its quarterly report for the period ended
September 30, 2005. On November 16, 2005, the Panel granted the
Company's request, extending the deadline to December 30, 2005. It is
this extended deadline that the Panel modified in its January 5, 2006
letter.
In connection with its decision to grant the Company's request for
a further filing extension, the Panel has requested prompt
notification of any significant events that occur during the extension
period. To maintain its listing, the Company must also demonstrate
compliance with all other continued listing requirements of The NASDAQ
Capital Market.
Although the Company currently believes that it will be able to
meet the Panel's requirements, there can be no guarantee that it will
be able to file its restated financial statements and its delinquent
quarterly reports on or before January 31, 2006. If the Company is
unable to meet the Panel's terms, the Company's securities will be
immediately delisted from The NASDAQ Stock Market.
About Excelligence Learning Corporation
Excelligence Learning Corporation is a developer, manufacturer and
retailer of educational products which are sold to child care
programs, preschools, elementary schools and consumers. The Company
serves early childhood professionals, educators and parents by
providing quality educational products and programs for children from
infancy to 12 years of age. With its proprietary product offerings, a
multi-channel distribution strategy and extensive management
expertise, the Company aims to foster children's early childhood and
elementary education. The Company is composed of two business
segments, Early Childhood and Elementary School. Through its Early
Childhood segment, the Company develops, markets and sells educational
products through multiple distribution channels primarily to early
childhood professionals and, to a lesser extent, consumers. Through
its Elementary School segment, the Company sells school supplies and
other products specifically targeted for use by children in
kindergarten through sixth grade to elementary schools, teachers and
other education organizations. Those parties then resell the products
either as a fundraising device for the benefit of a particular school,
student program or other community organization, or as a service
project to the school. Excelligence Learning Corporation's
headquarters is in Monterey, California and its website is
www.excelligencelearning.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements as defined in the Private Securities Litigation Reform Act
of 1995 about matters such as the completion, audit and review of the
Company's restated financial statements, the filing of the Company's
quarterly reports on Forms 10-Q for the periods ended June 30, 2005
and September 30, 2005, compliance with NASDAQ listing requirements
and the potential delisting of the Company's securities. These
statements are based on management's current expectations and actual
results may differ materially as a result of various risks and
uncertainties, including those set forth in the Company's prior press
releases and periodic public filings with the Securities and Exchange
Commission, which are available via Excelligence's website at
www.excelligencelearning.com. There can be no assurance that the
Company's subsequent processes, such as the filing of its quarterly
reports for the periods ended June 30, 2005 and September 30, 2005, or
compliance with additional NASDAQ Listing Qualifications Panel
requirements, will be timely completed by the Panel's deadlines or
that the Company will avoid delisting by The NASDAQ Capital Market. In
addition, the Company's financial results and stock price may suffer
as a result of the previously announced accounting review and any
subsequent determination from this review, including any action by
NASDAQ. The forward-looking statements in this release are made as of
January 6, 2006, and Excelligence Learning Corporation does not
undertake to revise or update these forward-looking statements, except
to the extent that it is required to do so under applicable law.