Excelligence Learning (NASDAQ:LRNSE)
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From May 2019 to May 2024
Excelligence Learning Corporation (NasdaqCM:LRNSE)
announced today that it has been unable to regain compliance with
NASDAQ Marketplace Rule 4310(c)(14), which requires timely filing of
SEC reports, by the January 31, 2006 deadline imposed by the NASDAQ
Listing Qualifications Panel (the "Panel").
As a result, the Panel has determined to delist the Company's
securities from the NASDAQ Capital Market effective with the open of
business on February 3, 2006. Excelligence believes that quotations
for its common stock will appear in the Pink Sheets (formerly the
National Daily Quotations Bureau), where subscribing dealers can
submit bid and ask prices on a daily basis, beginning as soon as
February 3, 2006.
The Company expects its trading symbol to revert to LRNS effective
with the move to the Pink Sheets.
Previously, the Panel had agreed to continue the listing of the
Company's securities on The NASDAQ Capital Market, provided that the
Company filed its delinquent quarterly reports on Form 10-Q for the
three-month periods ended June 30, 2005 and September 30, 2005, and
all required restatements, on or before January 31, 2006. As
previously announced, the completion and review of the Company's
outstanding 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 Company filed its restated financial statements for these
periods on February 1, 2006 and its report for the quarter ended June
30, 2005 on February 3, 2006. The Company has not yet been able to
file report for the quarter ended September 30, 2005.
Excelligence will be eligible to apply to re-list its shares on
the NASDAQ Capital Market as soon as it regains compliance with NASDAQ
Marketplace Rule 4310(c)(14) by bringing current its SEC filings. The
Company and its independent auditors continue to work diligently to
file Excelligence's outstanding Forms 10-Q and thereby regain
compliance as soon as possible.
Although the Company currently believes that it meets the NASDAQ
Capital Market's initial listing requirements, there can be no
guarantee that it will continue to do so, or that it will ultimately
be able to re-list its shares.
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 filing of the Company's quarterly
report on Form 10-Q for the period ended September 30, 2005,
compliance with NASDAQ listing requirements and the potential
re-listing 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 report for the period ended
September 30, 2005, or compliance with additional NASDAQ listing
requirements, will be completed or that the Company will regain
listing on The NASDAQ Capital Market. In addition, the Company's
financial results and stock price may suffer as a result of the NASDAQ
delisting determination. The forward-looking statements in this
release are made as of February 3, 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.