Excelligence Learning (NASDAQ:LRNSE)
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From Sep 2019 to Sep 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 quarterly
reports on Form 10-Q for the three months ended June 30, 2005 and
September 30, 2005, and all restated financial statements for prior
periods, on or before December 30, 2005. 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 previously 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, to December 30, 2005. In its
November 16, 2005 decision granting the Company's request, the Panel
has indicated that it may not consider further extensions to the
December 30, 2005 date.
As expected, the Company has received a NASDAQ Staff Determination
Letter, dated November 17, 2005, noting that the Company's failure to
timely file its Form 10-Q for the quarter ended September 30, 2005,
represents a second violation of Marketplace Rule 4310(c)(14), and
therefore serves as an additional basis for delisting the Company's
securities from The NASDAQ Capital Market. Because the Listing
Qualifications Panel has already approved the Company's plan to bring
all of its filings current by December 30, 2005, the Company will not
have to enter a second appeal in response to the November 17 Staff
Determination Letter.
In connection with its decision to grant the Company's request for
a 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 requirement that it regain compliance with
Marketplace Rule 4310(c)(14) by December 30, 2005, there can be no
guarantee that it will be able to file its outstanding quarterly
reports and all restatements by that date. If the Company is unable to
meet the Panel's terms, the Company's securities could be delisted
from The NASDAQ Capital 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
November 21, 2005, 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.