Westaff (NASDAQ:WSTF)
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Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services,
announced today that on September 10, 2008, it received a letter from
The Nasdaq Stock Market (“Nasdaq”)
indicating that, for the last 30 consecutive business days prior to the
date of the letter, the bid price of Westaff’s
common stock had closed below the minimum $1.00 per share requirement
for continued inclusion under Nasdaq Marketplace Rule 4450(a)(5). As of
today, Westaff’s common stock has not been
delisted and continues to be listed on the Nasdaq Global Market.
In accordance with Nasdaq Marketplace Rule 4450(e)(2), Westaff has 180
calendar days from the date of the Nasdaq letter, or until March 9,
2009, for the bid price of its common stock to close at $1.00 per share
or more for a minimum of 10 consecutive business days to regain
compliance.
In the event that Westaff does not regain compliance by March 9, 2009,
Nasdaq will provide notice to Westaff that its common stock will
be delisted. At that time, Westaff would be permitted to appeal Nasdaq’s
determination to delist Westaff’s common stock
to a Nasdaq Listing Qualifications Panel. Alternatively, Nasdaq
Marketplace Rule 4310(c) may permit, upon approval by Nasdaq, Westaff to
transfer its common stock to the Nasdaq Capital Market if Westaff’s
common stock satisfies all criteria, other than compliance with the
minimum bid price rule, for initial inclusion on such market. In the
event of such a transfer, the Nasdaq Marketplace Rules provide that
Westaff would be afforded an additional 180 calendar days to comply with
the minimum closing bid price rule while listed on the Nasdaq Capital
Market.
About Westaff
Westaff provides staffing services and employment opportunities for
businesses in global markets. Westaff annually employs in excess of
125,000 people and services more than 20,000 client accounts from 204
offices located throughout the United States, Australia and New Zealand.
For more information, please visit the company Web site at www.westaff.com.
This press release contains forward-looking statements within the
meaning of the U.S. securities laws. Forward-looking statements in this
release are generally identified by words such as "expects," "believes,"
"will," "should" and similar expressions that are intended to identify
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement. Forward-looking statements
contained herein include, but are not limited to, statements regarding
the continued listing of Westaff’s common
stock on the Nasdaq Global Market, the timing determinations by Nasdaq
and the potential for taking additional actions to address compliance
with the continued listing requirements of Nasdaq. The forward-looking
statements contained herein involve a number of assumptions, risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied by these forward-looking statements. Many of
these risks and uncertainties cannot be controlled by Westaff. These
risks and uncertainties include, but are not limited to, the volatility
of the price of Westaff’s common stock and
the determinations by Nasdaq and its staff. Additional information
concerning these risks and uncertainties, and other factors you may wish
to consider, is contained in Westaff’s
filings with the Securities and Exchange Commission, including Westaff’s
most recent Annual Report on Form 10-K for the year ended November 3,
2007 and most recent Quarterly Report on Form 10-Q for the quarterly
period ended July 12, 2008. Forward-looking statements are based on the
beliefs and assumptions of Westaff's management and on currently
available information. Westaff undertakes no responsibility to publicly
update or revise any forward-looking statement except as required by
applicable laws and regulations.