Spectrum Brands, Inc. Receives Notification about Non-Compliance with a Continued Listing Standard from the NYSE

  
    
  
  
    
      Spectrum Brands, Inc. (NYSE: SPC) (the “Company”) 
      announced today that on November 4, 2008, it received written notice 
      from the New York Stock Exchange (the "NYSE") that the Company did not 
      satisfy one of the NYSE's standards for continued listing applicable to 
      the Company's common stock. The NYSE noted specifically that the Company 
      was "below criteria" for the NYSE's continued listing standards because 
      both its average total market capitalization was less than $75 million 
      over a 30 trading-day period and, at the same time, its stockholders’ 
      equity was less than $75 million. As of October 31, 2008, the Company's 
      30 trading-day average market capitalization was approximately $72.4 
      million.
    
    
      Under the applicable NYSE rules, the Company has 45 calendar days from 
      receipt of the notice to submit a plan that demonstrates its ability to 
      achieve compliance with the continued listing standards within 18 months 
      of receipt of the notice. Upon receipt of the Company’s 
      plan, the NYSE has 45 calendar days to review and determine whether the 
      Company has made a reasonable demonstration of its ability to come into 
      conformity with the relevant standards within the 18 month period. The 
      NYSE will either accept the plan, at which time the Company will be 
      subject to ongoing monitoring for compliance with this plan, or the NYSE 
      will not accept the plan and the Company will be subject to suspension 
      and delisting proceedings. As required by the NYSE’s 
      rules, the Company plans to notify the NYSE within 10 business days of 
      receipt of the non-compliance notice of the Company’s 
      intent to submit a plan to remedy its non-compliance.
    
    
      “While we are extremely disappointed in the 
      recent performance of our stock, which was pressured during the last few 
      months by an extremely volatile market as well as by the distribution of 
      over 12 million shares held by our largest shareholder, Thomas H. Lee 
      Partners, a private equity firm, in conjunction with the winding down of 
      one of its investment funds, we do not believe that this notification 
      reflects the performance of our businesses,” 
      said Kent Hussey, CEO of Spectrum Brands. “Although 
      we are still in the process of finalizing our full year fiscal 2008 
      financial results and plan to report these results on November 11, 2008, 
      I am pleased with the market share gains and expanded distribution that 
      we’ve been able to achieve in our Global 
      Batteries & Personal Care and Global Pet Supplies Business Segments this 
      past quarter. In addition, we ended the fiscal year with approximately 
      $105 million in cash and $108 million of availability on our $225 
      million ABL and in compliance with the requirements under our senior and 
      subordinated debt agreements.”
    
    
      If the average closing price of the Company's common stock is less than 
      $1.00 over a consecutive 30 trading-day period, the Company is subject 
      to receive a formal written notice from the NYSE regarding its 
      non-compliance with an additional NYSE continued listing standard (the “Closing 
      Price Rule”). As of October 31, 2008, the 30 
      trading-day average closing share price of the Company's common stock 
      was $1.37, and the closing price of the Company's common stock on 
      November 4, 2008 was $0.67. The Company believes that it will become out 
      of compliance with this continued listing standard unless the market 
      price of its common stock increases significantly in the near term. In 
      order to remain in compliance with the Closing Price Rule, the share 
      price and the consecutive 30 trading-day closing price of the Company's 
      common stock must be above $1.00 within six months from the date the 
      Company receives formal notice of non-compliance from the NYSE. Should 
      the Company fail to meet these standards at the expiration of the six 
      month period, the NYSE will commence suspension and delisting procedures.
    
    
      The Company's common stock remains listed on the NYSE under the symbol “SPC,” 
      but will be assigned a “.BC” 
      indicator by the NYSE to signify that the Company is not currently in 
      compliance with the NYSE’s continued listing 
      standards.
    
    
      About Spectrum Brands, Inc.
    
    
      Spectrum Brands is a global consumer products company and a leading 
      supplier of consumer batteries, lawn and garden care products, specialty 
      pet supplies, shaving and grooming products, household insect control 
      products, personal care products and portable lighting. Helping to meet 
      the needs of consumers worldwide, included in its portfolio of widely 
      trusted brands are Rayovac(R), Varta(R), Remington(R), Tetra(R), 
      Marineland(R), Nature's Miracle(R), Dingo(R), 8-In-1(R), Spectracide(R), 
      Schultz(R), Cutter(R), Repel(R), and HotShot(R). Spectrum Brands' 
      products are sold by the world's top 25 retailers and are available in 
      more than one million stores in more than 120 countries around the 
      world. Headquartered in Atlanta, Georgia, Spectrum Brands generated 
      fiscal year 2007 net sales of $2.6 billion. The Company's stock trades 
      on the New York Stock Exchange under the symbol SPC.
    
    
      Certain matters discussed in this news release, with the exception of 
      historical matters, may be forward-looking statements within the meaning 
      of the Private Securities Litigation Reform Act of 1995. These 
      statements are subject to a number of risks and uncertainties that could 
      cause results to differ materially from those anticipated as of the date 
      of this release. These risks and uncertainties include (1) the 
      risk that the NYSE notice disrupts current plans and operations; (2) 
      difficulty or unanticipated expenses in connection with timely 
      developing a plan to achieve compliance that is acceptable to the NYSE, 
      (3) the potential for the Company to be considered below criteria with 
      respect to other NYSE listing standards and (4) other factors, which can 
      be found in the Company’s securities filings, 
      including the most recently filed Annual Report on Form 10-K or 
      Quarterly Report on Form 10-Q.
    
    
      The Company cautions the reader that undue reliance should not be 
      placed on any forward-looking statements, which speak only as of the 
      date of this release. The Company undertakes no duty or 
      responsibility to update any of these forward-looking statements to 
      reflect events or circumstances after the date of this report or to 
      reflect actual outcomes.