Citadel Security Software Inc. Announces Receipt of NASDAQ Communication Granting Extension.DALLAS -- Citadel Security Software Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CDSS CDSS California Department of Social Services CDSS Clinical Decision Support Systems CDSS Country Dance and Song Society CDSS Canadian Down Syndrome Society CDSS Community Day Secondary Schools (Malawi) ) announced today that on April 7, 2006, it received a letter from The NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. notifying Citadel that the Nasdaq Listing Qualifications Panel has granted Citadel's request for an extension of the time period to regain compliance with the minimum bid price requirement for continued listing, subject to the conditions that (1) on or before May 2, 2006, Citadel must have evidenced a closing bid price of at least $1.00 per share for a minimum of ten consecutive trading days, and (2) on or before May 15, 2006, Citadel must report in its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the period ending March 31, 2006, actual stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. at March 31, 2006 of at least $2,500,000. In addition, Citadel must be able to demonstrate compliance with all requirements for continued listing on the Nasdaq Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for . Failure to meet any of these conditions may result in the delisting of Citadel's common stock from The Nasdaq Stock Market. There can be no assurance that Citadel will meet the NASDAQ's requirements for continued listing. About Citadel Security Software Inc. Citadel Security Software Inc. (NASDAQ:CDSS) delivers security solutions that enable organizations to manage risk, reduce threats and enforce compliance with security policies and regulations. Citadel's proven architecture provides a business process to manage the increasing volume, frequency and complexity of cyber security attacks. Citadel combines the world's largest active library of remediations spanning all classes of vulnerabilities with a proven delivery methodology to dramatically streamline vulnerability management and security compliance and provide ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). from the first use. Citadel solutions are used across the Department of Defense, at the Veterans Administration, and within other government and commercial organizations. For more information on Citadel, visit www.citadel.com, or call 888-8CITADEL. Safe Harbor/Forward-looking Statements: Forward-looking statements contained in this news release, including those related to the Company's listing on the NASDAQ Capital Market, are made under "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve a number of known and unknown risks and uncertainties that could materially affect future results and may cause such forward-looking statements not to be realized. These risks and uncertainties, many of which are not within the Company's control, include, but are not limited to, the Company's ability to regain compliance with requirements for continued listing on the NASDAQ Capital Market and the adverse consequences that may result from any failure to maintain its listing including with respect to its Series A and Series B Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". ; there can be no assurance that the Company will implement a reverse stock split or that the market price of the Company's common stock will trade above $1 for the required period; there can be no assurance that the Company will be able to achieve the required minimum stockholders' equity or market value of the Company's securities; changes to or developments in the Company's financial situation; and the other risk factors and cautionary statements listed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2005. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any changes in expectations, or any change in events or circumstances on which those statements are based, unless otherwise required by law. Editors Note: Citadel is a trademark and Hercules(R) is a registered trademark of Citadel Security Software. |
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