Cutter & Buck Announces Receipt of NASDAQ Notice of Potential Delisting.Business Editors SEATTLE--(BUSINESS WIRE)--Aug. 15, 2002 Cutter cutter, small, one-masted sailing vessel, with a rig similar to that of a sloop except that it usually has a sliding bowsprit and a topmast. From 1800 to 1830 cutters were in service between England and France. & Buck Buck after murder of his master, leads wolf pack. [Am. Lit.: The Call of the Wild] See : Dogs Buck clever and temerarious dog perseveres in the Klondike. [Am. Lit.: Call of the Wild] See : Resourcefulness , Inc. (Nasdaq:CBUK; now CBUKE) announced today that it has just received a letter from the NASDAQ National Market informing the Company that it is in violation VIOLATION. An act done unlawfully and with force. In the English stat. of 25 E. III., st. 5, c. 2, it is declared to be high treason in any person who shall violate the king's companion; and it is equally high treason in her to suffer willingly such violation. of NASDAQ Rule 4310(c)(14), which requires the Company to maintain at least three years of audited financial statements. NASDAQ has determined that the Company is in violation of this rule as a result of the planned restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of the Company's financials for the fiscal years ended April 30, 2000 and 2001 and as a result of the Company's delay in filing its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended April 30, 2002, as previously announced. While the NASDAQ letter points out that a continuation of this violation could subject the Company's securities to delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. , Cutter & Buck will be requesting a hearing on this matter, which will automatically stay the delisting process. The Company expects its audit for fiscal year 2002 and the restatement of its financial statements for fiscal years 2000 and 2001 to be completed by mid September September: see month. , which would bring the Company in compliance with NASDAQ Rule 4310(c)(14). Pending the hearing, the Company's Common Stock will continue trading on the NASDAQ National Market under the symbol "CBUKE." After the Company's Annual Report is filed and the restatements completed, the Company will then seek NASDAQ approval to again trade under the symbol "CBUK." About Cutter & Buck Cutter & Buck designs and markets upscale sportswear and outerwear under the Cutter & Buck brand. The Company sells its products primarily through golf pro shops and resorts, corporate sales accounts and specialty retail stores. Cutter & Buck products feature distinctive, comfortable designs, high quality materials and manufacturing and rich detailing. Statements made in this news release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as the results of the Company's ongoing investigation and the direct and indirect consequences of that investigation; access to capital; and maintaining satisfactory relationships with our banking partners. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission filings. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information. You should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws. |
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