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Excelligence Learning Corporation Announces Request for Additional Filing Extension from NASDAQ.


MONTEREY, Calif. -- Excelligence Learning Corporation (Nasdaq:LRNSE) announced today that it had requested an additional extension of time from the NASDAQ Listing Qualifications Panel to file outstanding quarterly reports on Form 10-Q Form 10-Q

See 10-Q.
 for the three-month periods ended June 30, 2005 and September 30, 2005, and thereby regain compliance with NASDAQ Marketplace Rule 4310(c)(14). As previously announced, the completion and review of the Company's outstanding quarterly reports have been delayed pending finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once.  of the Company's 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 its financial statements as of and for the year ended December 31, 2004 and the quarter ended March 31, 2005.

The Listing Qualifications Panel previously agreed to continue the listing of the Company's securities 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
 provided the Company filed its delinquent quarterly reports no later than December 30, 2005. Although the Company has not been able to meet the December 30 deadline, it believes that another extension from the Listing Qualifications Panel will allow it to regain compliance with NASDAQ Marketplace Rule 4310(c)(14). There can be no guarantee, however, that the Listing Qualifications Panel will grant the Company's request for an additional extension of time. If the Panel refuses the Company's request, or 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 elementary school: see school.  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 elementary education
 or primary education

Traditionally, the first stage of formal education, beginning at age 5–7 and ending at age 11–13.
. 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 For other uses, see Monterey (disambiguation).
The City of Monterey is located on Monterey Bay along the Pacific coast in central California. As of 2005, the city population was 30,641.
 and its website is www.excelligencelearning.com.

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.
 Statement Under 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: This press release contains 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.
 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 Listing requirements

Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading.
 and the potential 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.
 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 December 30, 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.
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Dec 30, 2005
Words:676
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