Excelligence Learning Corporation Receives Filing Extension From NASDAQ.MONTEREY, Calif. -- Excelligence Learning Corporation (Nasdaq:LRNSE) announced today that the NASDAQ Listing Qualifications Panel has agreed to continue the listing of the Company's securities on The NASDAQ SmallCap Market provided that the Company files its quarterly report on Form 10-Q Form 10-Q See 10-Q. for the three months ended June 30, 2005 and all restated financial statements for prior periods on or before November 14, 2005. On August 19, 2005, the Company announced that it had received notice from the NASDAQ Listing Qualifications Staff that the Company's securities were subject to 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. from The NASDAQ SmallCap Market due to the Company's failure to file its quarterly report on Form 10-Q for the three months ended June 30, 2005 on a timely basis. As permitted by NASDAQ rules, the Company appealed the Staff's determination and was granted a hearing before the NASDAQ Listing Qualifications Panel, in which the Company requested an extension to file its quarterly report on Form 10-Q. In connection with its decision to grant the Company's request for a filing extension, the Panel has requested prompt notification of any significant events that occur during the extension period. To maintain its listing, the Company must also demonstrate compliance with all other continued 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. of The NASDAQ SmallCap Market. The Company is working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to complete its restated financial statements and its delinquent quarterly report so that its independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. may complete their associated audit and review in order to allow the Company to make its filings as quickly as possible, but the Company cannot guarantee that it will be able to complete such filings by November 14, 2005. If the Company is unable to file the required reports by such date, it would likely request a further filing extension. There can be no guarantee that any such extension would be granted by the Panel. If such an extension were to become necessary and were not granted, the Company's securities could be delisted from The NASDAQ SmallCap 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 kindergarten [Ger.,=garden of children], system of preschool education. Friedrich Froebel designed (1837) the kindergarten to provide an educational situation less formal than that of the elementary school but one in which children's creative play instincts would be through sixth grade to elementary schools, teachers and other education organizations. Those parties then resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. 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 report on Form 10-Q for the three months ended June 30, 2005, compliance with NASDAQ listing requirements and the potential delisting 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 report for the three months ended June 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 SmallCap 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 November 4, 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. |
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