RAE Systems Receives Non-Compliance Notification from the American Stock Exchange; Submits Plan to Retain Listing.SUNNYVALE, Calif. -- RAE Systems Inc. (AMEX AMEX See: American Stock Exchange :RAE), a leading global developer and manufacturer of rapidly deployable, multi-sensor chemical detection monitors and networks for homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States and industrial applications, today announced that it received a letter from the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. ("Amex ") notifying the Company that because it has not filed its Form 10-Q Form 10-Q See 10-Q. with the Securities and Exchange Commission timely for the first quarter of 2005, it is not in compliance with Amex's 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. . As a result, Amex has asked the Company to submit a plan by June 2, 2005 advising Amex of the action it has taken, or will take, to bring the Company into compliance with its continued listing requirements by July 5, 2005. If the plan is accepted by Amex, the Company will remain listed during the plan period, provided the Company has made reasonable progress towards its plan goal. In the event Amex does not accept the Company's plan of compliance, Amex would initiate delisting proceedings. In a press release filed on May 17, 2005, the Company announced its preliminary results for the period ended March 31, 2005 and explained it delayed filing the Form 10-Q for the first quarter of 2005 until it completed an analysis of certain revenue recognition matters relating to freight on board (FOB FOB 1) adj. short for Free on Board, meaning shipped to a specific place without cost. 2) Friend of Bill (Clinton). (See: Free on Board) ), right of return and service contracts. "We are making every effort to meet our Securities and Exchange filing requirements so that we are in full compliance with both our SEC and Amex obligations," said Don Morgan, Chief Financial Officer. "We have made significant progress towards filing both a 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. amendment for 2004 and a Form 10-Q for first quarter of 2005 and we expect to be able to file these documents in the near future. We have submitted our plan as of today to Amex and will await their evaluation and response to our plan. We intend to file the Form 10-Q for the first quarter of 2005 as soon as practicable and believe it will be prior to Amex initiating any delisting proceedings." About RAE Systems RAE Systems is a leading global developer and manufacturer of rapidly deployable, multi-sensor chemical detection monitors and networks for homeland security and industrial applications. In addition, RAE Systems offers a full line of portable single-sensor chemical and radiation detection products. RAE Systems' products enable the military and first responders such as firefighters, law enforcement and other emergency management personnel to detect and provide early warning of weapons of mass destruction Weapons that are capable of a high order of destruction and/or of being used in such a manner as to destroy large numbers of people. Weapons of mass destruction can be high explosives or nuclear, biological, chemical, and radiological weapons, but exclude the means of transporting or and other hazardous materials. Industrial applications include the detection of toxic industrial chemicals, volatile organic compounds volatile organic compound Environment Any toxic cabon-based (organic) substance that easily become vapors or gases–eg, solvents–paint thinners, lacquer thinner, degreasers, dry cleaning fluids and petrochemicals. RAE Systems' products are used by many U.S. government agencies, including the Department of Homeland Security Noun 1. Department of Homeland Security - the federal department that administers all matters relating to homeland security Homeland Security executive department - a federal department in the executive branch of the government of the United States , the Department of Justice, and the Department of State, as well as all branches of the U.S. military, and by numerous city and state agencies. Our end users also include many of the world's leading corporations in the airline, automotive, computer and oil industries. Our products are used in civilian and government atmospheric monitoring programs in over 50 countries. For more information about RAE Systems, please visit www.RAESystems.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 This press release may contain "forward-looking" statements, as that term is used in Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, without limitation: expressions of "belief," "anticipation," or "expectations" of management. In addition, our forward-looking statements should be considered in the context of other risk factors discussed in our filings with the Securities and Exchange Commission, including but not limited to our annual report on Form 10-K and Form 10-Q filings, available online at http://www.sec.gov. All forward-looking statements are based on information available to the company on the date hereof, and the Company assumes no obligation to update such statements. |
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