SOS Staffing Services Inc. Receives Delisting Notification From Nasdaq, Seeks SmallCap Market Transfer.Business Editors SALT LAKE CITY--(BUSINESS WIRE)--July 31, 2002 SOS SOS, code letters of the international distress signal. The signal is expressed in International Morse code as … — — — … (three dots, three dashes, three dots). Staffing Services Inc. (Nasdaq: SOSS v. i. 1. To fall at once into a chair or seat; to sit lazily. v. t. 1. To throw in a negligent or careless manner; to toss. n. 1. A lazy fellow. 2. A heavy fall. 1. Anything dirty or muddy; a dirty puddle. ) Wednesday announced that it received a Nasdaq Staff Determination on July 24, 2002, indicating that the company does not meet Nasdaq's minimum bid price requirement for continued listing set forth in Marketplace Rule 4450(a)(5) and that its common stock is, therefore, subject 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. from the Nasdaq National Market (the "NNM NNM Network Node Manager NNM NASDAQ National Market (financial) NNM National Nutrition Month (March; American Dietetic Association) NNM Naryan-Mar (Russia) NNM Net New Money ") as of Aug. 1, 2002. As a result, the company has applied to transfer its securities to the Nasdaq SmallCap Market ("SmallCap Market"). The delisting proceedings referred to in the July 24, 2002 Staff Determination will be stayed pending Nasdaq's review of the transfer application. In order for the transfer to be approved by Nasdaq, the company must satisfy the continued inclusion requirements for the SmallCap Market, other than the minimum bid price requirement. If the transfer application is approved, the company will have until Oct. 21, 2002 to comply with the minimum bid price requirement, which requires the company to maintain a $1.00 minimum bid price for 10 consecutive trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. . If the company meets the more stringent initial 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. for the SmallCap Market, other than the minimum bid price, it may be eligible for an additional 180-day grace period beyond Oct. 21, 2002 in order to comply with such minimum bid price requirement. The company would retain its trading symbol Trading symbol See: Ticker symbol , SOSS, if its common stock trades on either the SmallCap Market or the NNM. If the company's transfer application is not approved or if the company fails to meet all listing requirements at the completion of all applicable grace periods, its securities would be subject to Nasdaq delisting proceedings, pending an appeals process. If during any SmallCap Market grace period the closing bid price of the company's stock is $1.00 per share or more for 30 consecutive trading days, then the company will have regained compliance with Nasdaq's minimum bid price requirement and may be eligible to transfer its common stock back to the NNM, provided all other requirements for continued listing on that market are met. SOS Staffing Services Inc., with its subsidiaries, is a full-service provider of commercial staffing and employment related services. SOS and its subsidiaries operate a network of approximately 95 offices. Important Note: Statements in this press release that are not purely historical 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. within the meaning 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. Such forward-looking statements include, without limitation, earnings projections. Each such statement encompasses the company's beliefs, expectations, hopes or intentions regarding future events. Words such as "projects," "expects," "intends," "believes," "anticipates," "likely," "hopes" and other words of similar meaning also identify forward-looking statements. All forward-looking statements included in this release are made as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and are based on information available to the company as of such date. The company assumes no obligation to update any forward-looking statement. Readers are cautioned that all forward-looking statements involve risks, uncertainties and other factors that could cause the company's actual results to differ materially from those anticipated in such statements including, without limitation, the company's ability to attract and retain the staff, temporary and other employees needed to implement the company's business plan and to meet customer needs, the company's ability to integrate the operations of acquired businesses, economic fluctuations, existing and emerging competition, and changes in demands for the company's services. Risk factors, cautionary statements and other conditions, including economic, competitive, governmental and technology factors, that could cause actual results to differ from the company's current expectations are discussed in the company's 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. and other reports filed with the Securities and Exchange Commission. |
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