Velocity Express Receives Nasdaq Notice; Intends to Request Hearing.
WESTPORT, Conn. -- Velocity Express Corporation (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : VEXP VEXP Velocity Express Corporation
VEXP via Enhanced Xine Player ), the nation's largest provider of time definite regional delivery solutions, today announced that on February 4, 2009, the Company received a letter from the Listing Qualifications Staff of The NASDAQ Stock Market Nasdaq stock market
The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (the "Staff Determination") indicating that, based upon the Company's non-compliance with the $2.5 million stockholders' equity Stockholders' Equity
The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. requirement for continued listing 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. 
The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for , as set forth in NASDAQ Marketplace Rule 4310(c)(3), the Company's securities were subject to delisting Delisting
When the stock of a company is removed from a stock exchange.
Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. from NASDAQ unless the Company requested a hearing before the NASDAQ Listing Qualifications Panel (the "Panel"). The Staff Determination followed earlier correspondence from NASDAQ, which was announced by the Company on October 17, 2008.
The Company intends to request a hearing before the Panel, which will stay any action with respect to the Staff Determination until the Panel renders a decision subsequent to the hearing. There can be no assurance that following the hearing the Panel will grant the Company's request for continued listing.
About Velocity Express
Velocity Express has one of the largest time definite nationwide delivery networks, providing a national footprint for customers desiring same day service throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company's services are supported by a customer-focused technology infrastructure, providing customers with the reliability and information they need to manage their transportation and logistics systems, including a proprietary package tracking system that enables customers to view the status of any package via a flexible web reporting system.
Forward Looking Statements
This press release contains certain forward-looking statements regarding Velocity Express within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements.