HIALEAH, Fla., Aug. 21 /PRNewswire-FirstCall/ -- Simclar, Inc. (Nasdaq:
SIMC), a multi-plant electronics contract manufacturer, announced today that
on August 18, 2008, it received a letter from the Nasdaq Staff advising the
Company that the Company's failure to timely file its Quarterly Report on Form
10-Q for the three months ended June 30, 2008 has resulted in a failure to
comply with the requirement for continued listing set forth in Nasdaq
Marketplace Rule 4310(c)(14), and that the Company's common stock is,
therefore, subject to delisting from the Nasdaq Capital Market. The Company
intends to request a hearing before a Nasdaq Listing Qualifications Panel to
review the Staff determination. It is the Company's intention to file its
Form 10-Q for the quarter ended June 30, 2008 promptly following completion of
the previously announced effort to identify and address problems associated
with the implementation of a new ERP software system at its Mexican
subsidiary, and it expects that this will occur before any action is taken by
the Nasdaq Listing Qualifications Panel.
Statements in this news release, which relate to other than strictly
historical facts, such as statements about the Company's plans and strategies,
expectations for future financial performance, and markets for the Company's
products and services are forward-looking statements. The words "believe,"
"expect," "anticipate," "estimate," "project," and similar expressions
identify forward-looking statements that speak only as of the date hereof.
Investors are cautioned that such statements involve risks and uncertainties
that could cause actual results to differ materially from historical or
anticipated results due to many factors including, but not limited to, the
Company's customer concentration, debt covenants, competition, and other risks
detailed in the Company's most recent Annual Report on Form 10-K and other
Securities and Exchange Commission filings. The Company undertakes no
obligation to publicly update or revise any forward-looking statements.
Visit Simclar, Inc. at its website, http://www.simclar.com for more
information about the Company.
SOURCE Simclar, Inc.