Nasdaq Listing Qualifications Panel Agrees to Further Extension of Deadline for Delisting Clarus Securities
21 9월 2004 - 8:44AM
PR Newswire (US)
Nasdaq Listing Qualifications Panel Agrees to Further Extension of
Deadline for Delisting Clarus Securities STAMFORD, Conn., Sept. 20
/PRNewswire-FirstCall/ -- Clarus Corporation (NASDAQ:CLRS) today
announced that Nasdaq notified the Company today of the Nasdaq
Listing Qualifications Panel's (the "Panel") decision that,
pursuant to the Company's request, the Company's securities would
continue to remain listed on the Nasdaq National Market through
September 30, 2004, and, provided the Company meets certain
conditions set forth in the Panel's decision, until November 10,
2004. The decision follows the Company's appeal to the Panel of the
previously disclosed determination of the Nasdaq Listing
Qualification Staff (the "Staff") that, based upon the Staff's
discretionary authority granted by Nasdaq Marketplace Rules 4300
and 4330(a)(3), the Company's securities would be delisted on
September 8, 2004, unless, among other requirements, on or before
September 8, 2004, the Company submitted to Nasdaq a copy of a
definitive agreement for the acquisition of an operating entity and
consummation of the acquisition on or before September 15, 2004.
While the Panel believed the Company is a "public shell," the Panel
acknowledged "the Company's plan to acquire an operating business
within the very near term, which [the Panel] believed would
alleviate those concerns associated with the continued listing of
public shells on [Nasdaq]." However, the Company believed the
Panel's deadlines for submitting an acquisition agreement to Nasdaq
and completing an acquisition were impractical and the Company made
a formal request to the Panel to extend those dates to September
30, 2004 and November 10, 2004, respectively. After reviewing the
Company's request, the Panel has determined to extend the deadlines
allowing the Company's securities to remain listed on Nasdaq
provided that, among other requirements, on or before September 30,
2004, the Company submits to Nasdaq a copy of a definitive
agreement for the acquisition of an operating entity and on or
before November 10, 2004, consummates the acquisition. "We are
pleased that the Panel has reconsidered its original deadlines,"
said Warren B. Kanders, the Company's Executive Chairman of the
Board. "The Company is continuing its efforts to negotiate a
transaction to redeploy the Company's assets and use its
substantial cash and net operating loss carry- forward to enhance
stockholder value through consummation of a significant
acquisition," continued Mr. Kanders. However, there is no assurance
that the Company will be able to execute a definitive agreement or
consummate a transaction to meet Nasdaq's revised deadlines. In the
event the Company's securities are delisted, if and when a suitable
transaction is consummated, the Company intends to list its
securities on an appropriate national exchange. This press release
contains forward-looking statements within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934.
Information in this release includes Clarus' beliefs, expectations,
intentions and strategies regarding Clarus and its future.
Assumptions relating to the forward-looking statements involve
judgments with respect to, among other things, future economic,
competitive and market conditions, and future business decisions
all of which are difficult or impossible to predict accurately and
many of which are beyond our control. Actual results could differ
materially from those projected in the forward-looking statements
as a result of certain risks including our inability to execute
successfully our planned effort to redeploy our assets to enhance
stockholder value. All forward-looking statements contained in this
release are based on information available to Clarus as of the date
of this release and Clarus assumes no obligation to update the
forward-looking statements contained herein. DATASOURCE: Clarus
Corporation CONTACT: Nigel Ekern of Clarus Corporation,
+1-203-428-2000 Web site: http://www.claruscorp.com/ Company News
On-Call: http://www.prnewswire.com/comp/133360.html
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