Lazare Kaplan International Inc. Announces Plan of Compliance Extension to May 31, 2010 and Receipt of Deficiency Letter
January 29 2010 - 1:04PM
PR Newswire (US)
NEW YORK, Jan. 29 /PRNewswire-FirstCall/ -- Lazare Kaplan
International Inc. (the "Company") announced today that, pursuant
to a Letter dated January 25, 2010 (the "Letter") it received from
NYSE Regulation (the "Staff") on behalf of NYSE AMEX LLC (the
"Exchange"), the Staff granted the Company an extension until May
31, 2010 (the "Extension Period") to regain compliance with the
Exchange's continued listing standards. The Company will be subject
to periodic review by the Staff during the Extension Period.
Failure of the Company to make progress consistent with the Plan or
to regain compliance with the continued listing standards by the
end of the Extension Period could result in the Company being
delisted from the Exchange. As previously announced by the Company,
on December 31, 2009, the Company submitted to the Staff, on behalf
of the Exchange, a supplement to its Plan of Compliance originally
submitted to the Staff on October 7, 2009 (the "Plan"), requesting
an extension of the Exchange's delisting deadline to May 31, 2010.
Additionally, the Letter also related to the Company's failure to
timely file its Quarterly Report on Form 10-Q (the "Q2 Form 10-Q")
for the quarter ended November 30, 2009. The Company filed with the
Securities and Exchange Commission a Notification of Late Filing on
Form 12b-25 pertaining to its Quarterly Report on Form 10-Q (the
"Q2 Form 10-Q") for the quarter ended November 30, 2009. The
Company has yet to file the Q2 Form 10-Q. In the Letter, the Staff
informed the Company that the timely filing of the Q2 Form 10-Q is
a condition for the Company' continuing listing on the Exchange, as
required by Sections 134 and 1101 of the Exchange's Company Guide
(the "Company Guide"). The Company's failure to file the Q2 Form
10-Q is a material violation of its listing agreement with the
Exchange. Pursuant to 1003(d) of the Company Guide, the Exchange is
authorized to suspend, and unless prompt corrective action is
taken, remove the Company's common stock from the Exchange. Lazare
Kaplan International Inc. sells its diamonds and jewelry products
through a worldwide distribution network. The Company is noted for
its ideal cut diamonds, which it markets internationally under the
brand name, Lazare Diamonds®. Except for historical information
contained herein, the statements in this release are
forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties which may cause the Company's actual results in
future periods to differ materially from forecasted results. Those
risks include a softening of retailer or consumer acceptance of, or
demand for, the Company's products, pricing pressures, adequate
supply of rough diamonds, liquidity, inability to make progress
consistent with the Plan, and other competitive factors. These and
other risks are more fully described in the Company's filings with
the Securities and Exchange Commission. The information contained
in this press release is accurate only as of the date issued.
Investors should not assume that the statements made in these
documents remain operative at a later time. Lazare Kaplan
International Inc. undertakes no obligation to update any
information contained in this news release. DATASOURCE: Lazare
Kaplan International Inc. CONTACT: Edward Nebb of Comm-Counsellors,
LLC for Lazare Kaplan International Inc., +1-203-972-8350
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