Santa Monica Media Corporation Plan of Compliance Regarding March 31, 2009 Form 10-Q Delinquency Accepted by Exchange
July 17 2009 - 3:00AM
Business Wire
Santa Monica Media Corporation (NYSE AMEX: MEJ.U)�(NYSE AMEX:
MEJ)�(NYSE AMEX: MEJ.WS) announced today that on July 13, 2009, the
Company received notice from the NYSE Amex LLC (�Exchange�)
indicating that it accepted the Company�s plan of compliance and
granted the company an extension until August 21, 2009 to regain
compliance with the continued listing standards. The Company will
be subject to periodic review by Exchange Staff during the
extension period. Failure 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 NYSE Amex LLC.
On May 21, 2009, Santa Monica Media Corporation (the �Company�)
received notice from the NYSE Amex LLC (�Exchange�) indicating that
it was below certain continued listing standards of the Exchange,
specifically that the Company had not filed its Form 10-Q for the
period ended March 31, 2009, as set forth in Sections 134 and 1101
of the Exchange�s Company Guide. In addition, the Company�s failure
to timely file this report is a material violation of its listing
agreement with the Exchange, and therefore pursuant to Section
1003(d) of the Company Guide, the Exchange is authorized to
suspend, and unless prompt corrective action is taken, remove the
Company�s securities from the Exchange.
The Company is awaiting approval from
the Securities and Exchange Commission on its amended preliminary
proxy filed May 15, 2009, indicating the Company�s intention,
subject to the final approval of the SEC and approval of
shareholders at a meeting to be held as soon as practicable, to
liquidate the trust and distribute the trust assets to its
shareholders. Upon distribution of the trust proceeds, the Company
intends to voluntarily delist its stock from trading on the
Exchange.
This release contains forward-looking statements including
financial projections as to operating cost savings and the
Company�s plans. These forward-looking statements are not
historical facts but rather are based on current expectations and
projections about the Company and management�s beliefs and
assumptions. Words such as �may,� �will,� �anticipates,� �expects,�
�intends,� �plans,� �believes,� � seeks� and �estimates� and
variations of these words and similar expressions are intended to
identify forward-looking statements. The Company�s actual results
may differ materially from those projected in these forward-looking
statements as a result of a number of factors. Readers of this
release are cautioned not to place undue reliance on these
forward-looking statements.
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