ATLANTA, Nov. 24, 2014 /PRNewswire/ -- Roberts Realty
Investors, Inc. (NYSE/MKT:RPI) announces that the Company received
a notice of noncompliance from the NYSE MKT stock exchange (the
"Exchange") on November 20,
2014. The notice advised the Company that it was not in
compliance with Sections 134 and 1101 of the Exchange's
Company Guide (the "Company Guide") due to the Company's failure to
timely file with the SEC its quarterly report on Form 10-Q for the
quarter ended September 30, 2014 (the
"Form 10-Q"). In addition, the Exchange asserted in the
notice that the Company's failure to file the Form 10-Q in a timely
manner is a material violation of its listing agreement with the
Exchange. Under the Exchange's rules, the Company has until
December 5, 2014 to submit a plan
advising the Exchange of action it has taken, or will take, that
would bring the Company back into compliance with Sections 134 and
1101 of the Company Guide by no later than February 18, 2015. The Company intends to
submit such a plan to the Exchange on or before December 5, 2014.
The Exchange will evaluate the plan and determine whether the
Company has made a reasonable demonstration in the plan of an
ability to regain compliance with the applicable continued listing
standards by February 18, 2015, in
which case the plan will be accepted and the Company will have
until February 18, 2015 to regain
compliance with the continued listing standards. The Company
will be subject to periodic review by Exchange staff during the
plan period. Failure to make progress consistent with the
plan or to regain compliance with the continued listing standards
by the end of the plan period could result in the Company being
delisted from the Exchange. Currently, the Company expects to
file the Form 10-Q with the SEC before February 18, 2015.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as
amended. Some of the forward-looking statements relate to our
intent, belief, or expectations regarding our filing a compliance
plan with the Exchange on or before December
5, 2014, the acceptance of that plan by the Exchange, and
the completion of that plan on or before February 18, 2015, including the filing of the
Form 10-Q before that date. These statements involve risks
and uncertainties that include: whether the Company will in fact be
able to prepare and submit a compliance plan to the Exchange on or
before December 5, 2014, whether the
Exchange will accept that plan, and whether the Company will be
able to complete its compliance with that plan no later than
February 18, 2015, including filing
the Form 10-Q before that date. For these forward-looking
statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. For more information about
other risks and uncertainties we face, please see the sections in
our most recent annual report on Form 10-K and our most recent
quarterly report on Form 10-Q entitled "Risk Factors."
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SOURCE Roberts Realty Investors, Inc.