US Dataworks Receives AMEX Notice Regarding Noncompliance With Continued Listing Standards
July 29 2008 - 4:10PM
PR Newswire (US)
SUGAR LAND, Texas, July 29 /PRNewswire-FirstCall/ -- US Dataworks,
Inc. (AMEX:UDW), announced today that it had received a notice from
The American Stock Exchange (AMEX) dated July 23, 2008 stating that
the Company is not in compliance with certain continued listing
standards of the AMEX Company Guide. Specifically, the Company is
not in compliance with Section 1003(a)(ii) and 1003(a)(iii) of the
Company Guide because the Company's stockholders' equity was less
than $4,000,000 and it had losses from continuing operations and
net losses in three of the last four most recent fiscal years, and
because its stockholders' equity was less than $6,000,000 and the
Company had losses from continuing operations and net losses in the
last five most recent fiscal years. In addition, AMEX advised the
Company that, in accordance with Section 1003(f)(v) of the Company
Guide, the Company must effect a reverse stock split to address its
low stock price. Failure to effect a reverse split within a
reasonable amount of time could result in suspension or delisting
of the Company's common stock. The notice is based on a review by
the AMEX of US Dataworks' Form 10-KSB for the year ended March 31,
2008, which publicly disclosed the financial status of the Company
at that time. US Dataworks must submit a plan by August 22, 2008
advising AMEX of the actions it has taken, or will take, that would
bring US Dataworks into compliance with Sections 1003(a)(ii) and
1003(a)(iii) of the Company Guide within a maximum of 18 months
from the date of the notice. The Company is taking steps to prepare
and submit such a plan to AMEX on or before August 22, 2008. The
Listings Qualifications Department of AMEX will evaluate our plan
and determine whether it reasonably demonstrates our ability to
regain compliance with the continued listing standards within 18
months. If AMEX accepts our plan, we may be able to continue our
listing during the plan period provided that we make progress
consistent with our plan and comply with other applicable AMEX
listing qualifications. If we fail to submit a satisfactory plan or
fail to make progress consistent with the plan accepted by the
AMEX, AMEX may initiate delisting procedures. During the plan
period, we will be subject to periodic review to determine whether
we are making progress consistent with the plan. Failure to submit
a plan, or if the plan is not accepted, the Company could be
subject to delisting procedures. Furthermore, if the plan is
accepted but the Company is not in compliance with all the
continued listing standards by January 22, 2010, the Company could
be subject to delisting procedures. About US Dataworks, Inc. US
Dataworks is a developer of payment processing solutions, focused
on the Financial Services market, Federal, State and local
governments, billers and retailers. Software developed by US
Dataworks is designed to enable organizations to transition from
traditional paper-based payment and billing processes to electronic
solutions that automate end-to-end processes for accepting and
clearing checks. Except for the historical information contained
herein, the matters set forth in this press release, including, but
not limited to, statements regarding US Dataworks' intent to submit
a plan to AMEX, the timing of such submission and the potential
outcomes regarding continued listing on AMEX, are forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including, but
not limited to, our ability to timely submit our plan, whether the
plan will be approved, our ability to continue to comply with other
continued listing standards and our ability to effect a reverse
stock split, and other risks detailed from time to time in the SEC
reports of US Dataworks, including its annual report on Form 10-KSB
for the year ended March 31, 2008. These forward-looking statements
speak only as of the date hereof. US Dataworks disclaims any
obligation to update these forward-looking statements. CONTACTS:
Charles Ramey, CEO Donald C. Weinberger/Alisa Steinberg (media) US
Dataworks, Inc. Wolfe Axelrod Weinberger Assoc. LLC (281) 504-8100
Tel. (212) 370-4500 Fax (212) 370-4505 DATASOURCE: US Dataworks,
Inc. CONTACT: Charles Ramey, CEO of US Dataworks, Inc.,
+1-281-504-8100; or media, Donald C. Weinberger or Alisa Steinberg,
both of Wolfe Axelrod Weinberger Assoc. LLC, +1-212-370-4500, or
fax, +1-212-370-4505, for US Dataworks, Inc. Web site:
http://www.usdataworks.com/
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