Anaren Confirms Compliance with Nasdaq Listing Standard in Response to Deficiency Notification
November 20 2007 - 11:00AM
PR Newswire (US)
SYRACUSE, N.Y., Nov. 20 /PRNewswire-FirstCall/ -- Anaren, Inc. (the
"Company", Nasdaq Symbol: ANEN) today announced that the Company
had received a Nasdaq Staff Deficiency Letter dated November 14,
2007, indicating that Nasdaq had determined that from August 30,
2007 through November 3, 2007 the Company was not in compliance
with Marketplace Rule 4350(c)(4) (the "Rule"), which requires that
nominating committees be comprised solely of independent directors.
The failure to meet the independent director requirement set forth
in the Rule was a result of the board of directors of the Company
determining that Robert U. Roberts, ceased to be an independent
director due to the Company engaging in sales to SRCTec, Inc., a
wholly owned subsidiary of Syracuse Research Corporation, of which
Mr. Roberts is the President and Chief Executive Officer. In its
November 14, 2007 letter, Nasdaq Staff indicated that the Company
had regained compliance with the Rule as a result of board action
taken on November 3, 2007. The Company's nominating committee is
currently comprised solely of independent directors and, as a
result, Nasdaq Staff has determined that the matter is now closed.
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Forward-Looking Statements The statements contained in this news
release which are not historical information are "forward-looking
statements". These statements involve risks and uncertainties that
could cause actual results to differ materially from those
discussed. You are encouraged to review Anaren's 2007 Annual Report
on Form 10-K for the fiscal year ended June 30, 2007, Form 10-Q for
the first Quarter ended September 30, 2007 and exhibits to those
Reports filed with the Securities and Exchange Commission to learn
more about the various risks and uncertainties facing Anaren's
business and their potential impact on Anaren's revenue, earnings
and stock price. Unless required by law, Anaren disclaims any
obligation to update or revise any forward-looking statement.
Company Background Anaren designs, manufactures and sells complex
microwave signal distribution networks and components for the
wireless communications, satellite communications and defense
electronics markets. For more information on Anaren's products,
visit our Web site at http://www.anaren.com/.
http://www.newscom.com/cgi-bin/prnh/20021022/NYTU197LOGO
http://photoarchive.ap.org/ DATASOURCE: Anaren, Inc. CONTACT: David
M. Ferrara, Secretary, General Counsel, or Lawrence A. Sala,
President and CEO, or Joseph E. Porcello, Sr. VP of Finance,
+1-315-362-0503, all of Anaren, Inc. Web site:
http://www.anaren.com/
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