The Sands Regent Receives Notice of Potential Delisting Due to Delayed Quarterly Filing, Plans to Request Hearing
May 24 2006 - 7:00PM
PR Newswire (US)
RENO, Nev., May 24 /PRNewswire-FirstCall/ -- The Sands Regent
(NASDAQ:SNDS) announced that, on May 23, 2006, the Company received
notice from The NASDAQ Stock Market, Inc. Listing Qualifications
Staff that the Company's securities are subject to potential
delisting from The NASDAQ Stock Market as of June 1, 2006 due to
the Company's failure to file its quarterly report on Form 10-Q for
the three months ended March 31, 2006 on a timely basis. On May 5,
2006, the Company filed a Form 8-K with the Securities and Exchange
Commission indicating a delay in the filing of its Form 10-Q for
the three months ended March 31, 2006 pending completion of a
restatement of its interim financial statements for the three
months ended September 30, 2005 and for the three months and six
months ended December 31, 2005. The Company currently cannot
estimate when it may file its Form 10-Q for the three months ended
March 31, 2006, but will do so as soon as practicable following
completion of the restatement of previously issued financial
statements. Because of this delay, the Company is not in compliance
with NASDAQ Marketplace Rule 4310(c)(14), which requires the timely
filing with NASDAQ of all reports and other documents filed or
required to be filed with the Securities and Exchange Commission.
The Company expects to make a timely request for hearing before a
NASDAQ Listing Qualifications Panel to request continued listing on
The NASDAQ Capital Market until the Company files its Form 10-Q for
the three months ended March 31, 2006. In its notification letter,
the NASDAQ Listing Qualifications Staff informed the Company that
this request will result in a postponement of the delisting pending
the Panel's decision. However, the Company can provide no assurance
that the Panel will grant its request for continued listing. About
The Sands Regent The Sands Regent owns and operates the Sands
Regency Casino and Hotel in downtown Reno, Nevada, Gold Ranch
Casino and RV Resort in Verdi, Nevada, Rail City Casino in Sparks,
Nevada and the Depot Casino and the Red Hawk Sports Bar in Dayton,
Nevada. The Sands Regency is an 833-room hotel and casino with
29,000 square feet of gaming space offering table games, a sports
book, poker room, keno, bingo and slot machines. In addition to the
amenities and on-site brand name restaurants, the Company's
property also includes a 12,000 square foot convention and meeting
center which seats close to 1,000 people. For further information,
visit http://www.sandsregency.com/. The Gold Ranch Casino and RV
Resort is located in Verdi, Nevada, twelve miles west of Reno. Gold
Ranch offers slot machines in an 8,000 square foot casino, a sports
book, two restaurants, a 105-space RV park, a California lottery
station, an ARCO gas station and a convenience store. Web site:
http://www.goldranchrvcasino.com/. Rail City Casino, located in
Sparks, Nevada, has approximately 16,600 square feet of gaming
space housing slot machines, table games, keno, a sports book, and
the City Cafe family-style restaurant. Located near Victorian
Square at 2121 Victorian Avenue in Sparks, it is the first casino a
motorist encounters when exiting Interstate 80 at the Rock
Boulevard exit (Exit 16). Web site: http://www.railcity.com/. On
September 1, 2005, The Sands Regent completed the acquisition of
two privately held casino properties in Dayton, NV, the Depot
Casino and the Red Hawk Sports Bar. The Depot Casino has
approximately 16,000 square feet of restaurant and casino space
with 250 slots, two restaurants and two bars. The Red Hawk Sports
Bar, across the street from Depot Casino, has 33 slots, a
convenience store and a bar. This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements contained in this release are based on current
expectations and entail various risks and uncertainties that could
cause actual results to differ materially from those suggested in
the forward-looking statements. Such risks and uncertainties
include, among others, the filing of the Company's quarterly report
on Form 10-Q for the period ended March 31, 2006, compliance with
NASDAQ listing requirements, the potential de-listing of the
Company's securities, the future performance of the Company's
management team, general economic financial and business
conditions, overall conditions in the gaming and entertainment
industries, our ability to successfully integrate the operations of
casinos that we acquire and realize the expected benefits of these
acquisitions, and other factors discussed in our Annual Report on
Form 10-K for the year ended June 30, 2005, subsequent Forms 10-Q,
and other filings with the Securities and Exchange Commission.
There can be no assurance that the Company's subsequent processes,
such as the filing of its quarterly report for the period ended
March 31, 2006, or compliance with additional NASDAQ listing
requirements, will be completed or that the Company will retain its
listing on The NASDAQ Capital Market. In addition, the Company's
financial results and stock price may suffer as a result of a
NASDAQ delisting determination. The Sands is providing this
information as of the date of this release and does not undertake
any obligation to update any forward-looking statements contained
in this document as a result of new information, future events or
otherwise. Contact: Ferenc B. Szony, President and Chief Executive
Officer The Sands Regent (775) 348-2210 or Sean Collins, Partner
CCG Investor Relations (310) 477-9800 DATASOURCE: The Sands Regent
CONTACT: Ferenc B. Szony, President and Chief Executive of The
Sands Regent, +1-775-348-2210; or Sean Collins, Partner of CCG
Investor Relations, +1-310-477-9800, for The Sands Regent Web site:
http://www.railcity.com/ Web site:
http://www.goldranchrvcasino.com/ Web site:
http://www.sandsregency.com/
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