EMRISE Corporation Announces Receipt of NYSE Arca
Compliance Letter with Possible 6 Months to Cure
January 11, 2010 02:28 PM Eastern Time
RANCHO CUCAMONGA, Calif.--(EON: Enhanced Online News)--EMRISE CORPORATION (NYSE Arca:ERI) , a mult
manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that on Janu
Company received a letter, (the “Notice”) from the staff of NYSE Arca, Inc. (the “Staff”) indicating that the Company’s common st
share does not comply with the minimum $1.00 price required for continued listing by NYSE Arca Equities Rule 5.5(h)(4) because
Company’s common stock has been less than $1.00 since November 17, 2009 and on each of the 30 consecutive trading days im
the Notice.
The Company is required to notify the NYSE Arca within 10 business days of receipt of the Notice of its intent to cure its complian
including specific steps that the Company will undertake to cure such deficiency (the “Plan”), or it will be subject to suspension and
procedures. On January 11, 2010, the Company submitted a Plan to the NYSE Arca. The Company’s Plan discusses the fact that i
Group, is currently in the hands of a US Federal Court appointed bankruptcy receiver at the request of the Securities and Exchange
result of fraud allegations brought by the Commission against the PEM Group and Danny Pang, its founder and principal. Specificall
Plan to achieve compliance with the NYSE Arca’s continued listing standards within a maximum six-month period from the date of t
predicated on it paying all outstanding obligations to its current lender through the sale of assets, in conjunction with which, the Com
stock price may recover above the $1.00 per share price level. The price condition will be deemed cured if the price exceeds $1.0
price remains above this level for at least 30 trading days within the six month cure period.
If the NYSE Arca accepts the Company’s request for the suspension of delisting, the Company’s common stock will continue to be
NYSE