Law Enforcement Associates Receives Notice From American Stock Exchange Regarding Stockholders' Equity Deficiency
19 September 2008 - 12:48AM
Marketwired
Law Enforcement Associates Corporation (LEA) (AMEX: AID) today
announced that on Sept. 12, 2008, it received notice from the
American Stock Exchange informing the Company that it is not in
compliance with Section 1003(a)(ii) of the Exchange's Company Guide
because LEA does not have stockholders' equity of $4,000,000 and
has sustained losses from continuing operations and net losses in
three of its four most recent fiscal years. In addition, the
Exchange stated that it is appropriate that the Company implement a
reverse split of its common stock.
The notice goes on to state that the Company must submit a plan
to the Exchange by Oct. 13, 2008, advising of what actions LEA has
taken or will take to bring the Company into compliance with the
continued listing standards identified in the letter. If the plan
is accepted, the Company may be able to continue its listing during
the plan period or the AMEX may decide to delist the Company. In
that event, the Company's common stock would be listed on the Over
the Counter Bulletin Board.
"Our board of directors has reviewed this letter, and is
convening a meeting next week to address these issues. We intend to
establish a go forward strategy we believe is in the best interest
of LEA and its shareholders," said Paul Feldman, president of
LEA.
About Law Enforcement Associates Corporation
LEA is a leading security and surveillance technology company
that manufactures and markets a diverse product line to the
worldwide law enforcement, military, security and corrections
markets. The company's Audio Intelligence Devices (AID) division
has been serving the law enforcement sector for more than 30 years
and is one of the most respected names in the surveillance
equipment industry. LEA's products are used by a wide variety of
government and non-governmental agencies, as well as public and
private companies. These include military bases, nuclear
facilities, embassies, government installations, oil refineries,
United Nations and NATO locations. LEA's products have been used at
high-profile events such as the Summer & Winter Olympics, Super
Bowl, U.S. Golf Championship, and the Democratic and Republican
National Conventions. Its products include the Under Vehicle
Inspection System (UVIS), Smith & Wesson-branded UVIS Swift,
EDK123 (Explosive Detection Kit), Bloodhound and Birddog GPS
Tracking Systems, Graffiti Cam, Letter-bomb Visualizer Spray, and a
wide variety of Audio & Video Surveillance Equipment.
Headquartered in Youngsville, N.C., the company has been featured
in many industry publications and websites. For more information,
please visit www.leacorp.com.
Forward-Looking Information:
The statements in this news release contain forward-looking
information within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements that use words such as "believe,"
"anticipate," "estimate," "intend," "could," "plan," "expect,"
"project," "predict," "forecast," "outlook," "potential,"
"continue," "may," "future," "can," "enhance," and "should," or the
negative of these, as well as similar expressions, can be used to
identify forward-looking statements. Such forward-looking
statements involve certain risks, assumptions and uncertainties,
including the inability to generate and secure the necessary
product sales, or the lack of acceptance of the company's products
by its customers. In each case actual results may differ materially
from such forward-looking statements. The company does not
undertake to publicly update or revise its forward-looking
statements even if experience or future changes make it clear that
any projected results (expressed or modified) will not be
realized.
CONTACT: Pfeiffer High Investor Relations, Inc. Geoff High
303-393-7044
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