Synergx Systems Inc. Receives Nasdaq Staff Deficiency Letter
31 March 2007 - 7:00AM
PR Newswire (US)
SYOSSET, N.Y., March 30 /PRNewswire/ -- Synergx (Nasdaq Small Cap:
SYNX) received a Nasdaq Staff Deficiency Letter on March 28, 2007
indicating the Nasdaq Staff's belief that SYNX had failed to comply
with the director nominating committee requirements for continued
listing set forth in Marketplace Rule 4350(c)(4). The Synergx Board
of Directors strongly disagrees with the Nasdaq Staff's finding of
deficiency. The Rule requires that "Director nominees must either
be selected, or recommended for the Board's selection, either by:
(i) a majority of the independent directors, or (ii) a nominations
committee comprised solely of independent directors". The Synergx
Board of Directors, including all of the independent directors,
unanimously approved the nominations presented in the most recent
proxy. On March 21, 2007, the Synergx Board of Directors
unanimously approved a resolution to adopt the Nasdaq nominating
committee requirements. Accordingly, in the opinion of the Nasdaq
Staff, Synergx has regained compliance. Synergx is engaged in the
design, manufacture, marketing and service of a variety of data
communication products and systems with applications in the fire
alarm, life safety, security and communication industries. For
further information about Synergx please go to our website at
http://www.synergxsystems.com/ "Safe Harbor" statement under the
Private Securities Reform Act of 1995: This release contains
forward-looking statements, which reflect management's current
views of future events and operations. These forward-looking
statements are based on assumptions and external factors, including
assumptions relating to product pricing, competitive market
conditions, financial data, and other risks or uncertainties
detailed from time to time in the Company's filings with the
Securities and Exchange Commission. These forward-looking
statements represent the Company's judgment as of the date of this
release and any changes in the assumptions of external factors
could produce significantly different results. DATASOURCE: Synergx
Systems Inc. CONTACT: John Poserina, Chief Financial Officer,
Synergx Systems Inc., +1-516-433-4700
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