GRIFE Griffin Land & Nurseries (MM)

NEW YORK, Oct. 18 /PRNewswire-FirstCall/ -- Griffin Land & Nurseries, Inc. (NASDAQ:GRIFE) ("Griffin") today announced that on October 14, 2005 it received notice from The Nasdaq Stock Market, Inc. that due to Griffin's failure to file its quarterly report on Form 10-Q for the thirteen weeks ended August 27, 2005 on a timely basis as required by Nasdaq Marketplace Rule 4310(c)(14), Griffin's common stock is subject to potential delisting from The Nasdaq Stock Market. The delay in filing this report is the result of the previously announced restatement of Griffin's consolidated financial statements for the fiscal years ended November 29, 2003 and November 27, 2004 and the thirteen weeks ended February 26, 2005. Griffin was notified on September 8, 2005 that it was subject to potential delisting as a result of the failure to timely file its quarterly report on Form 10-Q for the thirteen weeks ended May 28, 2005. In response to that notice, Griffin appeared before a Nasdaq Listings Qualifications Panel (the "Panel") on October 6, 2005 and requested the Panel grant to Griffin a thirty- day exception to Marketplace Rule 4310(c)(14). Griffin expects to complete the restatement and file its quarterly reports on Form 10-Q for the thirteen weeks ended August 27, 2005 and May 28, 2005 within the requested thirty-day period. Griffin's appeal to the Panel automatically stayed the delisting of the Company's common stock pending the Panel's review and determination. There can be no assurance that the Panel will grant Griffin's request for continued listing. Griffin's common stock will remain listed on The Nasdaq National Market during the pendency of the Panel's review and determination. Griffin operates a real estate business under its Griffin Land division and a landscape nursery business, Imperial Nurseries, Inc. Forward-Looking Statements: This Press Release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Although Griffin believes that its plans, intentions and expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such plans, intentions or expectations will be achieved. The projected information disclosed herein is based on assumptions and estimates that, while considered reasonable by Griffin as of the date hereof, are inherently subject to significant business, economic, competitive and regulatory uncertainties and contingencies, many of which are beyond the control of Griffin. CONTACT: Anthony Galici Chief Financial Officer (860) 653-4541 DATASOURCE: Griffin Land & Nurseries, Inc. CONTACT: Anthony Galici, Chief Financial Officer of Griffin, +1-860-653-4541

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