Natrol Receives Letter from Nasdaq; Company Ceased Compliance with Nasdaq Rule Requiring a Majority of Independent Directors
21 June 2006 - 6:59AM
Business Wire
Natrol, Inc. (NASDAQ:NTOL), a leading manufacturer and distributor
of nationally branded nutritional products, today announced the
receipt of a Nasdaq Staff Deficiency Letter on June 15, 2006
indicating that the company no longer is in compliance with
Nasdaq's Marketplace Rule 4350(c)(1) requiring that the company
have a majority of independent directors. Natrol ceased compliance
with Rule 4350(c)(1) as a result of the expiration of Mr. Vernon
Brunner's term as a director as of June 8, 2006, the date of
Natrol's annual meeting of stockholders. Natrol's board of
directors is currently comprised of six directors, three of whom
are independent as defined under Nasdaq's listing requirements.
Natrol intends to fill the vacancy on the board of directors and
appoint one additional independent director as promptly as
possible. About Natrol Founded in 1980, Natrol, Inc. (NASDAQ:NTOL)
is a diversified nutrition company that manufactures and markets
premium-branded nutritional products, herbal teas and sports
fitness products under the Natrol(R), Laci Le Beau(R) and Prolab(R)
brands. Natrol markets more than 200 nutritional products designed
to meet a wide range of consumer needs. The products are available
at more than 54,000 food, drug, mass market and independent health
food stores, catalogs and Internet sites, gyms and specialty stores
nationally and in select foreign countries. For more information,
visit www.natrol.com. The statements made in this press release
which are not historical facts including statements regarding
expectations for future growth of revenue and profits and trends
concerning net sales, are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
As a result of a number of factors, the Company's actual results
could differ materially from those set forth in the forward-looking
statements. Certain factors that might cause Natrol's actual
results to differ materially from those set forth in the
forward-looking statements include adverse trends in the dietary
supplements industry, intense competition, adverse effects of
unfavorable publicity regarding particular products or the
Company's industry generally, the Company's dependence on the
introduction of successful new products, the Company's ability to
gain market share and shelf space in each of its distribution
channels, the Company experiencing high rates of product returns,
and adverse government regulation, as well as those factors set
forth under the heading "Risk Factors" in the Company's Annual
Report on Form 10-K for the year ended December 31, 2005 and in the
Company's other filings with Securities and Exchange Commission.
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