YAVNE, Israel, January 12, 2017 /PRNewswire/ --
G. Willi-Food International Ltd. (NASDAQ: WILC) (the
"Company" or "Willi-Food"), a global company that
specializes in the development, marketing and international
distribution of kosher foods, announced today that, on January 10, 2017, it received a letter from the
Listing Qualifications Department of the Nasdaq Stock Market
("Nasdaq") notifying the Company that it is no longer in compliance
with Nasdaq Listing Rule 5620(a) because it did not hold an annual
meeting of shareholders within twelve months of the end of the
Company's fiscal year ended December 31,
2015.
The letter states that the Company has 45 calendar days, or
until February 24, 2017, to submit a
plan to regain compliance, and if Nasdaq accepts the plan, it can
grant an exception of up to 180 calendar days from the fiscal year
ended December 31, 2016, or until
June 29, 2017, to regain
compliance.
The Company intends to submit to NASDAQ, within the requisite
time, a plan to regain compliance.
About G. Willi-Food International Ltd.
G. Willi-Food International Ltd. (http://www.willi-food.com) is
an Israeli-based company specializing in high-quality,
great-tasting kosher food products. Willi-Food is engaged directly
and through its subsidiaries in the design, import, marketing and
distribution of over 600 food products worldwide. As one of
Israel's leading food importers,
Willi-Food markets and sells its food products to over 1,500
customers in Israel and around the
world including large retail and private supermarket chains,
wholesalers and institutional consumers. The Company's operating
divisions include Willi-Food in Israel and Gold Frost, a wholly owned
subsidiary who designs, develops and distributes branded kosher,
dairy-food products.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements within
the meaning of safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to future events or our
future performance, such as statements regarding trends, demand for
our products and expected sales, operating results, and earnings.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied in those forward-looking
statements. These risks and other factors include but are not
limited to: monetary risks including changes in marketable
securities or changes in currency exchange rates- especially
the NIS/U.S. Dollar exchange rate, payment default by
any of our major clients, the loss of one of more of our key
personnel, changes in laws and regulations, including those
relating to the food distribution industry, and inability to meet
and maintain regulatory qualifications and approvals for our
products, termination of arrangements with our suppliers, in
particular Arla Foods, loss of one or more of our principal
clients, increase or decrease in global purchase prices of food
products, increasing levels of competition in Israel and other markets in which we do
business, changes in economic conditions in Israel, including in particular economic
conditions in the Company's core markets, our inability to
accurately predict consumption of our products and changes in
consumer preferences, our inability to protect our intellectual
property rights, our inability to successfully integrate our recent
acquisitions, insurance coverage not sufficient enough to cover
losses of product liability claims and risks associated with
product liability claims. We cannot guarantee future results,
levels of activity, performance or achievements. The matters
discussed in this press release also involve risks and
uncertainties summarized under the heading "Risk Factors" in the
Company's Annual Report on Form 20-F for the year ended
December 31, 2015,
filed with the Securities and Exchange Commission on April
28, 2016. These factors are updated from
time to time through the filing of reports and registration
statements with the Securities and Exchange Commission. We do not
assume any obligation to update the forward-looking information
contained in this press release.
Company Contact:
G. Willi - Food International Ltd.
Pavel Buber, CFO and Secretary
(+972)8-932-1000
pavel@willi-food.co.il
SOURCE G. Willi-Food International Ltd.