Salton, Inc. Announces NYSE Non-Compliance Notice
24 May 2006 - 7:27AM
Business Wire
Salton, Inc. (NYSE:SFP) today announced that it has been notified
by the New York Stock Exchange (NYSE) that it is not in compliance
with the NYSE's continued listing standards. Salton is considered
"below criteria" by the NYSE because over a consecutive 30 day
trading period, its total market capitalization and its
shareholders' equity were each less than $75 million. In accordance
with the continued listing criteria set forth by the NYSE, the
Company intends to present a plan to the NYSE within the 45 day
required timeframe demonstrating how it intends to comply with the
continued listing standards. About Salton, Inc. Salton, Inc. is a
leading designer, marketer and distributor of branded, high quality
small appliances, electronics, home decor and personal care
products. Its product mix includes a broad range of small kitchen
and home appliances, electronics for the home, time products,
lighting products, picture frames and personal care and wellness
products. The Company sells its products under a portfolio of well
recognized brand names such as Salton(R), George Foreman(R),
Westinghouse(TM), Toastmaster(R), Melitta(R), Russell Hobbs(R),
Farberware(R), Ingraham(R) and Stiffel(R). It believes its strong
market position results from its well-known brand names, high
quality and innovative products, strong relationships with its
customer base and its focused outsourcing strategy. Certain matters
discussed in this press release are forward-looking statements that
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in the
forward-looking statements. These factors include: Salton's ability
to realize the benefits it expects from its U.S. restructuring
plan; Salton's substantial indebtedness and restrictive covenants
in Salton's debt instruments; Salton's ability to access the
capital markets on attractive terms or at all; Salton's
relationship and contractual arrangements with key customers,
suppliers and licensors; pending legal proceedings; cancellation or
reduction of orders; the timely development, introduction and
customer acceptance of Salton's products; dependence on foreign
suppliers and supply and manufacturing constraints; competitive
products and pricing; economic conditions and the retail
environment; international business activities; the risks related
to intellectual property rights; the risks relating to regulatory
matters and other risks and uncertainties detailed from time to
time in Salton's Securities and Exchange Commission Filings.
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