ALEXANDRIA, Va., March 21 /PRNewswire-FirstCall/ -- Halifax Corporation of
Virginia. (Amex: HX), an enterprise logistics and maintenance solutions
company announced today it has received a letter from the American Stock
Exchange which indicated that we do not meet certain of the American Stock
Exchange's continued listing standards. Specifically, we are not in
compliance because our stockholders equity is less than $4.0 million and we
have had losses from continuing operations and/or a net loss in three out of
four of our most recent fiscal years.
The Company must achieve compliance by September 14, 2008 and must provide
the American Stock Exchange with a specific plan to achieve and sustain
compliance with the listing standards by April 14, 2008. If we either fail to
submit a plan or if we submit a plan and the staff of the American Stock
Exchange determines that it does not adequately address these issues, we may
be subject to delisting proceedings. Furthermore, if our plan is accepted but
we are not in compliance with the continued listing standards at the
conclusion of the plan period or if we do not make progress consistent with
the plan during the plan period, the staff of the American Stock Exchange will
initiate delisting proceedings as appropriate. We may appeal the staff
determination to initiate delisting proceedings.
The Company expects to submit a plan to the American Stock Exchange to
regain compliance with the continued listing standards on or before April 14,
2008.
Founded in 1967, Halifax Corporation is an enterprise logistics and
maintenance solutions company providing a wide range of technology services to
commercial and government customers throughout the United States. The
Company's principal products are enterprise logistics solutions and high
availability hardware maintenance services. More information on Halifax can
be found at www.hxcorp.com.
Certain statements made by the Company which are not historical facts may
be considered forward-looking statements, including, without limitation,
statements as to trends, management's beliefs, views, expectations and
opinions, which are based upon a number of assumptions concerning future
conditions that ultimately may prove to be inaccurate. Such forward-looking
statements are subject to risks and uncertainties and may be affected by
various factors described in the Risk Factors Section in the Company's Annual
Report on Form 10-K that may cause actual results to differ materially from
those in the forward-looking statements. For further information that could
affect the Company's financial statements, please refer to the Company's
reports filed with the Securities and Exchange Commission.
SOURCE Halifax Corporation