Modtech Holdings Inc. Receives Extension From Nasdaq to File Form 10-K and Form 10-Q
14 Juni 2005 - 10:05PM
Business Wire
Modtech Holdings, Inc. (Company) (Nasdaq:MODTE) announced that a
Nasdaq Listing Qualifications Panel has granted the Company's
request for continued listing of the Company's securities on The
Nasdaq National Market provided the Company files both its Annual
Report on Form 10-K for the fiscal year ended December 31, 2004,
and its Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2005, on or before July 15, 2005. The Company must also
comply with all other continued listing requirements of The Nasdaq
National Market. The Company announced on April 6, 2005, that it
had received a Nasdaq Staff Determination letter stating that, as
result of its failure to file with the SEC its Annual Report on
Form 10-K for the fiscal year ended December 31, 2004, in a timely
fashion, it was not in compliance with the Nasdaq requirements for
continued listing and its securities were subject to being
delisting from The Nasdaq National Market. As permitted by Nasdaq
rules, the Company made a timely request for a hearing before a
Nasdaq Listing Qualifications Panel where it requested an extension
to file both its Annual Report on Form 10-K and its Quarterly
Report on Form 10-Q. The fifth character "E" will remain appended
to the Company's symbol until the Company is in full compliance
with Nasdaq's continued listing requirements. The Company is
continuing to work with its auditors to complete and file its 10-K
and 10-Q reports by the July 15, 2005, deadline established by the
Panel. The Company intends to make every effort to meet this
deadline, but cannot be certain that it will do so. If the Company
is unable to comply with the conditions for continued listing
required by the Panel, then the Company's securities will be
subject to immediate delisting from The Nasdaq National Market.
About Modtech Holdings, Inc. Modtech(TM) is a leading national
designer and manufacturer of modular buildings, both permanent and
relocatable. In the school industry, the Company has advanced
typical modular buildings technology to greater dimensions of
flexibility and architectural integrity. Modtech(TM) has
substantial product and geographic diversification throughout the
southwestern states and a growing presence in Florida and Texas.
Modtech's commercial and industrial buildings are sold to a diverse
end-user market and may be leased through national, regional, and
local dealers. The Company also designs and manufactures modular
buildings to customer specifications for a wide variety of uses.
Safe Harbor Disclaimer This press release contains certain
statements of a forward-looking nature which are made pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements typically are
identified by the use of terms such as "may," "will," "should,"
"might," "believe," "expect," "anticipate," "estimate," "plan"
"intend" and similar words, although some forward-looking
statements may be expressed differently. The forward-looking
statements made involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. For a further discussion of such
factors, please refer to the Company's filings with the Securities
and Exchange Commission. The forward-looking statements in this
press release are made as of the date hereof and the Company
assumes no obligation to update such statements.
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