StockerYale, Inc. to Transfer to The NASDAQ Capital Market
SALEM, N.H.--(BUSINESS WIRE)--StockerYale, Inc. (NASDAQ: STKR - News), a leading designer and manufacturer of structured light lasers, LED modules and specialty optical fibers for industrial OEMs, medical and defense markets, today announced that it intends to transfer the listing of its common stock from The NASDAQ Global Market to The NASDAQ Capital Market.The Company believes that the lower cost and listing requirements of The NASDAQ Capital Market are more appropriate for a business of its size and is in keeping with recent steps taken to streamline operating expenses. StockerYale plans to file its transfer application with The NASDAQ Stock Market, Inc. on or before April 18, 2008. The transfer is expected to take place later this month and its ticker symbol will remain “STKR”.
StockerYale received a notice on April 3, 2008 from NASDAQ indicating that given its stockholders’ equity of $9,499,000 as of December 31, 2007, the Company is not in compliance with the minimum $10,000,000 stockholders’ equity requirement for continued listing on The NASDAQ Global Market set forth in Marketplace Rule 4450(a)(3). While NASDAQ has offered the Company the opportunity to submit a plan for regaining compliance with this requirement, as indicated above, the Company has determined to proceed with a transfer of its listing to The NASDAQ Capital Market. As was previously disclosed, the Company received a notice on December 31, 2007 from the NASDAQ indicating that the Company was not in compliance with the minimum bid price requirement of $1.00. In connection with that notice, NASDAQ granted the Company a grace period which expires on June 25, 2008.
About StockerYale
StockerYale, Inc., headquartered in Salem, New Hampshire, is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical fibers for industry leading OEMs. In addition, the company manufactures fluorescent lighting products and phase masks. The Company serves a wide range of markets including the machine vision, industrial inspection, defense, telecommunication, sensors, and medical markets. StockerYale has offices and subsidiaries in the U.S., Canada, and Europe. For more information about StockerYale and their innovative products, visit the Company's web site at www.stockeryale.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including without limitation, those with respect to StockerYale's goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: uncertainty that cash balances may not be sufficient to allow StockerYale to meet all of its business goals; uncertainty that StockerYale's new products will gain market acceptance; the risk that delays and unanticipated expenses in developing new products could delay the commercial release of those products and affect revenue estimates; the risk that one of our competitors could develop and bring to market a technology that is superior to those products that we are currently developing; and StockerYale's ability to capitalize on its significant research and development efforts by successfully marketing those products that the Company develops. Forward-looking statements represent management's current expectations and are inherently uncertain. You should also refer to the discussion under "Factors Affecting Operating Results" in StockerYale's annual report on Form 10-KSB and the Company’s quarterly reports on Form 10-QSB for additional matters to be considered in this regard. Thus, actual results may differ materially. All Company, brand, and product names are trademarks or registered trademarks of their respective holders. StockerYale undertakes no duty to update any of these forward-looking statements.
Contact:
The Piacente Group
(Investor Relations Counsel, StockerYale)
Sanjay M. Hurry,
212-481-2050
sanjay@tpg-ir.com