StockerYale Receives Nasdaq Deficiency Notice Related to Minimum Stockholders' Equity
SALEM, N.H.--(BUSINESS WIRE)--StockerYale, Inc. (NASDAQ: STKR - News) today announced that it received a notice on November 16, 2006 from the Nasdaq Stock Market indicating that given its stockholders’ equity of $9,598,000 as of September 30, 2006, 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). The issuance by Nasdaq of such letters is standard procedure when a listed company does not meet the minimum stockholders’ equity standard. This notification has no effect on the listing of the Company's common stock at this time.
Nasdaq has indicated that the Company has until December 1, 2006 to submit a specific plan to achieve and sustain compliance with all Nasdaq Global Market listing requirements, including the minimum stockholders’ equity standard.
The Company expects to submit a compliance plan on or prior to December 1, 2006. The Company expects that its compliance plan will show that as a result of the Company’s acquisition of Photonic Products Limited on October, 31, 2006, the Company regained compliance with the minimum stockholders’ equity standard.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 or contact StockerYale, Inc., at 32 Hampshire Rd., Salem, NH, 03079. Call 800-843-8011, Fax 603-893-5604, Email: .
Notice to Investors:
This press release may contain 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 that do not give full weight to all the potential risks confronting StockerYale, and which are dependent upon a number of factors outside of StockerYale's control. Reliance should not be placed on forward looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases, beyond the control of StockerYale, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. 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.