Nasdaq Approves StockerYale's Compliance Plan and Grants Extension for StockerYale to Regain Compliance with the Minimum Stockholders' Equity Requirements
SALEM, N.H.--(BUSINESS WIRE)--StockerYale, Inc. (NASDAQ: STKR - News) today announced that Nasdaq believes that StockerYale has provided a definitive plan evidencing its ability to achieve and sustain compliance with Nasdaq's minimum $10,000,000 stockholders' equity rule. Accordingly, the Nasdaq Staff has determined to grant StockerYale an extension of time to evidence compliance with the minimum stockholders' equity rule.
Under the terms of the extension, StockerYale must furnish to the SEC and Nasdaq, on or before January 19, 2007, a publicly available report providing specified disclosures and affirmations, including a description of the completed transaction or event that enabled the Company to satisfy the stockholders' equity requirement for continued listing. StockerYale intends to furnish a report to the SEC and Nasdaq on or before January 19, 2007 describing its acquisition of Photonic Products Ltd. on October 31, 2006.
"We believe StockerYale has already achieved compliance with the $10,000,000 minimum stockholders' equity standard as a result of our acquisition of Photonic Products Ltd.," said Marianne Molleur, StockerYale's Chief Financial Officer. "Photonic's audited financial statements and pro forma financial information will be filed on an amended Form 8-K on or before January 16, 2007. We are confident that the financial statements and pro forma financial information will demonstrate that StockerYale has met the minimum stockholders' equity standard since October 31, 2006," added Molleur.
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 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 most recent quarterly report 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.