XELR8 Holdings Receives AMEX Notice Regarding Noncompliance With Continued Listing Standards
September 11 2008 - 7:30AM
PR Newswire (US)
DENVER, Sept. 11 /PRNewswire-FirstCall/ -- XELR8 Holdings, Inc.
(AMEX: BZI), a provider of functional foods, beverages and
nutritional supplements, announced today that it had received a
notice from The American Stock Exchange (AMEX) dated September 5,
2008 stating that the Company is not in compliance with certain
continued listing standards of the AMEX Company Guide.
Specifically, the Company is not in compliance with Section
1003(a)(i) of the Company Guide because the Company's stockholders'
equity was less than $2,000,000 and it had losses from continuing
operations and net losses in two of the last three most recent
fiscal years. The notice is based on a review by the AMEX of
XELR8's Form 10-Q for the quarter ended June 30, 2008, which
publicly disclosed the financial status of the Company at that
time. XELR8 must submit a plan by October 6, 2008 advising AMEX of
the actions it has taken, or will take, that would bring XELR8 into
compliance with Sections 1003(a)(i) of the Company Guide by May 5,
2010. The Company is taking steps to prepare and submit such a plan
to AMEX on or before October 6, 2008. Failure to submit a plan, or
if the plan is not accepted, the Company could be subject to
delisting procedures. "We highly value our listing on the AMEX and
shareholders can expect that we'll properly prepare a Compliance
Plan to address the issues outlined by the AMEX in order to regain
full compliance in a timely fashion," stated Mr. John Pougnet,
Chief Executive Officer of XELR8. "In the event we are unable to
regain full compliance, we will continue to provide a market for
our Company's common stock by listing our shares on the OTC
Bulletin Board," continued Mr. Pougnet. The Listings Qualifications
Department of AMEX will evaluate our plan and determine whether it
reasonably demonstrates our ability to regain compliance with the
continued listing standards within 18 months. If AMEX accepts our
plan, we may be able to continue our listing during the plan period
provided that we make progress consistent with our plan and comply
with other applicable AMEX listing qualifications. If we fail to
submit a satisfactory plan or fail to make progress consistent with
the plan accepted by the AMEX, AMEX may initiate delisting
procedures. During the plan period, we will be subject to periodic
review to determine whether we are making progress consistent with
the plan. In the event the AMEX doesn't accept our plan or the
Company does not satisfy the listing requirements, the Company's
common stock will continue to be traded on the OTC Bulletin Board,
therefore providing the Company's shareholders with continued
liquidity for their common stock. About XELR8 Holdings, Inc. XELR8
Holdings, Inc. is a provider of nutritional foods and beverages
designed to help enhance physical health and overall performance.
XELR8 has developed a comprehensive line of nutritional supplements
and functional foods designed in systems that are easy to take,
simple to understand, and conveniently fit within a lifestyle.
These include the Company's flagship product, Bazi(TM), a powerful,
concentrated, antioxidant (Vitamins A, C & E) nutritional drink
packed with eight different super fruits and berries, including the
Chinese jujube plus 12 vitamins and 68 minerals, providing all the
daily vitamins and minerals you need in a single, convenient,
one-ounce shot. XELR8's commitment to quality, science and research
has earned the Company a loyal following of over 350 world-class
athletes and an elite list of endorsers, such as 3-time World
Series Champion Curt Schilling, five-time Cy Young Award Winner
Randy Johnson; Super Bowl Champions Mike Alstott, Lawyer Milloy and
Head Coach Mike Shanahan; professional football superstar Cadillac
Williams; Olympians Briana Scurry and Caroline Lalive; Stanley Cup
Winner Blake Sloan; and PGA Tour Professional Tom Pernice, Jr.
XELR8 products are only available through independent distributors
located throughout the nation. For more information about XELR8,
please visit http://www.xelr8.com/ or http://www.drinkbazi.com/
Forward-looking Statements This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including prospects for
XELR8's distribution network. Actual results may differ from those
discussed in such forward-looking statements. These forward-looking
statements include risks and uncertainties that include the
Company's ability to attract and retain distributors; changes in
demand for the Company's products; changes in the level of
operating expenses; changes in general economic conditions that
impact consumer behavior and spending; product supply; the
availability, amount, and cost of capital for the Company; and the
Company's use of such capital. More information about factors that
potentially could affect the Company's financial results is
included in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-KSB for the year
ended December 31, 2007 and all subsequent filings. Certain
statements in this release regarding the Company's agreements are
in accordance with the guidelines established by the Federal Trade
Commission for endorsements in advertising. Contacts: Stephen D.
Axelrod, CFA John Pougnet, CEO Alisa Steinberg (Media) XELR8
Holdings, Inc. Wolfe Axelrod Weinberger Assoc. LLC (303) 316-8577
(212) 370-4500 DATASOURCE: XELR8 Holdings, Inc. CONTACT: Stephen D.
Axelrod, CFA, , or Alisa Steinberg (Media), , both of Wolfe Axelrod
Weinberger Assoc. LLC, +1-212-370-4500; or John Pougnet, CEO, XELR8
Holdings, Inc., +1-303-316-8577, Web site: http://www.xelr8.com/
http://www.drinkbazi.com/
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