MINNEAPOLIS, May 25, 2018 /PRNewswire/ -- Appliance Recycling
Centers of America, Inc. (Nasdaq: ARCI) ("ARCA" or the "company"),
a leading provider of appliance recycling services, previously
announced that it was delaying the filing of its Quarterly Report
on Form 10-Q for the period ended March 31,
2018 to allow the company's independent registered public
accounting firm sufficient time to complete their work on the
review of the company's financial statements.
In connection with the delayed Form 10-Q, on May 22, 2018, ARCA received a standard notice
from NASDAQ stating that the company is not in compliance with
NASDAQ Listing Rule 5250(c)(1), which requires timely filing of
periodic financial reports with the Securities and Exchange
Commission. The Nasdaq notice has no immediate effect on the
listing or trading of ARCA's common stock on the Nasdaq Capital
Market. Under Nasdaq's listing rules, ARCA has until June 18, 2018
to submit a plan to regain compliance. If the plan is accepted,
ARCA can be granted an exception until September 26, 2018, to
regain compliance. ARCA expects to submit a plan to regain
compliance or file its Form 10-Q within the timeline prescribed by
Nasdaq.
About ARCA
Appliance Recycling Centers of America, Inc. and subsidiaries
("ARCA") are in the business of recycling major household
appliances in North America by
providing turnkey appliance recycling and replacement services for
utilities and other sponsors of energy efficiency programs. In
addition, through its GeoTraq Inc. subsidiary, a development stage
company, ARCA is engaged in the development, design and,
ultimately, ARCA expects the sale of, cellular transceiver modules,
also known as Cell-ID modules.
Forward Looking Statements
This press release contains statements that are forward-looking
statements as defined within the Private Securities Litigation
Reform Act of 1995, including statements regarding ARCA's ability
to file its Form 10-Q within the timelines prescribed by Nasdaq and
the sale by GeoTraq of Cell-ID modules. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from the statements made,
including the risks associated with the general economic
conditions, competition in the retain and recycling industries and
regulatory risks. Other factors that could cause operating and
financial results to differ are described in ARCA's periodic
reports filed with the Securities and Exchange Commission
("Commission"). Other risks may be detailed from time to time in
reports to be filed with the Commission.
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SOURCE Appliance Recycling Centers of America, Inc.