FARO Reports Positive Nasdaq Hearing Decision
May 09 2006 - 4:30PM
PR Newswire (US)
LAKE MARY, Fla., May 9 /PRNewswire-FirstCall/ -- FARO Technologies,
Inc. (NASDAQ:FARO) announced today that it has received from the
Nasdaq Listing Qualifications Panel a determination granting the
Company's request for continued listing on the Nasdaq National
Market ("Market"). Nasdaq's determination is subject to the
condition that FARO files on or before June 30, 2006, its Form 10-K
for the year ended December 31, 2005 and its Form 10-Q for the
quarter ended March 31, 2006. More generally, FARO must be able to
demonstrate compliance with all requirements for continued listing
on the Market and must provide to Nasdaq prompt notification of any
significant events that occur until June 30, 2006. As a result of
the Company's ongoing internal investigation to determine the
extent of any improper payments and possible deficiencies in its
books and records and internal controls with respect to operations
in China and the Asia/Pacific region, in possible violation of the
anti-bribery, books and records and internal controls provisions of
the Foreign Corrupt Practices Act, the Company expects to file a
Form 12b-25 on May 11, 2006 indicating that it will not file its
Form 10-Q for the first quarter of 2006 on that day. The Company
expects that it will satisfy the June 30, 2006 deadline as provided
by Nasdaq for filing its Form 10-K for the year ended December 31,
2005 and its Form 10-Q for the first quarter of 2006.
Forward-Looking Statements This press release contains
forward-looking statements (within the meaning of the Private
Securities Litigation Reform Act of 1995) that are subject to risks
and uncertainties, such as statements about our plans, objectives,
projections, expectations, assumptions, strategies, or future
events. Statements that are not historical facts or that describe
the Company's plans, objectives, projections, expectations,
assumptions, strategies, or goals are forward-looking statements.
In addition, words such as "may," "believes," "anticipates,"
"expects," "intends," "plans," "seeks," "estimates," "will,"
"should," "could," "projects," "forecast," "target," "goal," and
similar expressions or discussions of our strategy or other
intentions identify forward-looking statements. Other written or
oral statements, which constitute forward-looking statements, also
may be made by the Company from time to time. Forward-looking
statements are not guarantees of future performance and are subject
to various known and unknown risks, uncertainties, and other
factors that may cause actual results, performances, or
achievements to differ materially from future results,
performances, or achievements expressed or implied by such
forward-looking statements. Consequently, undue reliance should not
be placed on these forward-looking statements. Factors that could
cause actual results to differ materially from what is expressed or
forecasted in forward-looking statements include, but are not
limited to: * The inability for the Company to file the Company's
Annual Report on Form 10-K, and its first quarter report on Form
10-Q by the June 30, 2006 deadline given by the Nasdaq Listing
Qualifications Panel; and * The other risks detailed in the
Company's Annual Report on Form 10-K and other filings from time to
time with the Securities and Exchange Commission. Forward-looking
statements in this release represent the Company's judgment as of
the date of this release. The Company undertakes no obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events, or otherwise. About FARO With
more than 9,100 installations and 4,100 customers globally, FARO
Technologies, Inc. and its international subsidiaries design,
develop, and market software and portable, computerized measurement
devices. The Company's products allow manufacturers to perform 3-D
inspections of parts and assemblies on the shop floor. This helps
eliminate manufacturing errors, and thereby increases productivity
and profitability for a variety of industries in FARO's worldwide
customer base. Principal products include the FARO TrackArm; FARO
Laser ScanArm; FARO Laser Scanner LS; FARO Gage and Gage- PLUS;
Platinum, Digital Template, Titanium, Advantage FaroArms; the FARO
Laser Tracker X and Xi; and the CAM2 family of advanced CAD-based
measurement and reporting software. FARO Technologies is ISO-9001
and ISO-1702 certified. DATASOURCE: FARO Technologies, Inc.
CONTACT: Greg Fraser, Executive VP of FARO Technologies,
+1-407-333-9911 Web site: http://www.faro.com/
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