Griffin Receives Nasdaq Notice Regarding Non-Compliance with Form 10-Q Filing Requirements
October 18 2005 - 9:21AM
PR Newswire (US)
NEW YORK, Oct. 18 /PRNewswire-FirstCall/ -- Griffin Land &
Nurseries, Inc. (NASDAQ:GRIFE) ("Griffin") today announced that on
October 14, 2005 it received notice from The Nasdaq Stock Market,
Inc. that due to Griffin's failure to file its quarterly report on
Form 10-Q for the thirteen weeks ended August 27, 2005 on a timely
basis as required by Nasdaq Marketplace Rule 4310(c)(14), Griffin's
common stock is subject to potential delisting from The Nasdaq
Stock Market. The delay in filing this report is the result of the
previously announced restatement of Griffin's consolidated
financial statements for the fiscal years ended November 29, 2003
and November 27, 2004 and the thirteen weeks ended February 26,
2005. Griffin was notified on September 8, 2005 that it was subject
to potential delisting as a result of the failure to timely file
its quarterly report on Form 10-Q for the thirteen weeks ended May
28, 2005. In response to that notice, Griffin appeared before a
Nasdaq Listings Qualifications Panel (the "Panel") on October 6,
2005 and requested the Panel grant to Griffin a thirty- day
exception to Marketplace Rule 4310(c)(14). Griffin expects to
complete the restatement and file its quarterly reports on Form
10-Q for the thirteen weeks ended August 27, 2005 and May 28, 2005
within the requested thirty-day period. Griffin's appeal to the
Panel automatically stayed the delisting of the Company's common
stock pending the Panel's review and determination. There can be no
assurance that the Panel will grant Griffin's request for continued
listing. Griffin's common stock will remain listed on The Nasdaq
National Market during the pendency of the Panel's review and
determination. Griffin operates a real estate business under its
Griffin Land division and a landscape nursery business, Imperial
Nurseries, Inc. Forward-Looking Statements: This Press Release
includes "forward-looking statements" within the meaning of Section
27A of the Securities Act and Section 21E of the Exchange Act.
Although Griffin believes that its plans, intentions and
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such plans, intentions or
expectations will be achieved. The projected information disclosed
herein is based on assumptions and estimates that, while considered
reasonable by Griffin as of the date hereof, are inherently subject
to significant business, economic, competitive and regulatory
uncertainties and contingencies, many of which are beyond the
control of Griffin. CONTACT: Anthony Galici Chief Financial Officer
(860) 653-4541 DATASOURCE: Griffin Land & Nurseries, Inc.
CONTACT: Anthony Galici, Chief Financial Officer of Griffin,
+1-860-653-4541
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