CORRECTING & REPLACING Jamba, Inc. Receives Nasdaq Audit Committee Deficiency Notification & Compliance Letter; Changes Audit...
April 28 2009 - 7:02PM
Business Wire
First graph, second sentence of release should read:�Nasdaq�s
position was that because Steven R. Berrard, a former member of the
audit committee, had served as the company's Interim Chief
Executive Officer for an approximately four-month period starting
in August 2008 xxx (sted xxx four-month period starting in August
2009 xxx).
The corrected release reads:
JAMBA, INC. RECEIVES NASDAQ AUDIT
COMMITTEE DEFICIENCY NOTIFICATION AND COMPLIANCE LETTER; CHANGES
AUDIT COMMITTEE COMPOSITION
Company Now in Compliance
Jamba, Inc. (NASDAQ:JMBA; NASDAQ:JMBAU; NASDAQ:JMBAW) announced
today that the company received a letter on April 28, 2009 from the
Nasdaq Stock Market indicating that the company had previously not
been in compliance with Nasdaq�s audit committee requirements as
set forth in Marketplace Rule 5605(c)(2) (the �Rule�) related to
independence of members of the audit committee. Nasdaq�s position
was that because Steven R. Berrard, a former member of the audit
committee, had served as the company's Interim Chief Executive
Officer for an approximately four-month period starting in August
2008, Mr. Berrard was not independent as required by the Rule since
his signing of required Sarbanes Oxley certifications for the
Company�s Form 10-Q filings during such period was viewed by Nasdaq
as having participated in the preparation of the Company�s
financial statements.
On April 27, 2009, Mr. Berrard resigned from the audit
committee. On that same day, the Board of Directors of the company
determined that Richard L. Federico satisfied the criteria of
independence for purposes of the Rule and appointed Mr. Federico to
the audit committee. Mr. Federico has served on the company's board
of directors since November 2006 and previously served on the audit
committee. Mr. Berrard will continue to serve as Chairman of the
Board and a member of the company's board of directors.
In light of the actions taken by the company, Nasdaq�s letter
stated that the company is now in compliance with the Rule and that
Nasdaq now considers the matter to be closed.
About Jamba, Inc.
Jamba, Inc. (NASDAQ:JMBA) (NASDAQ:JMBAU) (NASDAQ:JMBAW) is a
holding company and through its wholly-owned subsidiary, Jamba
Juice Company, owns and franchises JAMBA JUICE� stores. JAMBA JUICE
is the leading blender of fruit and other naturally healthy
ingredients. Founded in 1990, Jamba strives to inspire and simplify
healthy living for its customers and employees. As of February 20,
2009, JAMBA JUICE had 733 stores, of which 510 were company-owned
and operated. For the nearest location or a complete menu including
our new oatmeal made with organic, steel cut oats and served with
fruit and brown sugar crumble, visit the JAMBA JUICE website at
www.jamba.com or call 1-866-4R-FRUIT.
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