Navarre Regains Compliance With NASDAQ Listing Requirements
November 22 2005 - 4:59PM
PR Newswire (US)
Trading Symbol to Change to 'NAVR' on Friday, November 25, 2005
MINNEAPOLIS, Nov. 22 /PRNewswire-FirstCall/ -- Navarre Corporation
(NASDAQ:NAVRE), a publisher and distributor of a broad range of
home entertainment and multimedia software products, announced
today that it has been notified by The NASDAQ Stock Market in a
letter dated November 22, 2005 that it has regained compliance with
applicable requirements for continued listing on The NASDAQ
National Market. Accordingly, Navarre's trading symbol will be
changed from "NAVRE" to "NAVR" effective with the open of the
market on Friday, November 25, 2005. As previously announced on
November 16, 2005, NASDAQ had notified Navarre that it was not in
compliance with its filing requirements, since the financial
statements included in the Quarterly Report on Form 10-Q for the
quarter ended September 30, 2005 had not been reviewed by the
Company's auditors in accordance with Statement on Auditing
Standards No. 100, and since the Form 10-Q did not include the
requisite certifications under Sections 302 and 906 under the
Sarbanes-Oxley Act of 2002. NASDAQ's determination that Navarre has
regained compliance with the requirements for continued listing was
based on the Company's filing of an amended Form 10-Q for the
quarter ended September 30, 2005, which complied with the auditor
review and certification requirements. Also, as announced on
November 21, 2005, the Company filed amendments to the Form 10-K
for the fiscal year ended March 31, 2005 and the quarter ended June
30, 2005 to reflect the restatement of the Company's financial
statements for the years ending March 31, 2005 and 2004, for the
period ended March 31, 2003, and for unaudited quarterly financial
data for the periods ended June 30, 2004, September 30, 2004,
December 31, 2004 and June 30, 2005. As a result of Navarre's
receipt of this notice from NASDAQ, it will not be required to
request a hearing before a NASDAQ Listing Qualifications Panel.
Accordingly, this NASDAQ compliance matter has now been closed and
Navarre's securities will continue to be listed on The NASDAQ
National Market. About Navarre Corporation Navarre Corporation
(NASDAQ:NAVRE) is a publisher and distributor of a broad range of
home entertainment and multimedia products, including PC software,
CD audio, DVD and VHS video, video games and accessories. Since its
founding in 1983, the company has established distribution
relationships with customers across a wide spectrum of retail
channels which includes mass merchants, discount, wholesale club,
office and music superstores, military and e-tailers nationwide.
The company currently provides its products to over 18,000 retail
and distribution center locations throughout the United States and
Canada. Navarre has recently expanded its business to include the
licensing and publishing of home entertainment and multimedia
content, primarily through the acquisitions of Encore Software,
Inc., BCI Eclipse Company, LLC, FUNimation Productions, Ltd. and
The FUNimation Store, Ltd. For more information, please visit the
company's web site at http://www.navarre.com/ . Safe Harbor The
statements in this press release that are not strictly historical
are "forward-looking" statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and are intended to be covered by the safe
harbors created by these sections. The forward-looking statements
are subject to risks and uncertainties and the actual results that
the Company achieves may differ materially from these
forward-looking statements due to such risks and uncertainties,
including, but not limited to: potential restatements related to
the Company's review of application of FIN 46(R) to third party
entities or relationships; the Company's revenues being derived
from a small group of customers; the Company's dependence on
significant vendors; the Company's dependence upon software
developers and manufacturers and popularity of their products; the
Company's ability to maintain and grow its exclusive distribution
business through agreements with music labels; the Company's
dependence upon a key employee and its Founder, namely, Eric H.
Paulson, Chairman of the Board, President and Chief Executive
Officer; the Company's ability to attract and retain qualified
management personnel; uncertain growth in the publishing segment;
the acquisition strategy of the Company, including the successful
integration of FUNimation, could disrupt other business segments
and/or management; the seasonality and variability in the Company's
business and that decreased sales during peak season could
adversely affect its results of operations; the Company's ability
to meet its significant working capital requirements related to
distributing products; the Company's ability to avoid excessive
inventory return and obsolescence losses; the potential for
inventory values to decline; the Company's credit exposure due to
reseller arrangements or negative trends which could cause credit
loss; the Company's ability to adequately and timely adjust cost
structure for decreased demand; the Company's ability to compete
effectively in distribution and publishing, which are highly
competitive industries; the Company's dependence on third- party
shipping of its product; the Company's dependence on information
systems; technological developments, particularly in the electronic
downloading arena which could adversely impact sales, margins and
results of operations; increased counterfeiting or piracy which
could negatively affect demand for the Company's products; the
Company may not be able to protect its intellectual property;
interruption of the Company's business or catastrophic loss at a
facility which could curtail or shutdown its business; the
potential for future terrorist activities to disrupt operations or
harm assets; significant Company stock volatility; the exercise of
outstanding warrants and options adversely affecting stock price;
the Company's anti-takeover provisions, its ability to issue
preferred stock and its staggered board may discourage takeover
attempts beneficial to shareholders; because the Company does not
intend to pay dividends, stock appreciation may yield the only
return on an investment in Company stock; and the Company's
directors may not be personally liable for certain actions which
may discourage shareholder suits against them. Other than the
initial risk stated above, a detailed statement of risks and
uncertainties is contained in the Company's reports to the
Securities and Exchange Commission, including in particular the
Company's Form 10-K and Form 10-K/A for the year ended March 31,
2005. Investors and shareholders are urged to read this document
carefully. The Company can offer no assurances that any
projections, assumptions or forecasts made or discussed in this
release, Navarre Regains Compliance with NASDAQ Listing
Requirements, dated November 22, 2005, will be met, and investors
should understand the risks of investing solely due to such
projections. The Company undertakes no obligation to revise any
forward- looking statements in order to reflect events or
circumstances that may arise after the date of this press release.
Investors and shareholders may obtain free copies of the public
filings through the website maintained by the SEC at
http://www.sec.gov/ or at one of the SEC's other public reference
rooms in Washington D.C., New York, New York or Chicago, Illinois.
Please call the SEC at 1-800-SEC-0330 for further information with
respect to the SEC's public reference rooms. DATASOURCE: Navarre
Corporation CONTACT: Haug Scharnowski, Vice President Corporate
Relations of Navarre Corporation, +1-763-535-8333, or Web site:
http://www.navarre.com/
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