Peet's Coffee & Tea, Inc. Announces Update Regarding Stock Option Grants
November 22 2006 - 4:11PM
PR Newswire (US)
EMERYVILLE, Calif., Nov. 22 /PRNewswire-FirstCall/ -- Peet's Coffee
& Tea, Inc. (NASDAQ:PEET) today announced that it will request
a hearing before the NASDAQ Listing Qualifications Panel in
response to the receipt of a NASDAQ Staff Determination letter
indicating that the Company is not in compliance with the filing
requirements for continued listing as set forth in Marketplace Rule
4310(c)(14). As anticipated, the letter was issued in accordance
with NASDAQ procedures due to the Company's failure to file its
Form 10-Q for the quarter ended October 1, 2006. Pending a decision
by the Panel, the Company's shares will remain listed on The NASDAQ
Global Select Market. As previously announced by the Company on
November 7, 2006, an Option Review Committee consisting of two
independent members of its Board of Directors is conducting a
voluntary review of the Company's stock option practices from 1996
through the current fiscal year. As a result of the ongoing review,
the Company has been unable to file its Quarterly Report on Form
10-Q for the quarter ended October 1, 2006. ABOUT PEET'S COFFEE
& TEA, INC. Founded in Berkeley, Calif., in 1966, Peet's Coffee
& Tea, Inc. is a specialty coffee roaster and marketer of
fresh, deep-roasted whole bean coffee for home and office
enjoyment. Peet's fresh-roasted coffee, hand-selected tea and
related items are sold in several distribution channels including
grocery, home delivery, office and food service accounts and
company-owned stores throughout the United States. For information
about Peet's Coffee & Tea, Inc., visit http://www.peets.com/ or
call 1-800-999-2132. Peet's Coffee & Tea, Inc. shares are
traded under the symbol PEET. DATASOURCE: Peet's Coffee & Tea,
Inc. CONTACT: media, Jennifer Strasburg of Weber Shandwick,
+1-415-449-0125, or ; or investors, Susie Phillips of Peet's Coffee
& Tea, Inc., +1-510-594-2196, or Web site:
http://www.peets.com/
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