Updated on 9 May 2013
The company was advised that it was subject to the procedures and requirements of Section 1009 of the company guide as a result of the delinquent filings. In addition, it was advised that if the company did not bring it back into compliance with all of the exchange's continued listing standards within the timeframe provided or did not make progress consistent with the Plan during such plan period, the exchange staff would initiate delisting proceedings as appropriate.
The company was unable to file its Form 10-K and Form 10-Q pursuant to the plan. Due to new developments resulting in company's failure to meet the milestones set in the plan, on April 12, 2013, the company submitted an amended compliance plan and requested an extension until June 15, 2013 to regain compliance. Subsequently on April 24, 2013, the company requested an additional extension of its compliance end date to July 15, 2013.
In light of the company's failure to make progress consistent with the Plan and review of materials provided and discussions with the company and its representatives, the request for an extension of its compliance end date to July 15, 2013 was denied. The exchange indicated in the Delisting Notice that it did not believe the company has provided a reasonable demonstration of its ability to regain compliance in such timeframe.