On June 13, 2011, the Exchange notified the Company that suspension of its securities from the Exchange will occur on June 14, 2011, prior to the opening of the market. In addition, the Exchange will file an application with the Securities and Exchange Commission to strike the Company's common stock from listing and registration on the Exchange when and if authorized.
The Company does not believe that its common stock is currently eligible to be quoted on the OTC Markets Group after delisting from the Exchange. When, and if, the Company is able to file its delinquent reports and become current in its periodic filing obligations, the Company's common stock may become eligible for quotation. However, there can be no assurance that the Company's common stock will ever be, or be eligible to be, quoted.
On April 5, 2011, the Company received a notification from NYSE Amex of its intention to delist the Company's common stock pursuant to Section 1009(d) of the Amex Company Guide based on a determination that it is necessary and appropriate for the protection of investors to initiate immediate delisting proceedings. Based on Amex's review of the resignation letter from MaloneBailey, it determined that the Company is not in compliance with Amex listing standards and is therefore subject to immediate delisting. Specifically, the Company is subject to delisting pursuant to Section 1003(f)(iii) in that the Company's actions and inactions led to MaloneBailey's resignation and withdrawal of its audit opinions casting material doubt on the integrity of the Company's financial statements, which were relied upon by Amex. The Company has until April 12, 2011 a limited right to request an appeal. If the Company does not request an appeal by then, then the decision will become final and Amex will submit an application to the SEC to strike the Company's common stock from listing. If the Company requests an appeal, then such request will stay a delisting action. The Company intends to appeal the delisting determination. There can be no assurance that the Company's request for continued listing will be granted, or even if it is granted, the Company will be able to execute upon such request in a timely manner or to the satisfaction of Amex.