DENVER, Jan. 26 /PRNewswire-FirstCall/ -- On January 19, 2005, Ultimate
Electronics, Inc. (Nasdaq: ULTEQ) received a notification from the Listing
Qualifications Department at The Nasdaq Stock Market, Inc. (Nasdaq) that it is
in material noncompliance with Marketplace Rules 4350(i)(1)(B),
4350(i)(D)(ii), 4310(c)(17)(D), 4350(c)(1), 4350(d)(2), 4330 and 4450(f) for
continued listing on Nasdaq.
The notification does not by itself result in immediate delisting of the
Company's securities. As discussed in the Company's Current Report on Form
8-K filed December 28, 2004, the Company previously requested a hearing with
the Nasdaq Listing Qualifications Panel in connection with a notice of
violation of Marketplace Rule 4310(c)(14). An oral hearing is scheduled for
January 27, 2005, at which the additional deficiencies listed above will be
considered. There can be no assurance that the Panel will grant the Company's
request for continued listing.
Certain statements made in this news release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are made based upon management's current
expectations and beliefs concerning future developments and their potential
effects upon the Company. These forward-looking statements include statements
regarding the potential outcome of that hearing. Actual results may differ
materially from those included in the forward-looking statements due to a
number of factors, including, but not limited to, the outcome of the hearing
before the Nasdaq Listing Qualifications Panel; and other risk factors
identified in the Company's Annual Report on Form 10-K for the fiscal year
ended January 31, 2004, the Company's Quarterly Report on Form 10-Q for the
quarter ended October 31, 2004 and other filings with the Securities and
Exchange Commission. There can be no assurance that future developments
affecting the Company will be those anticipated by management. The Company
disclaims any obligation to update or revise any of the forward-looking
statements that are in this news release.
About Ultimate Electronics, Inc. (Nasdaq: ULTEQ)
Ultimate Electronics is a leading specialty retailer of home entertainment
and consumer electronics products in 14 states. The Company operates
65 stores, including 54 stores in Arizona, Idaho, Illinois, Iowa, Kansas,
Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and
Utah under the trade name Ultimate Electronics(R) and 11 stores in Colorado
under the trade name SoundTrack(R). In addition, the Company operates Fast
Trak Inc., an independent electronics repair company and a wholly owned
subsidiary of Ultimate Electronics.
For further information, please contact: Investor Relations Department,
Ultimate Electronics, Inc. at 303-412-2500 (ext. 2640) or 1-800-260-2660
(ext. 2640) or e-mail shareholder@ulte.com.
SOURCE Ultimate Electronics
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CONTACT:
Investor Relations Department of Ultimate
Electronics, Inc., +1-303-412-2500, ext. 2640, or
+1-800-260-2660, ext. 2640, shareholder@ulte.com
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