ALEXANDRIA, Va., March 21 /PRNewswire-FirstCall/ -- Halifax Corporation
of Virginia. (Amex: HX), an enterprise logistics and maintenance solutions
company announced today it has received a letter from the American Stock
Exchange which indicated that we do not meet certain of the American Stock
Exchange's continued listing standards. Specifically, we are not in
compliance because our stockholders equity is less than $4.0 million and we
have had losses from continuing operations and/or a net loss in three out
of four of our most recent fiscal years.
The Company must achieve compliance by September 14, 2008 and must
provide the American Stock Exchange with a specific plan to achieve and
sustain compliance with the listing standards by April 14, 2008. If we
either fail to submit a plan or if we submit a plan and the staff of the
American Stock Exchange determines that it does not adequately address
these issues, we may be subject to delisting proceedings. Furthermore, if
our plan is accepted but we are not in compliance with the continued
listing standards at the conclusion of the plan period or if we do not make
progress consistent with the plan during the plan period, the staff of the
American Stock Exchange will initiate delisting proceedings as appropriate.
We may appeal the staff determination to initiate delisting proceedings.
The Company expects to submit a plan to the American Stock Exchange to
regain compliance with the continued listing standards on or before April
14, 2008.
Founded in 1967, Halifax Corporation is an enterprise logistics and
maintenance solutions company providing a wide range of technology services
to commercial and government customers throughout the United States. The
Company's principal products are enterprise logistics solutions and high
availability hardware maintenance services. More information on Halifax can
be found at http://www.hxcorp.com.
Certain statements made by the Company which are not historical facts
may be considered forward-looking statements, including, without
limitation, statements as to trends, management's beliefs, views,
expectations and opinions, which are based upon a number of assumptions
concerning future conditions that ultimately may prove to be inaccurate.
Such forward-looking statements are subject to risks and uncertainties and
may be affected by various factors described in the Risk Factors Section in
the Company's Annual Report on Form 10-K that may cause actual results to
differ materially from those in the forward-looking statements. For further
information that could affect the Company's financial statements, please
refer to the Company's reports filed with the Securities and Exchange
Commission.
SOURCE Halifax Corporation
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Related links:
http://www.hxcorp.com
CONTACT:
Tammy Erwin of Halifax Corporation,
+1-703-658-2422, terwin@hxcorp.com
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