MOBILE, Ala., April 24 /PRNewswire/ -- Integrity Incorporated
(Nasdaq: ITGR) announced in its Annual Report on Form 10-K for the year ended
December 31, 1997, that the Company had failed to meet one of the new
requirements for maintenance of the listing of its shares on the Nasdaq
National Market. This new requirement states that the value of its publicly
traded shares be $5 million. The 11 new listing and maintenance requirements
went into effect February 23, 1998. Integrity further indicated it had
elected to transfer its listing to the Nasdaq SmallCap Market.
The Company has 90 days to regain compliance with the new maintenance
requirement. Once the 90-day period expires on May 28, 1998, the Company has
several review procedures available. During the review process, the Company's
stock would continue to trade on the Nasdaq National Market.
The Company has decided to suspend the process for listing on the Nasdaq
SmallCap Market and will take advantage of any and all review and appeal
processes available to continue trading its stock on the Nasdaq National
Market. Once the appeal and review processes are completed, if the Company is
still not able to regain compliance with the new standard, the process for
listing in the Nasdaq SmallCap Market will continue.
Integrity Incorporated is a leading producer and publisher of Christian
music, including praise and worship, children's and gospel. Its audio and
video products are sold throughout the United States and in more than
130 other countries worldwide.
SOURCE Integrity Incorporated
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CONTACT: Alison S. Richardson of Integrity Incorporated, 334-633-9000
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