Resolution Letter also indicates the Company has become subject to the provisions of Section 1009(h) of the AMEX
Company Guide which provides that if a company, within 12 months of the end of AMEX
extension period (the "AMEX
Plan Period"), is again determined to be below Continued Listing Standards, the AMEX
staff will examine the relationship between the two incidents of falling below Continued Listing Standards and re-evaluate the company's method of financial recovery from the first incident.
The AMEX staff invited the Company to submit a plan of compliance addressing the continued listing deficiency by no later than October 31, 2006.
The Company may appeal a staff determination to initiate such proceedings and seek a hearing before an AMEX panel.
ImageWare will be subject to periodic review by the AMEX staff during the extension period.
Forward-looking statements include the statements relating to ImageWare's ability to make progress consistent with its plan of compliance or to regain compliance with the continued listing standards of AMEX.
Pursuant to a previously disclosed letter from the AMEX dated June 14, 2006 informing the Company that it was not in compliance with certain continued listing standards, the Company was afforded the opportunity to submit a plan of compliance to the AMEX and on July 14, 2006 presented its plan to the AMEX.
The notice from the AMEX that the Company is not in compliance with the above summarized listing standards is based on a review by the AMEX of Celsion Corporation's Form 10-Q for the period ended June 30, 2006, which publicly disclosed the financial status of the Company at that time.
In order to maintain its AMEX
listing the Company must submit a plan by September 22, 2006 advising the AMEX
of the action the Company has taken or will take that would bring it into compliance with the continuing listing standards identified within a maximum of 18 months of receipt of the AMEX