DALLAS, May 24, 2016 /PRNewswire/ -- On May 23, 2016, JRjr33 Inc., doing business as
JRJR Networks [NYSE MKT: JRJR], notified the NYSE MKT LLC
(the "NYSE") that it did not expect to timely file its Quarterly
Report on Form 10-Q ("Form 10-Q") with the SEC. On May 23, 2016, the Company received a letter from
the NYSE notifying the Company that it is not in compliance with
Section 802.01E of the NYSE Listed Company Manual as a result of
its failure to timely file its Form 10-Q with the SEC.
The Company primarily attributes the delay in filing the Form
10-Q to additional time needed by it to compile and review certain
information and consequently to provide such financial information
to its auditors so that they can complete their audit of the
financial statements to be included in the Company's Annual Report
to be filed on Form 10-K for the year ended December 31, 2015 (the "Form 10-K") prior to
completing the Form 10-Q. The Company intends to file the
Form 10-Q and Form 10-K as soon as reasonably practicable after
completion of the audit as well as the quarterly report. The
Company continues to work diligently with its independent auditors
to provide all the necessary information, including finalization of
all adjustments and supporting analysis, so they can complete the
audit of financial statements for the year ended December 31, 2015 and review for the quarter
ended March 31, 2016. The Company has
no disagreements with its auditors and expects and intends to
complete the filing of the Form 10-Q at the earliest possible date,
which the Company fully expects to be well in advance of the period
allowed by the NYSE.
The Company submitted a plan to the NYSE on May 16, 2016
advising of actions it has taken or will take to regain compliance
with the continued listed standards. The Company can regain
compliance with the NYSE listing standards before October 17, 2016 by filing the Form 10-K and 10-Q
with the SEC prior to that date. If the Company fails to file the
Form 10-K or Form 10-Q by the NYSE's compliance deadline, the NYSE
may grant, at its sole discretion, an extension of up to six
additional months for the Company to regain compliance, depending
on the specific circumstances. The letter from the NYSE also notes
that the NYSE may nevertheless commence delisting proceedings at
any time if it deems that the circumstances warrant.
Until the Company files the Form 10-K and Form 10-Q, the
Company's common stock will remain listed on the NYSE under the
symbol "JRJR," but will be assigned a late filer ("LF") indicator
to signify late filing status and the Company will be posted to the
late filers list on the Listing Standards Filing Status page on the
NYSE website.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact
contained in this press release are forward-looking statements. In
some cases forward-looking statements can be identified by
terminology such as "anticipate," "believe," "can," "continue,"
"could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," or "will" or the
negative of these terms or other comparable terminology and include
statements regarding the expected timing of the filing of the Form
10-K and Form 10-Q . These forward-looking
statements are based on management's expectations and assumptions
as of the date of this press release and are subject to a number of
risks and uncertainties, many of which are difficult to predict
that could cause actual results to differ materially from current
expectations and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, our ability to expand leadership
activities in support of our sales, our ability to continue to
grow, and the other risks outlined under "Risk Factors" in our
Annual Report on Form 10-K/A for its fiscal year ended December 31, 2014 and its other
filings with the SEC, including subsequent periodic reports on
Forms 10-Q and 8-K. The information in this release is provided
only as of the date of this release, and we undertake no obligation
to update any forward-looking statements contained in this release
on account of new information, future events, or otherwise, except
as required by law.
Media Contact: Russell
Mack (russell.mack@jrjrnetworks.com)
Investor Relations: Tucker
Gagen (tucker.gagen@jrjrnetworks.com)
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SOURCE JRJR Networks