DALLAS, July 11, 2016 /PRNewswire/ -- JRjr33, Inc., doing
business as JRJR Networks (NYSE MKT: JRJR), announced that
on July 8, 2016 it received a letter
from NYSE MKT LLC stating that the Exchange has accepted the
Company's plan of compliance for continued listing, relating to the
Company's failure to timely file its Quarterly Report on Form 10-Q
for the quarter ended March 31,
2016.
As previously reported, JRJR Networks had received a letter on
May 23, 2016 from the Exchange
stating that: (i) the Company was not in compliance with Sections
134 and 1101 of the Company Guide due to the Company's failure to
timely file its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2016 with the SEC; and (ii)
the Company's failure to timely file its Quarterly Report on Form
10-Q for the quarter ended March 31,
2016 was a material violation of its listing agreement with
the Exchange and, therefore, pursuant to Section 1003(d) of the
Company Guide, the Exchange was authorized to suspend and, unless
prompt corrective action was taken, remove the Company's securities
from the Exchange.
The Company was afforded the opportunity to submit a plan of
compliance to the Exchange and, on May 16,
2016, the Company presented its Plan to the Exchange.
On July 8, 2016, the Exchange
notified the Company that it accepted the Company's Plan and
granted the Company an extension until October 17, 2016 (the "Plan Period") to regain
compliance with the continued listing standards of the Company
Guide. The Company will be subject to periodic review by the
Exchange during the Plan Period. Failure to make progress
consistent with the Plan or to regain compliance with the continued
listing standards of the Company Guide by the end of the Plan
Period could result in the Company being delisted from the
Exchange. The Company is working diligently to regain compliance
with the Company Guide by October 17,
2016.
About JRJR
Networks (www.jrjrnetworks.com)
JRJR Networks is a growing platform of direct-to-consumer
brands. Within JRJR Networks, each company retains its separate
identity, sales force, product line and compensation plan, while
JRJR Networks seeks synergies and efficiencies in operational
areas. JRJR Networks companies currently include The
Longaberger Company, a 42-year old maker of hand-crafted baskets
and other home decor items; Your Inspiration At Home, an
award-winning maker of hand-crafted spices and other gourmet food
items from around the world; Tomboy Tools, a direct seller of
tools designed for women; Agel Enterprises, a global seller of
nutritional products in gel form as well as a skin care line,
operating in 40 countries; Paperly, which offers a line of
custom stationery and other personalized products; My Secret
Kitchen, a U.K.-based seller of gourmet food
products; Uppercase Living, which offers a line of
customizable vinyl expressions for display on walls in the
home; Kleeneze, a 95-year old UK-based catalog seller of
cleaning, health, beauty, home, outdoor and a variety of other
products, and Betterware, a UK-based home catalog seller. JRJR
Networks also includes Happenings, a lifestyle publication and
marketing company.
Safe Harbor Statement
Except for the historical matters contained herein,
statements in this press release are forward-looking and are made
pursuant to the safe harbor provisions 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 compliance with the Plan by October
17, 2016. 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. Investors are cautioned that
forward-looking statements involve risks and uncertainties that may
affect the business and prospects of the Company, including,
without limitation, the risks and uncertainties that: the Company
may not make progress consistent with the Plan during the Plan
Period and may not be able to file its Quarterly Report on Form
10-Q for the quarter ended March 31,
2016 on or prior to the timeframe set forth above; the
Company may not be able to regain compliance with the Company Guide
by October 17, 2016, which
would result in the Company's common stock being delisted by the
Exchange; if the Company does not comply with the
timeframe set forth above, then the Company's common stock may be
delisted by the Exchange; and other risks and outlined under "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2015, filed with the
SEC. Many of these factors are beyond our control. In
addition to the risks and uncertainties set forth above, investors
should consider the economic, competitive, governmental,
technological and other risks and uncertainties discussed in the
Company's filings with the SEC and the Company's 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 the Company undertakes 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.
Contact: Tucker Gagen
tucker.gagen@jrjrnetworks.com
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SOURCE JRJR Networks