OWINGS MILLS, Md., Sept. 27, 2016 /PRNewswire/ -- Universal
Security Instruments, Inc. (NYSE MKT: UUU) (the "Company")
announced today that, on September 22,
2016, the Company received a letter from NYSE MKT LLC (the
"Exchange") reiterating that the Company is not in compliance with
Sections 134 and 1101 of the Exchange's Company Guide (the "Company
Guide") due to the Company's failure to timely file its Annual
Report on Form 10-K for the year ended March
31, 2016 and its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2016 with the
Securities and Exchange Commission (the "SEC").
The letter also states that the Exchange has reviewed the
Company's previously submitted plan of compliance (the "Plan") and
determined to accept the Plan and grant a Plan period through
October 12, 2016 (the "Plan Period"),
during which time the Company will be subject to periodic review to
determine whether it is making progress consistent with the
Plan. The letter from the Exchange advised that if the
Company is not in compliance with the continued listing standards
of the Company Guide by October 12,
2016 with respect to the delayed Annual Report on Form 10-K
and the delayed Quarterly Report on Form 10-Q, or if the Company
does not make progress consistent with the Plan during the Plan
Period, then the Exchange staff may initiate delisting proceedings
as appropriate. The Company is working diligently to file the
late Annual Report on Form 10-K by September
28, 2016 and the late Quarterly Report on Form 10-Q by
October 12, 2016 and to regain
compliance with the Company Guide.
UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based
manufacturer (through its Hong Kong Joint Venture) and distributor
of safety and security devices. Founded in 1969, the Company has a
47-year heritage of developing innovative and easy-to-install
products, including smoke, fire and carbon monoxide alarms. For
more information on Universal Security Instruments, visit our
website at www.universalsecurity.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Certain matters discussed in this news release
may constitute forward-looking statements within the meaning of the
federal securities laws that inherently include certain risks and
uncertainties. Actual results could differ materially from
those projected in or contemplated by the forward-looking
statements due to a number of factors, including, among other
items, our Hong Kong Joint Venture's respective ability to maintain
operating profitability, currency fluctuations, the impact of
current and future laws and governmental regulations affecting us
and our Hong Kong Joint Venture and other factors which may be
identified from time to time in our Securities and Exchange
Commission filings and other public announcements. We do not
undertake and specifically disclaim any obligation to update any
forward-looking statements to reflect occurrence of anticipated or
unanticipated events or circumstances after the date of such
statements. We will revise our outlook from time to time and
frequently will not disclose such revisions publicly.
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SOURCE Universal Security Instruments, Inc.