OWINGS MILLS, Md., Nov. 23, 2016 /PRNewswire/ -- Universal
Security Instruments, Inc. (NYSE MKT: UUU) (the "Company")
announced today that, on November 22,
2016, the Company received a letter from NYSE MKT LLC (the
"Exchange") stating that the Exchange has determined 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 Quarterly Report on Form 10-Q for the
fiscal quarter ended September 30,
2016 with the Securities and Exchange Commission (the
"SEC"). The letter also states that the Company's failure to timely
file its Quarterly Report on Form 10-Q and continued failure to
timely file its Annual Report on Form 10-K are material violations
of its listing agreement with the Exchange and, therefore, pursuant
to Section 1003(d) of the Company Guide, the Exchange is authorized
to suspend and, unless prompt corrective action is taken, remove
the Company's securities from the Exchange.
The Exchange has informed the Company that, in order to maintain
its listing on the Exchange, the Company must, by December 22, 2016, submit a plan of compliance
(the "Plan") addressing how it intends to regain compliance with
Sections 134 and 1101 of the Company Guide by February 22, 2017 (the "Plan Period"). If
the Company's Plan is accepted by the Exchange, then the Company
will be able to continue its listing during 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. If the Company does not submit a Plan, or if the
Company's Plan is not accepted by the Exchange, then the Company
will be subject to delisting proceedings. Furthermore, if the
Plan is accepted by the Exchange, but the Company is not in
compliance with the continued listing standards of the Company
Guide by February 22, 2017, or if the
Company does not make progress consistent with the Plan during the
Plan Period, then the Exchange staff will initiate delisting
proceedings as appropriate. The Company is working diligently
to file the late Quarterly Report on Form 10-Q and regain
compliance with the Company Guide, and currently anticipates that
the late filing will be made by December 9,
2016.
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.
11407 CRONHILL DRIVE, SUITE A • OWINGS MILLS, MARYLAND 21117, USA
(410) 363-3000 •
www.universalsecurity.com
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SOURCE Universal Security Instruments, Inc.