GREENWOOD VILLAGE, Colo.,
Nov. 23, 2016 /PRNewswire/ -- Ciber,
Inc. (NYSE: CBR), a leading global information technology
consulting, services and outsourcing company, today announced that
it received notice on November 17,
2016 from the New York Stock Exchange (the "NYSE") that it
does not presently satisfy the NYSE's continued listing standard
requiring the average closing price of a listed company's common
stock to be at least $1.00 per share
for any period of 30 consecutive trading days.
In accordance with NYSE rules, the Company will respond to the
NYSE within 10 business days of receipt of the notification with
its intent to resolve the deficiency. The Company has six months to
regain compliance with the NYSE continued listing requirements and
will actively monitor its stock price and evaluate all available
options in order to regain compliance within the prescribed
timeframe.
During the six-month period the Company's common stock will
continue to be listed and traded on the NYSE, subject to compliance
with other continued listing standards. The deficiency does not
affect the Company's ongoing business operations or its SEC
reporting requirements.
About Ciber, Inc.
Ciber is a global IT consulting company with approximately 5,500
employees in North America,
Europe and Asia/Pacific. Ciber partners with
organizations to develop technology strategies and solutions that
deliver tangible business value. Founded in 1974, the company
trades on the New York Stock Exchange (NYSE: CBR). For more
information, visit www.ciber.com and follow us on Twitter,
LinkedIn, Facebook, Google Plus and our blog.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
relating to our operations, results of operations and other matters
that are based on our current expectations, estimates, forecasts
and projections. Words, such as "anticipate," "believe," "could,"
"expect," "estimate," "intend," "may," "opportunity," "plan,"
"positioned," "potential," "project," "should," and "will" and
similar expressions, are intended to identify these forward-looking
statements. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict. Forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
Risks, uncertainties and other factors that could cause actual
results to differ materially from those expressed or implied by our
forward-looking statements include, but are not limited to, related
to: any potential need to raise additional capital to de-lever our
balance sheet to allow us to continue as a going concern over the
longer term; operational limitations of our credit facility and our
potential need for and the availability of additional capital to
support our business; our ability to maintain compliance with the
listing standards of the New York Stock Exchange; our ability to
continue to evolve our business model, offerings, products and
services, and to execute on the key elements of our strategic plan
or the success of our strategic plan; volatile, uncertain or
negative economic conditions and the impacts of economic conditions
on our clients' operations and technology spending; a data security
or privacy breach; fluctuations or lack of growth in the market for
IT services; our ability to maintain our utilization rates and
control our costs; our ability to keep pace with rapid changes in
technology; the termination or cancellation of a contract by a
significant client; the highly competitive nature of the U.S. and
International IT services industry; quarterly variance in our
revenues, operating results and profitability that could impact our
stock price; damage to our professional reputation and/or legal
liability if our clients are not satisfied with our services; the
accuracy of our estimates of the cost of engagements conducted on a
fixed-price basis; third party vendors performing our services and
the potential for harm to our reputation; our ability to improve
our operations, finances and systems; our ability to enter, operate
and compete effectively in new geographic markets; the value of our
brand and reputation and any damage thereto; an adverse outcome of
litigation which could subject us to damage awards; our reliance on
a few customers for a large portion of our revenues; our ability to
continue to retain and attract qualified sales, delivery and
technical employees; our relationships with software vendors and
the potential loss of any significant software vendor; our ability
to protect our intellectual property rights from unauthorized use
or infringement; the potential for infringement by our services or
solutions on the intellectual property rights of others or the
potential loss of our ability to utilize rights we claim in
intellectual property; our ability to collect our receivables; our
international operations; the resources committed to new offerings
and the potential impact on our profitability if our business does
not grow proportionately; disruptions that may impact our results
of operations and from which we may not recover; our compliance
with applicable laws and regulations; losses we may incur that may
not be fully covered by our insurance policies; our ability to
identify, acquire, or integrate businesses or enter into joint
ventures; further impairment in the carrying value of our goodwill;
contracts with various public sector agencies; our anti-takeover
defenses that could make it difficult for another company to
acquire control of Ciber or limit the price investors might be
willing to pay for our stock; the potentially conflicting interests
of our institutional shareholders; and issues that could arise
during the implementation of our Enterprise Resource Planning
system.
For a more detailed discussion of these factors, see the
information under the "Risk Factors" heading in our Annual Report
on Form 10-K for the year ended December 31,
2015, our Quarterly Report on Form 10-Q for the three months
ended March 31, 2016, our Quarterly
Report on Form 10-Q for the three and six months ended June 30, 2016, when filed with the Securities and
Exchange Commission ("SEC") and other documents filed with or
furnished to the SEC. Other than as required by law, we undertake
no obligation to publicly update any forward-looking statements in
light of new information or future events. Readers are cautioned
not to put undue reliance on forward-looking statements.
Contact:
Scott Kozak
Global Communications, Investor and Industry Relations
303-967-1379
skozak@ciber.com
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SOURCE Ciber, Inc.