DALLAS, Dec. 29, 2016 /PRNewswire/ -- On December 22, 2016, JRjr33, Inc. (the "Company"),
doing business as JRJR Networks [NYSE MKT: JRJR] received a
letter from NYSE MKT LLC (the "NYSE") notifying the Company that it
had made a reasonable demonstration of its ability to regain
compliance with Sections 134 and 1101 of the NYSE MKT Company Guide
(the "Company Guide"), which the NYSE has now determined to be no
later than January 31, 2017 (the
"Extended Plan Period"). An earlier extended plan period initially
required compliance no later than December
30, 2016. The letter from the NYSE further notified
the Company that it is not in compliance with the listing standards
relating to the timing of its filings with the Securities and
Exchange Commission (the "SEC"), as set forth in Sections 134 and
1101 of the Company Guide, but its listing is being continued
pursuant to an extension.
As previously reported, on May 23,
2016, August 23, 2016 and
November 22, 2016, the Company
received letters from the NYSE on each such date notifying the
Company that it was not in compliance with Sections 134 and 1101 of
the Company Guide as a result of its failure to timely file with
the SEC its Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2016 (the "March Form
10-Q"), June 30, 2016 (the "June Form
10-Q") and September 30, 2016 ("the
September Form 10-Q") by their respective requisite
deadlines. As a result, the Company had become subject to the
procedures and requirements of Section 1009 of the Company
Guide.
The Company was advised that in order to maintain its listing on
the NYSE, the Company was required to submit to the NYSE a plan, as
amended, detailing actions it had taken, or would take, that would
bring it into compliance with the continued listing standards by
certain dates. As previously reported, the NYSE notified the
Company that it had accepted the Company's plan of compliance (the
"Plan") for continued listing relating to the Company's failure to
timely file the March Form 10-Q and the June Form 10-Q. The Company
filed its March Form 10-Q on October 14,
2016 and filed its June Form10-Q on December 6, 2016.
On October 14, 2016, the NYSE
granted the Company an extension of time to the plan period to
regain compliance with Sections 134 and 1101 of the Company Guide,
such that the Company must be in compliance by filing its September
Form 10-Q no later than December 30,
2016.
The Company primarily attributes the delay in filing the
September Form 10-Q (and the prior delay in the filings of the
March Form 10-Q and the June Form 10-Q) to the additional time
needed by it to complete the audit of the financial statements
included in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2015 (the
"Form 10-K"). The Company intends to complete preparation and file
the September Form 10-Q as soon as reasonably practicable. The
Company is working diligently to prepare the September Form 10-Q
and provide its independent auditors with the necessary information
to complete their review. The Company has no disagreements with its
auditors and expects and intends to complete the filing of the
September Form 10-Q at the earliest possible date, which the
Company fully expects to be in advance of the Extended 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 Extended Plan Period could result in the
Company being delisted from the NYSE. The Company can regain
compliance with the NYSE listing standards before January 31, 2017 by filing the September Form
10-Q prior to that date.
Until the Company files the September 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.
John Rochon Jr, Founder of JRJR
Networks, commented, "We are very thankful for the support granted
to us by the NYSE and allowing an extension to file our 10Q for
September, 2016 until January 31,
2017. The Company believes it has demonstrated how important
it is for us to regain compliancy with our filings. While our
June, 2016 was filed only on December 16,
2016, less than two weeks ago, we are in the final phases of
completing our September, 2016 10Q and our staff is working
diligently through the holiday period to meet the original deadline
of December 30, 2016. We will
use our best efforts to file by this date."
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 filings of the Form
10-Q for the period ended September
30, 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. 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 for our fiscal year ended December 31, 2015 and our other filings with
the SEC, including subsequent 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.
Contact: Tucker Gagen
tucker.gagen@jrjrnetworks.com
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SOURCE JRJR Networks