Vicon Announces Its Intent to Trade on the OTCQB Venture Market
July 10 2018 - 4:05PM
Business Wire
Vicon Industries, Inc. (NYSE American: VII) today announced that
it intends for its common stock to commence trading on the OTCQB
Venture Market (OTCQB) on July 12, 2018. As previously announced,
on June 14, 2018, the Company received notification from the NYSE
American LLC (the “NYSE”) that it was not in compliance with the
NYSE’s stockholders’ equity continued listing standard, and was
asked to submit a compliance plan by July 16, 2018. After careful
consideration of its available options and its assessment of the
probability of the Company regaining compliance with the NYSE’s
stockholders’ equity requirements, the Company opted not to submit
a compliance plan to the NYSE and plans to instead transition to
the OTCQB.
The transition to the OTCQB will not affect the Company’s
business operations, and following such transition, the Company
will continue to make all required filings with the SEC on Forms
10-K, 10-Q and 8-K, and will remain subject to all other SEC rules
and regulations applicable to reporting companies under the
Securities Exchange Act of 1934.
About Vicon
Vicon Industries, Inc. (NYSE American: VII) is a global producer
of video management systems and system components for use in
security, surveillance, safety and communication applications by a
broad range of end users. Vicon’s product line consists of various
elements of a video system, including video management software,
recorders and storage devices and capture devices (cameras).
Headquartered in Hauppauge, New York, the Company also has offices
in Yavne, Israel and the United Kingdom. More information about
Vicon, its products and services is available at
www.vicon-security.com.
Special Note Regarding Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to our new product offerings
and our proposed fundraising activities. These forward-looking
statements are based on management's current expectations and are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those set forth in or implied by
such forward looking statements. These risks and uncertainties
include, but are not limited to: our history of losses and negative
cash flows; our need for additional financing; market acceptance of
our products; our ability to manufacture and develop effective
products and solutions; indebtedness to our secured lender; current
and future economic conditions that may adversely affect our
business and customers; potential fluctuation of our revenues and
profitability from period to period which could result in our
failure to meet expectations; our ability to maintain adequate
levels of working capital; our ability to incentivize and retain
our current senior management team and continue to attract and
retain qualified scientific, technical and business personnel; our
ability to expand our product offerings or to develop other new
products and services; our ability to generate sales and profits
from current product offerings; rapid technological changes and new
technologies that could render certain of our products and services
to be obsolete; competitors with significantly greater financial
resources; introduction of new products and services by
competitors; challenges associated with expansion into new markets;
failure to stay in compliance with all applicable NYSE American
requirements that could result in a delisting of our common stock;
and, other factors discussed under the heading "Risk Factors"
contained in our Registration Statement on Form S-3 filed with the
Securities and Exchange Commission on January 5, 2018. All
information in this press release is as of the date of the release
and we undertake no duty to update this information unless required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180710005998/en/
Vicon Investor RelationsCindy Schneider,
631-650-6201IR@vicon-security.com
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