Orleans Homebuilders Announces Notice from the NYSE Amex LLC
December 07 2009 - 5:01PM
PR Newswire (US)
BENSALEM, Pa., Dec. 7 /PRNewswire-FirstCall/ -- Orleans
Homebuilders, Inc. (the "Company") (AMEX:OHB) announced today that
on December 1, 2009 the Company received a written notice from NYSE
Amex LLC (the "Exchange") stating that the Company is not in
compliance with certain of the Exchange's continued listing
criteria. On November 2, 2009, the Company received a written
notice from the Exchange stating that the Company is not in
compliance with the Exchange's continued listing criteria set forth
in Sections 134 and 1101 of the NYSE Amex LLC Company Guide (the
"Company Guide") because it failed to timely file its Annual Report
on Form 10-K (the "Form 10-K") for the fiscal year ended June 30,
2009 and such failure constitutes a material violation of its
listing agreement with the Exchange authorizing the Exchange to
suspend and, unless prompt corrective action is taken, remove the
Company's common stock from the Exchange pursuant to Section
1003(d) of the Company Guide. The Company submitted a plan of
compliance to the Exchange on November 16, 2009 advising the
Exchange of the actions the Company intends to take to bring the
Company into compliance with the applicable provisions of the
Company Guide by February 2, 2010. On December 1, 2009, the Company
received a written notice from the Exchange stating that the
Company is not in compliance with the Exchange's continued listing
criteria set forth in Sections 134 and 1101 of the Company Guide
because it failed to timely file its Quarterly Report on Form 10-Q
(the "Form 10-Q") for the fiscal quarter ended September 30, 2009
and such failure constitutes a material violation of its listing
agreement with the Exchange authorizing the Exchange to suspend
and, unless prompt corrective action is taken, remove the Company's
common stock from the Exchange pursuant to Section 1003(d) of the
Company Guide. While the plan of compliance submitted by the
Company on November 16, 2009 also addressed the Company's failure
to file the Form 10-Q, the Company may submit a revised plan of
compliance to the Exchange on or before December 15, 2009 advising
the Exchange of the actions the Company intends to take to bring
the Company into compliance with the applicable provisions of the
Company Guide by February 2, 2010. The Company did not timely file
its Form 10-K and Form 10-Q as this would have required
unreasonable effort and expense. The Company is working as
expeditiously as possible to finalize its accounting and related
disclosure for the periods covered by its Form 10-K and Form 10-Q
and currently expects to file the Form 10-K and the Form 10-Q in
early 2010. The Company can, however, offer no assurance that it
will file its Form 10-K or Form 10-Q at or before early 2010. About
Orleans Homebuilders, Inc. Orleans Homebuilders, Inc. develops,
builds and markets high-quality single-family homes, townhouses and
condominiums. The Company serves a broad customer base including
first-time, move-up, luxury, empty nester and active adult
homebuyers. The Company currently operates in the following eleven
distinct markets: Southeastern Pennsylvania; Central and Southern
New Jersey; Orange County, New York; Charlotte, Raleigh and
Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Chicago, Illinois; and Orlando, Florida. The Company's Charlotte,
North Carolina operations also include adjacent counties in South
Carolina. To learn more about Orleans Homebuilders, please visit
http://www.orleanshomes.com/. Forward-Looking Statements Certain
information included herein and in other Company statements,
reports and SEC filings is forward-looking within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, the anticipated filing dates of the Form 10-K
and 10-Q; Additional information concerning factors the Company
believes could cause its actual results to differ materially from
expected results is contained in Item 1A of the Company's Annual
Report on Form 10-K/A for the fiscal year ended June 30, 2008 filed
with the SEC and subsequently filed Quarterly Reports on Form 10-Q.
DATASOURCE: Orleans Homebuilders, Inc. CONTACT: Garry P. Herdler,
Executive Vice President & Chief Financial Officer of Orleans
Homebuilders, Inc., +1-215-245-7500 Web Site:
http://www.orleanshomes.com/
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