Asure Software Announces Receipt of NASDAQ Staff Determination Letter
August 08 2008 - 4:30PM
Marketwired
Asure Software (NASDAQ: ASUR) (the "Company") today announced that
on August 5, 2008 the Company received a NASDAQ Staff Determination
letter indicating that the Company currently fails to comply with
the minimum bid price requirement for continued listing set forth
in Marketplace Rule 4450(a)(5) and that its securities are,
therefore, subject to delisting from the NASDAQ Global Market. The
Company has requested a hearing before a NASDAQ Listing
Qualifications Panel to appeal the Staff Determination. Although
there can be no assurance the Panel will grant the Company's
request for continued listing, the Company's hearing request has
automatically stayed the delisting of the Company's securities,
which will continue to trade on NASDAQ under the ASUR symbol. At
the hearing the Company intends to present a plan to the Panel to
resolve the Company's bid price deficiency and regain compliance
with Marketplace Rule 4450(a)(5) within a period of up to 180 days
from the date of the Staff Determination letter. Commenting on the
Staff Determination letter, Richard Snyder, Chairman and CEO of
Asure Software, indicated "We have been successfully executing our
software business plan for several quarters and the return to
profitability is working. We believe our continued progress will
favorably impact our share price."
About Asure Software
Headquartered in Austin, Texas, Asure Software (ASUR), (a d/b/a
of Forgent Networks, Inc.), empowers small to mid-size
organizations and divisions of large enterprises to operate more
efficiently, increase worker productivity and reduce costs through
a suite of on-demand workforce management software and services.
Asure's market-leading products include workforce time and
attendance tracking, benefits enrollment and tracking, pay stubs
and W2 documentation, expense management, meeting room management,
and asset tracking. With additional offices in Seekonk, Mass.,
Vancouver, British Columbia, and Mumbai, India, Asure serves 3,500
customers around the world. For more information, please visit
www.asuresoftware.com.
Safe Harbor
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding
Asure Software's business which are not historical facts are
"forward-looking statements" that involve risks and uncertainties.
For a discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in the Company's
Annual Report on Form 10-K for the most recently ended fiscal year
and in the Company's Quarterly Report on Form 10-Q for the most
recently ended fiscal quarter.
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