Asure Software Transfers Trading to NASDAQ Capital Market
September 24 2008 - 4:57PM
Marketwired
Asure Software (NASDAQ: ASUR), a leading provider of workforce
management software, today announced it has received approval from
the NASDAQ Listing Qualifications Staff to transfer the listing of
its common stock from the NASDAQ Global Market to the NASDAQ
Capital Market. The transfer was effective as of the market opening
on September 19, 2008.
The NASDAQ Capital Market is one of the three market tier
designations for NASDAQ-listed stocks, and presently includes over
550 companies. The Asure trading symbol will continue to be "ASUR"
and trading of the Company's stock is unaffected by this change.
Securities listed on the NASDAQ Capital Market must satisfy all
applicable qualification requirements for NASDAQ securities and all
companies listed on the NASDAQ Capital Market must meet certain
financial requirements and adhere to NASDAQ's corporate governance
standards.
The listing transfer is part of the Company's action taken in
response to a letter received from NASDAQ on February 4, 2008
regarding Asure's non-compliance with Marketplace Rule 4450(a)(5),
the maintenance of a minimum bid price of $1.00 per share for a
period of 30 consecutive days, which is a requirement of NASDAQ to
maintain continued listing. Upon transfer of its common stock to
the NASDAQ Capital Market, the Company has an additional 180
calendar days from the original August 4, 2008 deadline, or until
February 2, 2009, to regain compliance with NASDAQ's minimum bid
price requirement. As a result of these developments, the Company's
previously pending hearing before a NASDAQ Listing Qualifications
Panel is no longer necessary and will not occur.
Richard Snyder, Chairman and CEO of Asure Software, commented,
"We realize that it can take time for the market to recognize a
company's progress toward its goals to achieve sharp competitive
focus and internal right-sizing. In recent months, we announced
third quarter results including software and service revenues of
$2.7 million (a 177% increase from the same quarter in 2007), the
attainment of record quarterly recurring revenues of $1.6 million
and a headcount reduction of 44% from October 2007 to May 2008. We
have also announced the availability of our enhanced version of the
iEmployee Time and Attendance product, enhanced functionality for
Meeting Room Manager, the signing of our 200th healthcare customer
and our expanded iEmployee Partnership, among other developments
which bode well for continued top- and bottom-line improvement in
coming quarters. Based on these achievements and other milestones
that we expect to attain in the balance of calendar 2008 and early
2009, we are confident that the recognition that is due to Asure
should materialize and may become reflected in 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 comprehensive suite of on-demand workforce management software
and services. Asure's market-leading suite includes products that
optimize workforce time and attendance tracking, benefits
enrollment and tracking, pay stubs and W2 documentation, expense
management, meeting and event management, and asset tracking and
reservations. 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" Statement under the Private Securities Litigation
Reform Act of 1995:
Statements in this press release regarding Forgent's business
which are not historical facts are "forward-looking statements"
that involve risks and uncertainties. Such risks and uncertainties
include those associated with continued listing of the Company's
securities on the NASDAQ Capital Market. 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 most recent Annual Report or Form
10-K.
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