Caribou Coffee Company Reports Nasdaq Notice
March 09 2007 - 4:01PM
Business Wire
Caribou Coffee Company, Inc. (NASDAQ: CBOU) announced today that it
received a letter from the staff of the Listing Qualifications
Department of the Nasdaq Stock Market, Inc. (�Nasdaq�) dated March
7, 2007, notifying the company that as a result of the Board of
Directors vacancy created by the resignation of Rosalyn Mallet as a
director on March 5, 2007, the company does not comply with
Nasdaq�s Marketplace Rule 4350, which requires companies to have a
majority of independent directors as defined by the Nasdaq rules.
Consistent with Marketplace Rule 4350 (c) (1) the company has a
cure period in order to regain compliance until the earlier of
March 7, 2008 or the next annual shareholders� meeting. If the next
annual shareholders� meeting is held before September 4, 2007, then
the company must evidence compliance no later than September 4,
2007. The Company expects that it will be able to fill the vacancy
within that time period. Previously the company had announced that
Rosalyn Mallet has been named the President and Chief Operating
Officer, which precipitated her resignation from the Board of
Directors and caused this notice from Nasdaq. About Caribou Coffee
Caribou Coffee Company Inc. (NASDAQ: CBOU), founded in 1992 and
headquartered in Minneapolis, Minnesota, is the second largest,
company-owned, gourmet coffeehouse operator in the United States
based on the number of coffeehouses. Caribou Coffee operates 464
coffeehouses, including 24 licensed locations. Caribou Coffee's
coffeehouses are located in 18 states and the District of Columbia,
as well as in several venues outside of the United States. Caribou
Coffee offers its customers high-quality, gourmet coffee and
espresso-based beverages, as well as specialty teas, baked goods,
whole bean coffee, branded merchandise and related products.
Caribou Coffee also sells products to club stores, grocery stores,
mass merchandisers, office coffee providers, airlines, hotels,
sports and entertainment venues, college campuses and other
commercial customers. In addition, Caribou Coffee licenses third
parties to use the Caribou Coffee brand on quality food and
merchandise items. Caribou Coffee focuses on creating a unique
experience for customers through a combination of high- quality
products, a comfortable and welcoming coffeehouse environment and
customer service. For more information, visit the Caribou Coffee
Web site at www.cariboucoffee.com.
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