Comstock Homebuilding Regains Compliance With Nasdaq Closing Bid-Price Requirement
April 21 2010 - 10:17AM
Marketwired
Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) ("Comstock" or
the "Company") announced today that it received notification from
the Nasdaq Listing Qualifications Hearing Panel on April 20, 2010
that it has regained compliance with the $1.00 Minimum Bid-Price
Requirement after its shares achieved a closing bid-price exceeding
$1.00 for 10 consecutive days on April 19, 2010.
The Company is now in compliance with all three NASDAQ continued
listing requirements which are the Minimum Bid-Price Requirement,
the Market Value of Publicly Held Shares Requirement and the
Minimum Equity Requirement.
"We are pleased to have achieved this important milestone," said
Christopher Clemente, Comstock's Chairman and Chief Executive
Officer. "We believe the steps we have taken to stabilize our
business will position Comstock well to capitalize on emerging
opportunities in a stabilizing environment. Our greatly reduced
overall debt and reduced operating costs should allow us to enhance
liquidity as we continue to sell through inventory and focus on
rebuilding shareholder value."
Comstock Homebuilding Companies, Inc. ("Comstock") is a
multi-faceted real estate development company with a focus on a
variety of affordably priced, for-sale residential products. Our
substantial experience in building a diverse range of products
including single-family homes, townhouses, mid-rise condominiums,
high-rise condominiums and mixed-use (residential and commercial)
developments has positioned Comstock as a prominent real estate
developer and home builder in the Washington, D.C. market place.
Comstock is a publicly traded company, listed on NASDAQ as CHCI.
For more information please visit www.comstockhomebuilding.com.
Cautionary Statement
There can be no assurances that market conditions will be
sufficient to sustain recent unit sales levels, or facilitate
projected land sales. If unit sales do not meet regular
requirements established under the recent modified project loan
agreements, the Company may be required to utilize substantially
all of the proceeds from unit settlements to curtail principal debt
balances, and the Company would be forced to seek waivers or
additional loan modifications from the project lenders. This
release may contain "forward-looking" statements made pursuant to
the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995. Additional information concerning these and
other important risks and uncertainties can be found under the
heading "Risk Factors" in the Company's Form 10-K to be filed with
the Securities and Exchange Commission on March 31, 2010. Comstock
specifically disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise.
Contact Information: Jeff Dauer 703-883-1700
Comstock Holding Companies (NASDAQ:CHCI)
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