Image Sensing Systems, Inc. Announces NASDAQ Notice
January 09 2009 - 4:00PM
PR Newswire (US)
SAINT PAUL, Minn., Jan. 9 /PRNewswire-FirstCall/ -- Image Sensing
Systems, Inc. (NASDAQ:ISNS), today announced that it received a
letter from NASDAQ on January 6, 2009 confirming that due to the
January 2, 2009 death of Richard C. Magnuson, one of its
independent directors and a member of its Audit Committee, the
company no longer complies with NASDAQ's audit committee
composition requirements as set forth in NASDAQ Marketplace Rule
4350. NASDAQ requires that the company's Audit Committee be
comprised of at least three "independent directors" (as defined in
NASDAQ Marketplace Rule 4200), and the company has two independent
directors on its Audit Committee. The letter stated that,
consistent with NASDAQ Marketplace Rule 4350(d)(4), Image Sensing
Systems has a cure period in order to regain compliance. The cure
period will run through the earlier of the company's next annual
meeting of shareholders or January 2, 2010. However, if the
company's next annual meeting of shareholders is held before July
1, 2009, then the company must evidence compliance no later than
July 1, 2009. During the cure period, the company's non-compliance
with Marketplace Rule 4350 will have no effect on the trading of
its common stock on The NASDAQ Capital Market. Before Mr.
Magnuson's death, Image Sensing Systems had been in compliance with
NASDAQ's audit committee composition requirements as set forth in
Marketplace Rule 4350. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050512/CGISSLOGO) The company
must submit to NASDAQ documentation, including biographies of any
new directors, evidencing compliance with these rules no later than
these grace period dates. Image Sensing Systems does not anticipate
difficulty in regaining compliance within the grace period, and its
Board of Directors has begun the process of identifying a
replacement independent director to join its Board and Audit
Committee. About Image Sensing Image Sensing Systems, Inc. is a
technology company focused in infrastructure productivity
improvement through the development of software- based detection
solutions for the Intelligent Transportation Systems (ITS) sector
and adjacent overlapping markets. ISS' industry leading computer-
enabled detection (CED) products, including the Autoscope(R)
machine-vision family and the RTMS(R) radar family, combine
embedded software signal processing with sophisticated sensing
technologies for use in transportation, environmental and
safety/surveillance management. CED is a group of technologies in
which software, rather than humans, examines the outputs of complex
sensors to determine what is happening in the field of view in
real- time. With more than 90,000 instances sold in over 60
countries worldwide, our depth of experience coupled with breadth
of product portfolio uniquely positions us to provide powerful
hybrid technology solutions and to exploit the convergence of the
traffic, security and environmental management markets. We are
headquartered in St. Paul, Minnesota. Visit us on the web at
imagesensing.com. Safe Harbor Statement: Statements made in this
release concerning the Company's or management's intentions,
expectations, or predictions about future results or events are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements reflect
management's current expectations or beliefs, and are subject to
risks and uncertainties that could cause actual results or events
to vary from stated expectations, which variations could be
material and adverse. Factors that could produce such a variation
include, but are not limited to, the following: the inherent
unreliability of earnings, revenue and cash flow predictions due to
numerous factors, many of which are beyond the Company's control;
developments in the demand for the Company's products and services;
relationships with the Company's major customers and suppliers;
unanticipated delays, costs and expenses inherent in the
development and marketing of new products and services; the impact
of governmental laws and regulations; and competitive factors. Our
forward-looking statements speak only as of the time made, and we
assume no obligation to publicly update any such statements.
Additional information concerning these and other factors that
could cause actual results and events to differ materially from the
Company's current expectations are contained in the Company's
reports and other documents filed with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2007 and its Quarterly Reports on Form 10-Q for
the quarters ended March 31, June 30 and September 30, 2008.
http://www.newscom.com/cgi-bin/prnh/20050512/CGISSLOGO
http://photoarchive.ap.org/ DATASOURCE: Image Sensing Systems, Inc.
CONTACT: Greg Smith, Chief Financial Officer of Image Sensing
Systems, Inc., +1-651-603-7700 Web site:
http://www.imagesensing.com/
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