ROSH HAAYIN, Israel,
December 14, 2015 /PRNewswire/ --
Pointer Telocation Ltd. (Nasdaq Capital Market: PNTR)-
previously disclosed on December 1,
2015 that Ms. Alicia Rotbard,
a member of its board of directors and audit committee, had passed
away following an illness. The Company also notified The NASDAQ
Stock Market LLC ("NASDAQ") that it was not in compliance with the
NASDAQ audit committee composition requirements due to the vacancy
created by Ms. Rotbard's passing.
On December 9, 2015, in response
to the Company's notification, the Company received a notice (the
"Notice Letter") from NASDAQ confirming that the Company was not in
compliance with the audit committee composition requirements as set
forth in NASDAQ Listing Rule 5605. The Notice Letter indicates that
consistent with NASDAQ Listing Rule 5605(c)(4), NASDAQ will provide
the Company with a cure period to regain compliance as follows: (i)
until the earlier of the Company's next annual shareholders'
meeting or November 29, 2016 or (ii) if the Company's next annual
shareholders' meeting is held before May 27, 2016, then the Company
must evidence compliance no later than May 27, 2016.
The Company has begun the process of identifying a third audit
committee member and expects to regain compliance with NASDAQ's
audit committee composition requirements within the cure period.
The Company's ordinary shares will continue to trade on
NASDAQ during the cure period subject to the Company's continued
compliance with other NASDAQ listing requirements.
About Pointer Telocation
Pointer Telocation is a leading provider of technology and
services to the automotive and insurance industries, offering a set
of services including Road Side Assistance, Fleet Management and
Stolen Vehicle Recovery. Pointer has a growing list of customers
and products installed in 50 countries. Cellocator, a Pointer
Products Division, is a leading AVL (Automatic Vehicle Location)
solutions provider for stolen vehicle retrieval, fleet management,
car & driver safety, public safety, vehicle security and
more.
Pointer Telocation's top management and the development center
are located in the Afek Industrial Area of Rosh Ha'ayin, Israel. For more information
visit http://www.pointer.com
Contact:
Zvi Fried, V.P. and Chief Financial
Officer
Tel.: +972-3-572 3111
E-mail: zvif@pointer.com
Kenny Green/Ehud Helft, GK Investor Relations
Tel: +1-646-201-9246
E-mail: pointer@gkir.com
SOURCE Pointer Telocation Ltd