PFSweb Receives Nasdaq Delisting Notice
August 25 2006 - 4:45PM
Business Wire
PFSweb, Inc. (Nasdaq:PFSW), a global provider of business process
outsourcing (BPO) solutions and web commerce retailer, announced
that it has received a delisting notification from Nasdaq dated
August 25, 2006 stating that PFSweb no longer complies with the $1
minimum bid price requirement for continued listing - Marketplace
Rule 4310(c)(4) - as the closing bid price for the prior
consecutive 30 business days closed below the minimum requirement.
As the Company is traded on the Nasdaq Capital Market, and
currently meet all initial inclusion requirements for the Capital
Market, except for the minimum bid price, they have been afforded a
compliance period of 180 calendar days. To regain compliance, the
Company must meet or exceed the $1 minimum bid price for 10
consecutive business days. If the Company is unable to achieve this
standard, and they continue to meet all other initial inclusion
requirements, they can receive an additional 180-day compliance
period. Mark Layton, Chief Executive Officer of PFSweb, said, "We
are hopeful that our stock price will rise above the $1.00 minimum
through our continuing focus on improving business performance. If
necessary, however, we have the ability through recent shareholder
approval to effect a reverse stock split to regain the minimum
stock price requirement." About PFSweb, Inc. PFSweb develops and
deploys integrated business infrastructure solutions and
fulfillment services for Fortune 1000, Global 2000 and brand name
companies, including third party logistics, call center support and
e-commerce services. The company serves a multitude of industries
and company types, including such clients as Adaptec, Chiasso,
FLAVIA(R) Beverage Systems, Hewlett-Packard, International Business
Machines, Nokia, Pfizer, Inc., Raytheon Aircraft Company, Rene
Furterer USA, Roots Canada Ltd., The Smithsonian Institution and
Xerox. Through its wholly owned eCOST.com subsidiary, PFSweb also
serves as a leading multi-category online discount retailer of
high-quality new, "close-out" and refurbished brand-name
merchandise for consumers and small business buyers. The eCOST.com
brand markets more than 100,000 different products from leading
manufacturers such as Apple, Canon, Citizen, Denon,
Hewlett-Packard, Nikon, Onkyo, Seiko, Sony, and Toshiba primarily
over the Internet and through direct marketing. To find out more
about PFSweb, Inc. (NASDAQ: PFSW), visit the company's websites at
http://www.pfsweb.com and http://www.ecost.com. The matters
discussed herein consist of forward-looking information under the
Private Securities Litigation Reform Act of 1995 and is subject to
and involves risks and uncertainties, which could cause actual
results to differ materially from the forward-looking information.
PFSweb's Annual Report on Form 10-K and 10-K/A for the year ended
December 31, 2005 identifies certain factors that could cause
actual results to differ materially from those projected in any
forward looking statements made and investors are advised to review
the Annual Report and the Risk Factors described therein. These
factors include: our ability to retain and expand relationships
with existing clients and attract and implement new clients; our
reliance on the fees generated by the transaction volume or product
sales of our clients; our reliance on our clients' projections or
transaction volume or product sales; our dependence upon our
agreements with IBM; our dependence upon our agreements with our
major clients; our client mix, their business volumes and the
seasonality of their business; our ability to finalize pending
contracts; the impact of strategic alliances and acquisitions;
trends in the market for our services; trends in e-commerce;
whether we can continue and manage growth; changes in the trend
toward outsourcing; increased competition; our ability to generate
more revenue and achieve sustainable profitability; effects of
changes in profit margins; the customer and supplier concentration
of our business; the unknown effects of possible system failures
and rapid changes in technology; trends in government regulation
both foreign and domestic; foreign currency risks and other risks
of operating in foreign countries; potential litigation; potential
delisting; our dependency on key personnel; the impact of new
accounting standards and rules regarding revenue recognition, stock
options and other matters; changes in accounting rules or the
interpretations of those rules; our ability to raise additional
capital or obtain additional financing; our ability and the ability
of our subsidiaries to borrow under current financing arrangements
and maintain compliance with debt covenants; relationship with and
our guarantees of certain of the liabilities and indebtedness of
our subsidiaries; whether outstanding warrants issued in a prior
private placement will be exercised in the future; the transition
costs resulting from our merger with eCOST; our ability to
successfully integrate eCOST into our business to achieve the
anticipated benefits of the merger: eCOST's potential
indemnification obligations to its former parent; eCOST's ability
to maintain existing and build new relationships with manufacturers
and vendors and the success of its advertising and marketing
efforts; and eCOST's ability to increase its sales revenue and
sales margin and improve operating efficiencies. PFSweb undertakes
no obligation to update publicly any forward-looking statement for
any reason, even if new information becomes available or other
events occur in the future. There may be additional risks that we
do not currently view as material or that are not presently known.
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