OWINGS MILLS, Md., Sept. 4,
2020 /PRNewswire/ -- Universal Security Instruments, Inc.
(NYSE Amex: UUU) today announced that on August 31, 2020, Universal Security Instruments,
Inc. (the "Company") received a letter from NYSE American LLC
(the "Exchange") stating that the Exchange has determined that the
Company is not in compliance with Section 1003(a)(iii) of the
Exchange's Company Guide (the "Company Guide") as the result of the
Company's failure to maintain Stockholders' equity of $6.0 million after reporting losses from
continuing operations and/or net losses in its five most recent
fiscal years.
The Exchange has informed the Company that the Company must
submit a plan (the "Plan") by September 30,
2020 advising the Exchange of actions the Company has taken
or will take to regain compliance with the continued listing
standards by February 28, 2022 (the
"Plan Period"). The Plan should include specific milestones,
quarterly financial projections and details related to any
strategic initiatives the Company intends to complete. If the
Plan is accepted by the Exchange, then the Company will be able to
continue its listing during the Plan Period, during which time the
Company will be subject to periodic review to determine whether it
is making progress consistent with the Plan. If the Company
does not submit a Plan, or if the Company's Plan is not accepted by
the Exchange, then the Company will be subject to delisting
proceedings. Furthermore, if the Plan is accepted by the
Exchange, but the Company is not in compliance with the continued
listing standards of the Company Guide by February 28, 2022, or if the Company does not
make progress consistent with the Plan during the Plan Period, then
the Exchange staff will initiate delisting proceedings as
appropriate. The Company is working diligently to prepare and
execute its Plan to regain compliance with the Company Guide.
UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based
manufacturer and distributor of safety and security devices.
Founded in 1969, the Company has an over 50-year heritage of
developing innovative and easy-to-install products, including
smoke, fire and carbon monoxide alarms. For more information
on Universal Security Instruments, visit our website at
www.universalsecurity.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Certain matters discussed in this news release
may constitute forward-looking statements within the meaning of the
federal securities laws that inherently include certain risks and
uncertainties. Actual results could differ materially from
those projected in or contemplated by the forward-looking
statements due to a number of factors, including, among other
items, currency fluctuations, the impact of current and future laws
and governmental regulations affecting us and other factors which
may be identified from time to time in our Securities and Exchange
Commission filings and other public announcements. We do not
undertake and specifically disclaim any obligation to update any
forward-looking statements to reflect occurrence of anticipated or
unanticipated events or circumstances after the date of such
statements. We will revise our outlook from time to time and
frequently will not disclose such revisions publicly.
Contact: Harvey Grossblatt,
CEO
Universal Security Instruments, Inc.
410-363-3000, Ext. 224
or
Don Hunt, Tyler Deur
Lambert & Co.
616-233-0500
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SOURCE Universal Security Instruments, Inc.