GSI Group Inc. Receives Anticipated Letter from Nasdaq Regarding Form 10-Q Filing
August 20 2009 - 4:30PM
PR Newswire (US)
BEDFORD, Mass., Aug. 20 /PRNewswire-FirstCall/ -- GSI Group Inc.
(the "Company") (NASDAQ:GSIG), a supplier of precision technology
and semiconductor systems, today announced that it received an
additional staff determination notice from the Nasdaq Stock Market
("Nasdaq"), indicating that the Company is not in compliance with
Listing Rule 5250(c)(1) (the "Rule") due to the delayed filing of
the Company's Quarterly Report on Form 10-Q for the quarterly
period ended July 3, 2009 (the "Quarterly Report"). The staff
determination notice indicated that such non-compliance with the
Rule would serve as an additional basis for delisting the Company's
securities from Nasdaq. As previously announced, on July 22, 2009
the Nasdaq Hearings Panel granted the Company's request for
continued listing on Nasdaq conditioned on the Company (i)
reporting to the Panel before August 31, 2009 the status of its
public disclosure about the range of adjustments the Company
expects to make to revenue transactions in its Precision Technology
Segment for 2004 through 2008 and (ii) filing on or before November
2, 2009 its delayed periodic reports and any required restatements.
If the Company is unable to meet the exception requirements, the
Panel will issue a final determination to delist the Company's
shares. As previously disclosed, the Company's Audit Committee has
concluded its review of sales transactions in the Company's
Semiconductor Systems Segment for fiscal years 2006, 2007 and 2008,
and the Company is currently reviewing the timing of revenue
recognized in connection with multiple element arrangements in its
Precision Technology Segment from 2004 through 2008 to determine if
adjustments need to be made to those periods. The Company continues
to work diligently to complete the preparation and filing of its
delayed periodic reports, in addition to restated financial
statements for fiscal years 2006, 2007 and 2008. Forward Looking
Information Certain statements in this release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and are based on current expectations and
assumptions that are subject to risks and uncertainties. All
statements contained in this news release that do not relate to
matters of historical fact should be considered forward-looking
statements, and are generally identified by words such as "expect,"
"intend," "plan," and other similar expressions. These
forward-looking statements include statements regarding the
Company's ability to file its quarterly reports on Form 10-Q and
annual report on Form 10-K, statements related to the continued
listing of the Company's shares on Nasdaq and other statements that
are not historical facts. These forward looking statements are
subject to risks, uncertainties and changes in financial condition,
unknown factors and other items described in the Company's annual
report on Form 10-K for the fiscal year ended December 31, 2007 and
the Company's quarterly reports on Form 10-Q filed with the
Securities and Exchange Commission. Such statements are based on
the Company's management's beliefs and assumptions and on
information currently available to the Company's management. The
Company disclaims any obligation to update any forward-looking
statements as a result of developments occurring after the date of
this document. For more information contact: Sergio Edelstein, GSI
Group Inc., 1-781-266-5700. About GSI Group Inc. GSI Group Inc.
supplies precision technology to the global medical, electronics,
and industrial markets and semiconductor systems. GSI Group Inc.'s
common shares are listed on Nasdaq (GSIG). DATASOURCE: GSI Group
Inc. CONTACT: Sergio Edelstein of GSI Group Inc., +1-781-266-5700
Web Site: http://www.gsig.com/ Company News On-Call:
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