Advanced Energy Receives Notification of Potential Nasdaq Delisting Due to Lack of Auditor Attestation on Internal Control Under
May 09 2005 - 9:39PM
PR Newswire (US)
Advanced Energy Receives Notification of Potential Nasdaq Delisting
Due to Lack of Auditor Attestation on Internal Control Under
Sarbanes-Oxley Section 404; Will Request Hearing FORT COLLINS,
Colo., May 9 /PRNewswire-FirstCall/ -- Advanced Energy Industries,
Inc. (NASDAQ:AEIS) today announced it received a letter from the
Listing Qualifications Department of The Nasdaq Stock Market on May
6, 2005 indicating that Advanced Energy is not in compliance with
the filing requirement for continued listing set forth in Nasdaq
Marketplace Rule 4310(c)(14) due to the lack of an attestation on
internal control from its independent auditor under Section 404 of
the Sarbanes-Oxley Act. Unless Advanced Energy requests a hearing
in accordance with the Nasdaq Marketplace Rule 4800 Series,
Advanced Energy's common stock is subject to delisting from The
Nasdaq Stock Market, effective May 17, 2005. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO) Advanced
Energy will request such a hearing before a Nasdaq Listing
Qualifications Panel. According to Nasdaq Marketplace Rules, the
hearing request will stay the delisting of Advanced Energy's
securities pending the Nasdaq Listing Qualifications Panel's
decision. Advanced Energy understands that until this issue is
resolved, the fifth character "E" will be appended to its trading
symbol, thereby changing its trading symbol to AEISE, as of the
opening of business on May 10, 2005. Nasdaq Marketplace Rule
4310(c)(14) requires Advanced Energy to file with The Nasdaq Stock
Market copies of all reports and other documents filed or required
to be filed with the Securities and Exchange Commission (SEC) on or
before the date they are filed with the SEC. The Nasdaq letter
contends that Advanced Energy has not complied with this
requirement, because Advanced Energy's Annual Report on Form 10-K
for the year ended December 31, 2004 did not contain an opinion
from Advanced Energy's independent auditor relating to management's
assessment of internal control over financial reporting. The report
from Advanced Energy's independent auditor relating to internal
control over financial reporting, which is included in Advanced
Energy's 2004 Form 10-K, states that the auditor is not able to
express an opinion on management's assessment or on the
effectiveness of Advanced Energy's internal control over financial
reporting. Advanced Energy believes that the inclusion of the
independent auditor's report in the 2004 Form 10-K constitutes
compliance with Rule 4310(c)(14) and intends to present its
arguments at the hearing before the Nasdaq Listing Qualifications
Panel. The Company is also working with its independent auditors to
resolve this issue. There can be no assurance that the Nasdaq
Listing Qualifications Panel will determine that Advanced Energy is
in compliance with Rule 4310(c)(14) or otherwise grant Advanced
Energy's request for continued listing.
http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO
http://photoarchive.ap.org/ DATASOURCE: Advanced Energy Industries,
Inc. CONTACT: Mike El-Hillow, Executive Vice President, Chief
Financial Officer, +1-970-407-6570, , or Cathy Kawakami, Director,
Corporate and Investor Relations, +1-970-407-6732, , both of
Advanced Energy Industries, Inc.
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