Diedrich Coffee Receives Deficiency Letter from NASDAQ
February 15 2008 - 5:12PM
PR Newswire (US)
IRVINE, Calif., Feb. 15, 2008 /PRNewswire-FirstCall/ -- Diedrich
Coffee, Inc. (NASDAQ:DDRX) today announced that it received a
Nasdaq Staff Deficiency Letter on February 12, 2008 indicating that
Diedrich Coffee no longer complies with Nasdaq's audit committee
requirements as set forth in Nasdaq Marketplace Rule 4350, which
requires Nasdaq-listed companies to have an audit committee
consisting of at least three independent members. As a result of J.
Russell Phillips' resignation from Diedrich Coffee's audit
committee due to his appointment as Chief Executive Officer of
Diedrich Coffee on February 7, 2008, Diedrich Coffee's audit
committee presently has only two members. Nasdaq has requested that
Diedrich Coffee provide evidence of compliance with Nasdaq
Marketplace Rule 4350 on or before the earlier of Diedrich Coffee's
next annual stockholders meeting or February 7, 2009 (or if the
next annual stockholders meeting is held before August 5, 2008,
then no later than August 5, 2008). Russ Phillips, President &
Chief Executive Officer of Diedrich Coffee, stated "We have
initiated a search for an additional independent director who will
serve on the audit committee, and we intend to be fully compliant
with Nasdaq requirements as soon as possible." About Diedrich
Coffee With headquarters in Irvine, California, Diedrich Coffee
specializes in sourcing, roasting and selling the world's highest
quality coffees. The Company's three brands are Diedrich Coffee,
Gloria Jean's Coffees and Coffee People. Diedrich Coffee sells its
coffees through wholesale accounts including office coffee service
distributors, restaurants and specialty retailers, and via the
Company's web stores. As of January 31, 2008, the Company also has
136 retail outlets, the majority of which are franchised, located
in 30 states. For more information about Diedrich Coffee, call
800/354-5282, or visit the Company's web sites at
http://www.diedrich.com/ or http://www.gloriajeans.com/. Forward
Looking Statements Statements in this news release that relate to
future plans, financial results or projections, events or
performance are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and fall
under the safe harbor. Actual results and financial position could
differ materially from those anticipated in the forward-looking
statements as a result of a number of factors, including, but not
limited to, the financial and operating performance of the
Company's retail operations, the Company's ability to maintain
profitability over time, the successful execution of the Company's
growth strategies, franchisee's adherence to the Company's
practices, policies and procedures, the impact of competition, the
availability of working capital, and other risks and uncertainties
described in detail under "Risk Factors and Trends Affecting
Diedrich Coffee and its Business" in the Company's annual report on
Form 10-K for the fiscal year ended June 27, 2007 and subsequently
filed quarterly reports on Form 10-Q. Information Contact: Sean
McCarthy Chief Financial Officer (949) 260-6734 DATASOURCE:
Diedrich Coffee, Inc. CONTACT: Sean McCarthy, Chief Financial
Officer, Diedrich Coffee, +1-949-260-6734 Web site:
http://www.diedrich.com/ http://www.gloriajeans.com/
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