Diedrich Coffee Receives Deficiency Letter From NASDAQ
October 15 2008 - 3:53PM
PR Newswire (US)
IRVINE, Calif., Oct. 15 /PRNewswire-FirstCall/ -- Diedrich Coffee,
Inc. (NASDAQ:DDRX) today announced that it received a NASDAQ Staff
Deficiency Letter on October 10, 2008 indicating that based on the
Company's stockholders' equity as reported in its Annual Report on
Form 10�??K for the year ended June 25, 2008, the Company does not
comply with the minimum stockholders' equity requirement of $10
million for continued listing on The NASDAQ Global Market as set
forth in NASDAQ Marketplace Rule 4450(a)(3). The NASDAQ staff is
reviewing the Company's eligibility for continued listing on The
NASDAQ Global Market and has asked the Company to provide a
specific plan to achieve and sustain compliance with all of the
NASDAQ Global Market listing requirements, including a time frame
for completion of the plan. The Company is in the process of
preparing a response to NASDAQ's request for a plan. 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 June 25, 2008, the Company also has 123
retail outlets, the majority of which are franchised, located in 28
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 wholesale 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 25, 2008. Information
Contact: Sean McCarthy Chief Financial Officer (949) 260-6734
DATASOURCE: Diedrich Coffee, Inc. CONTACT: Sean McCarthy Chief
Financial Officer of Diedrich Coffee, Inc., +1-949-260-6734 Web
Site: http://www.diedrich.com/ http://www.gloriajeans.com/
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