Diedrich Coffee Submits Application to Transfer the Listing of its Common Stock to the NASDAQ Capital Market
October 30 2008 - 4:30PM
PR Newswire (US)
IRVINE, Calif., Oct. 30 /PRNewswire-FirstCall/ -- Diedrich Coffee,
Inc. (NASDAQ:DDRX) today announced that it submitted a transfer
application to the NASDAQ Stock Market to transfer the listing of
its common stock from the NASDAQ Global Market to the NASDAQ
Capital Market. As previously announced, the Company received two
staff deficiency letters from the NASDAQ Stock Market with respect
to its listing on the NASDAQ Global Market. The first letter,
received on October 10, 2008, indicated 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 was not in compliance
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 second letter, received on
October 20, 2008, indicated that for the thirty consecutive trading
days preceding the date of the letter, the Company's common stock
had not maintained a minimum market value of publicly held shares
("MVPHS") of $5 million, and as a result, the Company was not in
compliance with the MVPHS requirement for continued listing on the
NASDAQ Global Market as set forth in NASDAQ Marketplace Rule
4450(a)(2). If the transfer to the NASDAQ Capital Market is
approved, the Company's common stock will continue to trade under
the symbol "DDRX." The NASDAQ Stock Market operates both the NASDAQ
Global Market and the NASDAQ Capital Market. All companies listed
on the NASDAQ Capital Market must meet certain quantitative listing
requirements and adhere to similar corporate governance standards
as companies listed on the NASDAQ Global Market. 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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