Intrusion Inc. Announces Nasdaq Capital Market Listing Deficiency
June 29 2006 - 5:05PM
PR Newswire (US)
RICHARDSON, Texas, June 29 /PRNewswire-FirstCall/ -- Intrusion Inc.
(NASDAQ:INTZ), ("Intrusion") announced today that it has received
notice from the staff at the Nasdaq Listing Qualifications
Department of non-compliance with Nasdaq Marketplace Rule
4310(c)(4) because Intrusion's closing bid price was under $1.00
per share for 30 consecutive business days. In accordance with
Marketplace Rule 4310(c)(8)(D), Intrusion will be provided 180
calendar days, or until December 26, 2006, to regain compliance.
The notice from Nasdaq states that, if, at anytime before December
26, 2006, the bid price of Intrusion's common stock closes at $1.00
per share or more for a minimum of 10 consecutive business days,
Nasdaq Listing Qualifications Staff will provide written
notification that it complies with the Rule. If Intrusion is unable
to comply by December 26, 2006, the Nasdaq staff will determine at
that time whether Intrusion's common stock should be delisted from
the Nasdaq Capital Market. If such a determination is made,
Intrusion may appeal that determination to a Listing Qualifications
Panel. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030703/INTRUSIONLOGO / The
180 day period relates exclusively to the bid price deficiency.
Intrusion may be delisted during the 180 day period for failure to
maintain compliance with any other listing requirement for which it
is currently on notice. Intrusion has recently reported being
notified by Nasdaq of noncompliance with Nasdaq Marketplace Rule
4310(c)(2)(B) which requires Intrusion to have a minimum of
$2,500,000 in stockholders' equity, or $35,000,000 market value of
listed securities, or $500,000 of net income from continuing
operations for the most recently completed fiscal year or two of
the three most recently completed fiscal years. Intrusion is
appealing to a Nasdaq Listing Qualifications panel and is scheduled
to meet with the panel on August 3, 2006. About Intrusion Inc.
Intrusion Inc. is a global provider of regulated information
compliance, entity identification systems, data privacy protection
products, and network intrusion prevention and detection solutions.
Intrusion's product families include the Compliance Commander(TM)
for regulated information compliance, data privacy protection and
identity theft prevention, TraceCop(TM) identification and location
system, Intrusion SpySnare(TM) for real-time inline blocking of
spyware and unwanted P2P applications, and Intrusion SecureNet(TM)
for network intrusion prevention and detection. Intrusion's
products help protect critical information assets by quickly
detecting, protecting, analyzing and reporting attacks or misuse of
classified, private and regulated information for government and
enterprise networks. For more information, please visit
http://www.intrusion.com/. This release, other than historical
information, may include forward- looking statements regarding
future events or our future performance, including, without
limitation, statements relating to Intrusion's intention to submit
a compliance plan and pursue continued Nasdaq listing. These
statements are made under the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 and involve risks
and uncertainties which could cause actual results to differ
materially from those in the forward looking statements, including,
without limitation, risks associated with the uncertainty of
compliance plan, Intrusion's ability to remain listed on the Nasdaq
Capital Market, its ability to execute on any proposed compliance
plan and its ability to comply with all Nasdaq's continued listing
requirements in the future, as well as other risks and
uncertainties identified in its Annual Report on Form 10-KSB and
other filings with the Securities and Exchange Commission. Copies
of these filings can be obtained from Intrusion's Investor
Relations department. Financial Contact Michael L. Paxton, VP, CFO
972.301.3658 Media Contact Jay Barbour, Vice President of Marketing
972.664.8107
http://www.newscom.com/cgi-bin/prnh/20030703/INTRUSIONLOGO
http://photoarchive.ap.org/ DATASOURCE: Intrusion Inc. CONTACT:
Financial Contact: Michael L. Paxton, VP, CFO, +1-972-301-3658, or
; Media Contact: Jay Barbour, Vice President of Marketing,
+1-972-664-8107, or , both of Intrusion Inc. Web site:
http://www.intrusion.com/
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