OWINGS MILLS, Md., July 17, 2015 /PRNewswire/ -- Universal Security
Instruments, Inc. (NYSE MKT: UUU) (the "Company") announced today
that, on July 15, 2015, the Company
received a letter from NYSE MKT LLC (the "Exchange") stating that
the Exchange has determined that the Company is not in compliance
with Sections 134 and 1101 of the Exchange's Company Guide (the
"Company Guide") due to the Company's failure to timely file its
Annual Report on Form 10-K for the fiscal year ended March 31, 2015 with the Securities and Exchange
Commission (the "SEC"). The letter also states that the Company's
failure to timely file its Annual Report on Form 10-K is a material
violation of its listing agreement with the Exchange and,
therefore, pursuant to Section 1003(d) of the Company Guide, the
Exchange is authorized to suspend and, unless prompt corrective
action is taken, remove the Company's securities from the
Exchange.
The Exchange has informed the Company that, in order to maintain
its listing on the Exchange, the Company must, by July 29, 2015, submit a plan of compliance (the
"10-K Plan") addressing how it intends to regain compliance with
Sections 134 and 1101 of the Company Guide by October 13, 2015 (the "10-K Plan Period").
If the Company's 10-K Plan is accepted by the Exchange, then the
Company will be able to continue its listing during the 10-K Plan
Period, during which time the Company will be subject to periodic
review to determine whether it is making progress consistent with
the 10-K Plan. If the Company does not submit a Plan, or if
the Company's 10-K Plan is not accepted by the Exchange, then the
Company will be subject to delisting proceedings.
Furthermore, if the 10-K Plan is accepted by the Exchange, but the
Company is not in compliance with the continued listing standards
of the Company Guide by October 13,
2015, or if the Company does not make progress consistent
with the 10-K Plan during the 10-K Plan Period, then the Exchange
staff will initiate delisting proceedings as appropriate. The
Company is working diligently to submit the 10-K Plan by
July 29, 2015 and regain compliance
with the Company Guide.
As the Company previously disclosed in its Notification of Late
Filing on Form 12b-25 filed with the SEC on June 29, 2015, and in its press release furnished
with its Current Report on Form 8-K filed with the SEC on
July 14, 2015, the Company has
delayed filing its Annual Report on Form 10-K because of unforeseen
delays in the completion of the financial statements of the
Company's 50%-owned Hong Kong Joint Venture. The Company is
working diligently to complete and file its Annual Report on Form
10-K with the SEC, which, as previously disclosed, the Company
expects to do on or prior to July 31,
2015.
UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based
manufacturer (through its Hong Kong Joint Venture) and distributor
of safety and security devices. Founded in 1969, the Company has a
43 year heritage of developing innovative and easy-to-install
products, including smoke, fire and carbon monoxide alarms. For
more information on Universal Security Instruments, visit our
website at www.universalsecurity.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Certain matters discussed in this news release
may constitute forward-looking statements within the meaning of the
federal securities laws that inherently include certain risks and
uncertainties. Actual results could differ materially from
those projected in or contemplated by the forward-looking
statements due to a number of factors, including, among other
items, our Hong Kong Joint Venture's respective ability to maintain
operating profitability, currency fluctuations, the impact of
current and future laws and governmental regulations affecting us
and our Hong Kong Joint Venture and other factors which may be
identified from time to time in our Securities and Exchange
Commission filings and other public announcements. We do not
undertake and specifically disclaim any obligation to update any
forward-looking statements to reflect occurrence of anticipated or
unanticipated events or circumstances after the date of such
statements. We will revise our outlook from time to time and
frequently will not disclose such revisions publicly.
11407 CRONHILL DRIVE, SUITE A •
OWINGS MILLS, MARYLAND 21117,
USA
(410) 363-3000 •
www.universalsecurity.com
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SOURCE Universal Security Instruments, Inc.