OWINGS MILLS, Md., Aug. 26, 2015 /PRNewswire/ -- Universal
Security Instruments, Inc. (NYSE MKT: UUU) (the "Company")
announced today that, on August 20,
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 Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 2015
with the Securities and Exchange Commission (the "SEC"). The letter
also states that the Company's failure to timely file its Quarterly
Report on Form 10-Q and continued failure to timely file its Annual
Report on Form 10-K are material violations 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 had previously informed the Company that, in order
to maintain its listing on the Exchange following failure to timely
file the Annual Report on Form 10-K, the Company must, by
August 5, 2015, submit a plan of
compliance (the "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"). On August 5, 2015,
the Company submitted to the Exchange the Company's Plan with
respect to the filing of the Annual Report on Form 10-K. The
Company has now been informed by the Exchange that while the
Company is not required to submit an additional Plan with respect
to the delayed Quarterly Report on Form 10-Q, the Company may
submit, by August 27, 2015, a
supplement to the Plan which addresses how the Company intends to
regain compliance with Sections 134 and 1101 of the Company Guide
with respect to the delayed Quarterly Report on Form 10-Q by
November 18, 2015 (the "10-Q Plan
Period").
If the Plan is accepted, the Company will be able to continue
its listing during the respective Plan Periods, during which time
the Company will be subject to periodic review to determine whether
it is making progress consistent with the Plan. The letter
from the Exchange advised that if the Company is not in compliance
with the continued listing standards of the Company Guide by
October 13, 2015 with respect to the
delayed Annual Report on Form 10-K, and by November 18, 2015 with respect to the delayed
Quarterly Report on Form 10-Q, or if the Company does not make
progress consistent with the Plan during the respective Plan
Periods, then the Exchange staff will initiate delisting
proceedings as appropriate. The Company filed the late Annual
Report on Form 10-K on August 25,
2015, and is working diligently to file the late Quarterly
Report on Form 10-Q by September 4,
2015 and to regain compliance with the Company Guide.
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.