Roberts Realty Investors, Inc. Announces Amex Noncompliance Due
to Death of Director
ATLANTA, Nov. 10 /PRNewswire-FirstCall/ -- Roberts Realty Investors, Inc. (AMEX:RPI) announces that due to the death of founding director and audit
committee member George W. Wray, Jr., the company is short one member on its
audit committee and therefore is not in compliance with a continued listing
standard of the American Stock Exchange (the Amex). The board is actively
seeking a replacement for Mr. Wray on its audit committee.
On November 5, 2004, the company received a warning letter from the staff of
the Amex advising the company that due to the death of Mr. Wray, it was not in
compliance with the continued listing standard described in Section
121(B)(2)(a) of the American Stock Exchange Company Guide, which requires that
an audit committee have three members. The Amex gave the company until
December 31, 2004 to regain compliance with the Amex requirements by replacing
Mr. Wray, as the company had requested of the Amex. DATASOURCE: Roberts Realty Investors, Inc.
CONTACT: Greg M. Burnett, Chief Financial Officer of Roberts Realty Investors, Inc., +1-770-394-6000, or Fax, +1-770-551-5914
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