Company Receives 180-Day Extension for Minimum Bid Price Requirement
KIRKLAND, Wash., June 15 /PRNewswire-FirstCall/ -- Saflink(R) Corporation (NASDAQ:SFLK) a leading provider of solutions for secure access, identity assurance and productivity announced today that it received a letter on June 15, 2006, from The NASDAQ Stock Market(R) indicating that Saflink will receive an additional 180 calendar days to gain compliance with the minimum bid price requirement as stated in Marketplace Rule 4310(c)(4). The letter also stated that if, at anytime prior to December 11, 2006, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, then the Company will receive notification that it complies with the rule.
Jon Engman, Saflink CFO, commented, "Of course this is great news for our company and is consistent with what we anticipated and communicated to the investing public. This news allows us to continue to focus on our core business activities, which we believe will produce results that will lead to our compliance with the minimum bid price requirement." The letter also stated that if compliance with the minimum bid price is not demonstrated by December 11, 2006, then Nasdaq will provide written notification that the Company's securities will be delisted. At that time, the Company would have the right to appeal such a determination to Nasdaq's Listing Qualifications Panel, which would stay the effect of the delisting pending a hearing on the matter before the panel.
About Saflink Saflink Corporation offers biometric security and smart card solutions that protect intellectual property, secure information assets and eliminate passwords. Saflink identity assurance management solutions allow administrators to verify the identity of users and control their access to computer networks, physical facilities and applications. Winner of seven awards in 2005, Saflink and its solutions have been recognized by organizations such as Frost & Sullivan and Software Magazine's Software 500. For more information, please visit http://www.saflink.com/ or call 800-762-9595.
NOTE: "Saflink" is a registered trademark of Saflink Corporation. "NASDAQ" and "The NASDAQ Stock Market" are registered trademarks of The NASDAQ Stock Market, Inc.
This release contains information about management's view of Saflink's future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. For example, Saflink's expected ability to regain compliance with the Nasdaq minimum bid price requirement. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors and are subject to certain assumptions, risks, uncertainties and changes in circumstances. If Saflink is unable to regain compliance with the Nasdaq minimum bid price requirement its stock will be delisted from the Nasdaq Capital Market. Other risks and uncertainties include, but are not limited to, risks and uncertainties associated with Saflink's financial condition, its ability to sell its products, its ability to compete with competitors and the growth of the security market, and those described in its most recent Quarterly Report on Form 10-Q and its most recent Annual Report on Form 10-K, as well as other documents periodically filed with the Securities and Exchange Commission.
Saflink PRESS CONTACT:
Sterling Communications
Lindsay Stril
206-388-5763
INVESTOR RELATIONS CONTACT:
Investor Awareness, Inc. Tony Schor
847-945-2222
DATASOURCE: Saflink Corporation CONTACT: Lindsay Stril of Sterling Communications, +1-206-388-5763, or ; or Tony Schor of Investor Awareness, Inc., +1-847-945-2222, or , both for Saflink Corporation Web site: http://www.saflink.com/
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