SAN FRANCISCO, Nov. 28, 2011 /PRNewswire/ -- Banks.com, Inc.
(NYSE Amex: BNX), operator of leading financial services focused
online media properties, announced today that on November 22, 2011 it received notice from NYSE
Amex LLC ("NYSE Amex" or the "Exchange") indicating that Banks.com,
Inc. ("Banks.com" or the "Company") no longer complies with the
Exchange's continued listing standards due to the low selling price
of its common stock, as set forth in Section 1003(f)(v) of the
Exchange's Company Guide (the "Company Guide"), and that its
securities are, therefore, subject to being delisted from the
Exchange. The Company intends to appeal this determination and
request a hearing before a committee of the Exchange. There can be
no assurance that the Company's request for continued listing will
be granted.
As the Company previously reported, by letter dated June 20, 2011, Exchange staff ("Staff") notified
the Company that it was not in compliance with Section 1003(f)(v)
of the Company Guide in that the Company's securities had been
selling at a low price per share for a substantial period of time.
The Company's continued listing was predicated on it effecting a
reverse stock split of its common stock within a reasonable amount
of time, which Staff had determined to be no later than
November 18, 2011. This deadline for
compliance reflected a truncation under Section 1009(h) of the
Company Guide, which provides that Staff may truncate the continued
listing evaluation and follow-up procedures if a company, within 12
months of the end of a plan period, is again determined to be below
continued listing standards. By letter dated October 6, 2010, Banks.com was determined by the
Exchange to have resolved a September 16,
2009 continued listing deficiency under Section 1003(f)(v)
of the Company Guide.
Forward Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. Such forward-looking
statements are made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 and may include
statements regarding acquisitions, business estimates, future
contracts, future financial performance and results of operations,
including cost of revenues, operating expenses, interest expense,
net loss and cash flow. Unless otherwise required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date of this press release.
Additional information concerning risks and uncertainties that may
cause actual results to differ materially from those projected or
suggested in the forward-looking statements may be found in
Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K
filed with the U.S. Securities and Exchange Commission.
About Banks.com
Banks.com, Inc. owns and operates finance related internet media
properties including: banks.com, irs.com,
filelater.com and mystockfund.com that provide users
with finance-related content and services and vendors with targeted
online advertising opportunities. Through banks.com, we
provide access to current financial content, including financial
news, business articles, mortgage rates, cd rates and financial
calculators. We also provide users access to tax related services
including online tax preparation through irs.com, online tax
extensions through filelater.com, and online stock brokerage
services through mystockfund.com.
Contact Information:
Daniel O'Donnell
President and Chief Executive Officer
Banks.com, Inc.
(415) 962-9700
SOURCE Banks.com, Inc.