The Sands Regent Receives Notice of Potential Delisting Due to Delayed 10K Filing, Plans to Request Hearing
October 23 2006 - 2:15PM
PR Newswire (US)
RENO, Nev., Oct. 23 /PRNewswire-FirstCall/ -- The Sands Regent
(NASDAQ:SNDS) announced that on October 17, 2006, the Company
received notice from The NASDAQ Stock Market, Inc. Listing
Qualifications Staff that the Company's securities are subject to
potential delisting from The NASDAQ Stock Market as of October 26,
2006 due to the Company's failure to file its annual report on Form
10-K for the year ended June 30, 2006 on a timely basis. On October
17, 2006, the Company filed a Form 8-K with the Securities and
Exchange Commission describing certain accounting errors that will
be restated in its Form 10-K for the year ended June 30, 2006
pending completion of a restatement of its financial statements for
the years ended June 30, 2004 and June 30, 2005. The restatement
involves correcting errors in the Company's accounting for deferred
taxes, tax liabilities and tax provisions for certain fiscal years
prior to July 1, 2003 and in the years ended June 30, 2004 and
2005, as well as errors in the classification of cash vs.
short-term debt balances for the year ended June 30, 2005. The
Company currently cannot estimate when it may file its Form 10-K
for the year ended June 30, 2006, but will do so as soon as
practicable following completion of the restatement of previously
issued financial statements. Because of this delay, the Company is
not in compliance with NASDAQ Marketplace Rule 4310(c)(14), which
requires the timely filing with NASDAQ of all reports and other
documents filed or required to be filed with the Securities and
Exchange Commission. The Company expects to make a timely request
for hearing before a NASDAQ Listing Qualifications Panel to request
continued listing on The NASDAQ Capital Market until the Company
files its Form 10-K for the year ended June 30, 2006. In its
notification letter, the NASDAQ Listing Qualifications Staff
informed the Company that this request will result in a
postponement of the delisting pending the Panel's decision.
However, the Company can provide no assurance that the Panel will
grant its request for continued listing. About The Sands Regent The
Sands Regent owns and operates the Sands Regency Casino and Hotel
in downtown Reno, Nevada, Gold Ranch Casino and RV Resort in Verdi,
Nevada, Rail City Casino in Sparks, Nevada and the Depot Casino and
the Red Hawk Sports Bar in Dayton, Nevada. The Sands Regency is an
833-room hotel and casino with 29,000 square feet of gaming space
offering table games, a sports book, poker room, keno, bingo and
slot machines. In addition to the amenities and on-site brand name
restaurants, the Company's property also includes a 12,000 square
foot convention and meeting center which seats close to 1,000
people. For further information, visit
http://www.sandsregency.com/. The Gold Ranch Casino and RV Resort
is located in Verdi, Nevada, twelve miles west of Reno. Gold Ranch
offers slot machines in an 8,000 square foot casino, a sports book,
two restaurants, a 105-space RV park, a California lottery station,
an ARCO gas station and a convenience store. Web site:
http://www.goldranchrvcasino.com/. Rail City Casino, located in
Sparks, Nevada, has approximately 16,600 square feet of gaming
space housing slot machines, table games, keno, a sports book, and
the City Cafe family-style restaurant. Located near Victorian
Square at 2121 Victorian Avenue in Sparks, it is the first casino a
motorist encounters when exiting Interstate 80 at the Rock
Boulevard exit (Exit 16). Web site: http://www.railcity.com/. On
September 1, 2005, The Sands Regent completed the acquisition of
two privately held casino properties in Dayton, NV, the Depot
Casino and the Red Hawk Sports Bar. The Depot Casino has
approximately 16,000 square feet of restaurant and casino space
with 250 slots, two restaurants and two bars. The Red Hawk Sports
Bar, across the street from Depot Casino, has 33 slots and a bar.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this release are based
on current expectations and entail various risks and uncertainties
that could cause actual results to differ materially from those
suggested in the forward-looking statements. Such risks and
uncertainties include, among others, the filing of the Company's
annual report on Form 10-K for the year ended June 30, 2006,
compliance with NASDAQ listing requirements, the potential
de-listing of the Company's securities, the future performance of
the Company's management team, general economic financial and
business conditions, overall conditions in the gaming and
entertainment industries, our ability to successfully integrate the
operations of casinos that we acquire and realize the expected
benefits of these acquisitions, and other factors discussed in our
Annual Report on Form 10-K for the year ended June 30, 2005,
subsequent Forms 10-Q, and other filings with the Securities and
Exchange Commission. There can be no assurance that the Company's
subsequent processes, such as the filing of its annual report for
the year ended June 30, 2006, or compliance with additional NASDAQ
listing requirements, will be completed or that the Company will
retain its listing on The NASDAQ Capital Market. In addition, the
Company's financial results and stock price may suffer as a result
of a NASDAQ delisting determination. The Sands is providing this
information as of the date of this release and does not undertake
any obligation to update any forward-looking statements contained
in this document as a result of new information, future events or
otherwise. ISIN US8000911003 Contact: Ferenc B. Szony, President
and Chief Executive Officer The Sands Regent (775) 348-2210 or Sean
Collins, Senior Partner CCG Investor Relations (310) 477-9800
DATASOURCE: The Sands Regent CONTACT: Ferenc B. Szony, President
and Chief Executive Officer of The Sands Regent, +1-775-348-2210;
or Sean Collins, Senior Partner of CCG Investor Relations,
+1-310-477-9800, for The Sands Regent Web site:
http://www.goldranchrvcasino.com/ Web site:
http://www.railcity.com/ Web site: http://www.sandsregency.com/
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