Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - ORLEANS HOMEBUILDERS INC | v168409_8k.htm |
Exhibit
99.1
NEWS
RELEASE
|
Contact:
|
Garry
P. Herdler – Executive Vice President & Chief Financial
Officer
|
Orleans Homebuilders, Inc. (215)
245-7500
(www.orleanshomes.com)
For
Immediate Release:
Orleans
Homebuilders Announces Notice from the NYSE Amex LLC
BENSALEM,
Pa., December 7, 2009 /PRNewswire-FirstCall/ -- Orleans Homebuilders, Inc. (the
“Company”) (Amex: OHB) announced today that on December 1, 2009 the Company
received a written notice from NYSE Amex LLC (the “Exchange”) stating that the
Company is not in compliance with certain of the Exchange’s continued listing
criteria.
On
November 2, 2009, the Company received a written notice from the Exchange
stating that the Company is not in compliance with the Exchange’s continued
listing criteria set forth in Sections 134 and 1101 of the NYSE Amex LLC Company
Guide (the “Company Guide”) because it failed to timely file its Annual Report
on Form 10-K (the “Form 10-K”) for the fiscal year ended June 30, 2009 and such
failure constitutes a material violation of its listing agreement with the
Exchange authorizing the Exchange to suspend and, unless prompt corrective
action is taken, remove the Company’s common stock from the Exchange pursuant to
Section 1003(d) of the Company Guide. The Company submitted a plan of
compliance to the Exchange on November 16, 2009 advising the Exchange of the
actions the Company intends to take to bring the Company into compliance with
the applicable provisions of the Company Guide by February 2, 2010.
On
December 1, 2009, the Company received a written notice from the Exchange
stating that the Company is not in compliance with the Exchange’s continued
listing criteria set forth in Sections 134 and 1101 of the Company Guide because
it failed to timely file its Quarterly Report on Form 10-Q (the “Form 10-Q”) for
the fiscal quarter ended September 30, 2009 and such failure constitutes a
material violation of its listing agreement with the Exchange authorizing the
Exchange to suspend and, unless prompt corrective action is taken, remove the
Company’s common stock from the Exchange pursuant to Section 1003(d) of the
Company Guide. While the plan of compliance submitted by the Company
on November 16, 2009 also addressed the Company’s failure to file the Form 10-Q,
the Company may submit a revised plan of compliance to the Exchange on or before
December 15, 2009 advising the Exchange of the actions the Company intends to
take to bring the Company into compliance with the applicable provisions of the
Company Guide by February 2, 2010.
The
Company did not timely file its Form 10-K and Form 10-Q as this would have
required unreasonable effort and expense. The Company is working as
expeditiously as possible to finalize its accounting and related disclosure for
the periods covered by its Form 10-K and Form 10-Q and currently expects to
file the Form 10-K and the Form 10-Q in early 2010. The Company
can, however, offer no assurance that it will file its Form 10-K or Form
10-Q at or before early 2010.
About
Orleans Homebuilders, Inc.
Orleans
Homebuilders, Inc. develops, builds and markets high-quality single-family
homes, townhouses and condominiums. The Company serves a broad
customer base including first-time, move-up, luxury, empty nester and active
adult homebuyers. The Company currently operates in the following
eleven distinct markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Orange County, New York; Charlotte, Raleigh and Greensboro, North
Carolina; Richmond and Tidewater, Virginia; Chicago, Illinois; and Orlando,
Florida. The Company’s Charlotte, North Carolina operations also
include adjacent counties in South Carolina. To learn more about
Orleans Homebuilders, please visit www.orleanshomes.com.
Forward-Looking
Statements
Certain
information included herein and in other Company statements, reports and SEC
filings is forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995, including, but not limited to, the anticipated
filing dates of the Form 10-K and 10-Q; Additional information
concerning factors the Company believes could cause its actual results to differ
materially from expected results is contained in Item 1A of the Company’s Annual
Report on Form 10-K/A for the fiscal year ended June 30, 2008 filed with the SEC
and subsequently filed Quarterly Reports on Form 10-Q.