NEW YORK, July 9 NY-Finlay-Transfer
NEW YORK, July 9 /PRNewswire-FirstCall/ -- Finlay Enterprises, Inc.
(Nasdaq: FNLY) (the "Company") today announced that it is in the process of
transferring the quotation of its common stock to the OTC Bulletin Board
("OTCBB"). The OTCBB is a regulated quotation service that displays real-time
quotes, last-sale prices, and volume information in over-the-counter equity
securities and is maintained by the Financial Industry Regulatory Authority
("FINRA"). The Company has been advised that a market maker has filed the
necessary application with the FINRA to make a market in the Company's common
stock on the OTCBB. It is the Company's expectation that its common stock
will be eligible for quotation on the OTCBB on or shortly after it is delisted
from The Nasdaq Global Market on July 11, 2008.
On April 2, 2008, the Company received notification from The Nasdaq Stock
Market ("Nasdaq") indicating that the Company was not in compliance with
Nasdaq Marketplace Rule 4450(a)(2) because the Company's common stock had not
maintained a minimum market value of publicly held shares of $5,000,000
required for continued listing on The Nasdaq Global Market. The Company was
provided until July 1, 2008 to regain compliance with this minimum
requirement. On July 2, 2008, the Company received a Staff Determination
notification from Nasdaq indicating that, because compliance had not been
regained, trading in the Company's common stock would be suspended and the
Company's common stock would be delisted from The Nasdaq Global Market at the
opening of business on July 11, 2008 unless the Company appealed the
determination. On July 8, 2008, the Company informed Nasdaq that it did not
intend to appeal the Staff's determination.
Finlay Enterprises, Inc., through its wholly-owned subsidiary, Finlay Fine
Jewelry Corporation, is one of the leading retailers of fine jewelry operating
luxury stand-alone specialty jewelry stores and licensed fine jewelry
departments in department stores throughout the United States and achieved
sales of $835.9 million in 2007. The number of locations at the end of the
first quarter of fiscal 2008 totaled 781, including 67 Bailey Banks & Biddle,
35 Carlyle and five Congress specialty jewelry stores.
This release may contain forward-looking statements, including statements
regarding the timing and success of the Company's plan to pursue quotation of
its common stock on the OTC Bulletin Board, which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on the Company's current
expectations and beliefs, are not a guarantee of future performance and
involve known and unknown risks, uncertainties and other factors. Actual
results, performance or achievement may differ materially from those contained
in, or implied by, these forward-looking statements, depending upon a variety
of factors including, in particular, the risks and uncertainties described in
the Company's filings with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. We undertake no obligation to release
publicly any revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. The inclusion of any statement in this
release does not constitute an admission by the Company or any other person
that the events or circumstances described in such statement are material.
SOURCE Finlay Enterprises, Inc.
