Corporate Resource Services, Inc. (NASDAQ:CRRS), a diversified
technology, staffing, recruiting and consulting services firm, today
announced that on May 28, 2014, it received a non-compliance letter from
The NASDAQ Stock Market LLC stating that the company was not in
compliance with NASDAQ Listing Rule 5250( c )(1) because the company has
not timely filed its Quarterly Report on Form 10-Q for the quarterly
period ended April 4, 2014. The Form 10-Q was required to be filed with
the Securities and Exchange Commission on May 20, 2014. The notification
has no immediate effect on the listing or trading of the company's
common stock on the NASDAQ Stock Market.
The NASDAQ letter indicates that the company has until June 23, 2014, to
submit a plan to regain compliance. If such a plan is timely submitted
by the company, the NASDAQ staff can grant the company up to 180
calendar days from the initial due date of the Form 10-K, or up until
October 20, 2014, to regain compliance.
As previously announced, the Form 10-K filing for the year-ended January
3, 2014 has been delayed as a result of a late year change in auditors.
The Company intends to file its 10-K with the Securities and Exchange
Commission as soon as practicable and in advance of the June 23, 2014
plan submission due date, and may require additional time to complete
its quarterly report on Form 10-Q for the quarter ended April 4, 2014.
Upon filing its Form 10-Q for the period ended April 4, 2014, the
Company expects to be in compliance with NASDAQ’s continued listing
standards.
About Corporate Resource Services, Inc.:
Corporate Resource Services, Inc. provides cloud-based enterprise
applications and hosting services to PEO and staffing companies, as well
as diversified staffing, recruiting, and consulting services. The
Company offers trained employees in the areas of Insurance, Information
Technology, Accounting, Legal, Engineering, Science, Healthcare, Life
Sciences, Creative Services, Hospitality, Retail, General Business and
Light Industrial work. The company’s blended staffing solutions are
tailored to our customers’ needs and can include customized employee
pre-training and testing, on-site facilities management, vendor
management, risk assessment and management, market analyses and
productivity/occupational engineering studies.
The Company’s ability to deliver broad-based solutions provides its
customers a “one stop shop” to fulfill their staffing needs from
professional services and consulting to clerical and light industrial
positions. Depending on the size and complexity of an assignment,
Corporate Resource Services can create an on-site facility for
recruiting, training and administration at the customers’ location.
Company recruiters have the latest state of the art recruiting resources
available to help customers secure the best candidates in today's
ever-changing marketplace. CRS’s national network of recruiters has
staffing experts that get excellent results by focusing within their
areas of expertise.
The Company operates 247 staffing and on-site facilities throughout the
United States and the United Kingdom and it offers its services to a
wide variety of clients in many industries, ranging from sole
proprietorships to Fortune 1000 companies. To learn more, visit http://www.crsco.com.
This press release contains forward-looking statements, which are
subject to risks and uncertainties. Such statements are based on
assumptions and expectations which may not be realized and are
inherently subject to risks and uncertainties, many of which cannot be
predicted with accuracy and some of which might not even be anticipated.
Future events and actual results, financial and otherwise, may differ
from the results discussed in the forward-looking statements. A number
of these risks and other factors that might cause differences, some of
which could be material, along with additional discussion of
forward-looking statements, are set forth in the Company's Annual Report
on Form 10-K filed with the Securities and Exchange Commission.
Copyright Business Wire 2014