Iteris,
Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic
management and weather information solutions, announced that, on July
17, 2014, the Company received a letter from the NYSE MKT LLC (the
“Exchange”) indicating that the Exchange has determined that the Company
is not in compliance with Sections 134 and 1101 of the Exchange’s
Company Guide (the “Company Guide”) due to the Company’s inability to
file its Annual Report on Form 10-K for the year ended March 31, 2014
(the “Form 10-K”) with the SEC by the requisite deadline. In the letter
issued to the Company, the Exchange advised the Company that, in order
to maintain its listing of securities on the Exchange, the Company must
submit a plan to the Exchange by July 31, 2014, detailing the action the
Company plans to take to bring it into compliance with the continued
listing standards of the Company Guide by October 15, 2014. The Company
has submitted to the Exchange the Company’s plan on July 21, 2014. If
the Company’s plan is not accepted by the Exchange, or if the Company is
not in compliance with the Exchange’s continued listing standards within
the timeframe provided or does not make progress consistent with its
plan by October 15, 2014, then the Exchange will initiate delisting
proceedings as it deems appropriate. As previously announced, the
Company plans to file its Form 10-K within the next three to six weeks.
About Iteris, Inc.
Iteris, Inc. (NYSE MKT: ITI) is a leader in providing intelligent
information solutions to the traffic management market. The company is
focused on the development and application of advanced
technologies and software-based information systems that reduce
traffic congestion, provide measurement, management, and predictive
traffic and weather analytics, and improve the safety of surface
transportation systems. By combining its unique IP, products, decades of
expertise in traffic management, hyper-local weather solutions and
information technologies, Iteris offers a broad range of Intelligent
Transportation System (ITS) solutions to customers worldwide. The firm
is headquartered in Santa Ana, California, with offices nationwide and
in the Middle East. For more information, please call 1-888-329-4483 or
visit us at www.iteris.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
This release may contain forward-looking statements, which speak only as
of the date hereof and are based upon our current expectations and the
information available to us at this time. Words such as “believes,”
“anticipates,” “expects,” “intends,” “plans,” “seeks,” “estimates,”
“may,” “will,” “can,” and variations of these words or similar
expressions are intended to identify forward-looking statements. These
statements include, but are not limited to, statements about the timing
of the Company’s filing of its Form 10-K. Such statements are not
guarantees of future performance and are subject to certain risks,
uncertainties, and assumptions that are difficult to predict, and actual
results could differ materially and adversely from those expressed in
any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not
limited to, the ability of our auditors to complete the audit of our
financial statements on a timely basis; management’s ability to
adequately respond to any follow-up inquiries of our auditor; or the
completion of any additional procedures and/or testing required by our
auditors. Further information on Iteris, Inc., including additional risk
factors that may affect our forward-looking statements, is contained in
our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our
Current Reports on Form 8-K, and our other SEC filings that are
available through the SEC’s website (www.sec.gov).
Copyright Business Wire 2014