FAB Universal (NYSE MKT: FU), a worldwide distributor of digital media
and entertainment announced on April 7, 2014 that it had received notice
from NYSE MKT LLC that, based upon a review of the Securities and
Exchange Commission’s (the “SEC”) EDGAR database, that FAB Universal
Corp. has yet to file it Form 10K for the year ended December 31, 2013.
As such, FAB Universal Corp. (a) is not in compliance with Sections 134
and 1101 of the NYSE MKT Company Guide (the “Company Guide”). In
addition, the Company’s failure to timely file this report is a material
violation of its listing agreement with the Exchange and therefor,
pursuant to Section 1003(d) of the Company Guide, the Exchange is
authorized to suspend and, unless prompt corrective action is take,
remove the Company’s securities from the Exchange.
In order to maintain its listing, the Company must submit a plan of
compliance by April 17, 2014 (the “Plan”), addressing how it intends to
regain compliance with Sections 134 and 1101 of the Company Guide by
July 1, 2014 (the “Plan Period”). The staff of the Issuer Oversight
Department of NYSE Regulation will evaluate the Plan and make a
determination as to whether the Company has demonstrated an ability to
regain compliance with the applicable continued listing standards within
the specified timeframe. If the plan, as submitted, is not accepted, FAB
Universal Corp will be subject to delisting proceedings.
About FAB Universal Corp.
FAB Universal Corp. is a global leader in digital media entertainment
sales and distribution. FAB delivers media to its customers worldwide
through Intelligent Kiosks, Retail Stores and Franchises, and online
through Apple iTunes and Google Android. We distribute billions of
movie, music, podcast, TV show and other digital files to consumers in
240 countries through three business units: Digital Media Services,
Retail Media Sales and Wholesale Media Distribution. Sales of digital
media are generated through the kiosks networks, subscription sales for
mobile devices, smartphone Apps and Netflix-like subscription models. In
2011, we distributed billions of downloads of copyrighted music, video
games, ringtones, ebooks, movies and podcasts to over 50 million people
worldwide through iPods, iPhones, iPads, iTunes, Blackberrys, Windows
Phones, Androids and many other devices and destinations. We are a
publicly held, Pittsburgh based company with thousands of shareholders
and a world-class team. Visit us on the web at www.fabuniversal.com,
email us at contact@fabuniversal.com.
Legal Notice
Legal Notice Regarding Forward-Looking Statements: “Forward-looking
Statements” as defined in the Private Securities litigation Reform Act
of 1995 may be included in this news release. These statements relate to
future events or our future financial performance. These statements are
only predictions and may differ materially from actual future results or
events. We disclaim any intention or obligation to revise any
forward-looking statements whether as a result of new information,
future developments or otherwise. There are important risk factors that
could cause actual results to differ from those contained in
forward-looking statements, including, but not limited to risks
associated with changes in general economic and business conditions,
actions of our competitors, the extent to which we are able to develop
new services and markets for our services, the time and expense involved
in such development activities, the level of demand and market
acceptance of our services or changes in our business strategies.
Copyright Business Wire 2014