LAS VEGAS--(Business Wire)--
Cash Systems, Inc. (NASDAQ: CKNN), a provider of cash access
solutions for the gaming industry, today announced that it received a
letter from The NASDAQ Stock Market ("NASDAQ") on May 1, 2008
indicating that the Company failed to comply with the minimum bid
price requirement for continued listing set forth in Marketplace Rule
4450(a)(5) because the bid price of its common stock closed under
$1.00 for the last 30 consecutive business days, and a letter from
NASDAQ on May 2, 2008 indicating that the Company's common stock has
not maintained a minimum market value of publicly held shares of
$15,000,000 as required for continued listing by Marketplace Rule
4450(b)(3). The NASDAQ letters have no effect on the listing of the
Company's common stock at this time.
In accordance with NASDAQ Marketplace Rule 4450(e)(2), the Company
will be provided 180 calendar days, or until October 28, 2008, to
regain compliance with the minimum bid price requirement. To regain
compliance with this requirement, the closing bid price of the
Company's common stock must remain at or above $1.00 per share for a
minimum of 10 consecutive business days on or before October 28, 2008.
In accordance with NASDAQ Marketplace Rule 4450(e)(1), the Company
will be provided 90 calendar days, or until July 31, 2008, to regain
compliance with the minimum market value of publicly held shares. To
regain compliance with this requirement, the Company's minimum market
value of publicly held shares must trade at $15,000,000 or more for
ten consecutive trading days before July 31, 2008.
Should the Company not be able to demonstrate compliance with
Marketplace Rule 4450(e)(1) by July 31, 2008 or with Marketplace Rule
4450(a)(5) by October 28, 2008, the NASDAQ staff will provide written
notification that the Company's common stock will be delisted. At that
time, the Company may appeal the staff's determination to delist its
common stock to a Listing Qualifications Panel. Alternatively, the
Company could apply to transfer its common stock to The NASDAQ Capital
Market if it satisfies all requirements, other than the minimum
closing bid price requirement, for initial inclusion set forth in
Marketplace Rule 4310(c). If such an application is approved and the
Company otherwise maintains compliance with the listing requirements
for The NASDAQ Capital Market, the Company would be afforded an
additional 180 calendar days to regain compliance with the minimum
closing bid price requirement while listed on The NASDAQ Capital
Market.
About Cash Systems, Inc.
Cash Systems, Inc., located in Las Vegas, with additional offices
in San Diego and Minneapolis, is a provider of cash-access and related
services to the retail and gaming industries. Cash Systems' products
include its proprietary cash advance systems, ATMs and check cashing
solutions. Please visit http://www.cashsystemsinc.com for more
information.
Forward-Looking Statements
This press release may contain forward-looking statements,
including the Company's beliefs about its business prospects and
future results of operations. These statements involve risks and
uncertainties. Among the important additional factors that could cause
actual results to differ materially from those forward-looking
statements are risks associated with the overall economic environment,
the successful execution of the Company's plan of operation, changes
in the Company's anticipated earnings, continuation of current
contracts, gaming and other applicable regulations, and other factors
detailed in the Company's filings with the Securities and Exchange
Commission, including its most recent Forms 10K and 10Q. In addition,
the factors underlying Company forecasts are dynamic and subject to
change and therefore those forecasts speak only as of the date they
are given. The Company does not undertake to update any forecasts that
it may make available to the investing public.
Integrated Corporate Relations
Don Duffy, 203-682-8200
Copyright Business Wire 2008
